The completion of Elon Musk’s acquisition of Twitter gives the world’s wealthiest man authority over one of the most influential social media platforms and raises anticipation for big improvements in content management.
The takeover, which followed months of legal wrangling, affords Musk the opportunity to revamp the platform in an effort to make it profitable and less censorious – possibly by putting former President Donald Trump back on the network.
Thursday night, Musk assumed control of the corporation, according to sources cited by the Washington Post. Multiple top executives, including Twitter’s CEO Parag Agrawal, CFO Ned Segal, and director of legal policy, trust, and safety Vijay Gadde, have been fired.
Musk has advocated for a “free speech absolutist” approach to content control and has outlined strategies to reduce Twitter’s content management efforts. During his participation at a TED conference, he highlighted that the corporation will only regulate content in accordance with local regulations. “If in doubt, let it exist,” Musk remarked.
Musk stated in a statement to advertisers on Thursday that he would ensure the platform would not become a “free for all hellscape” and that it was welcoming to all.
Musk claimed in previous interviews that he was contemplating measures to make the platform profitable, but on Thursday he stated that profit was not a goal and that he was acquiring the platform for the good of humanity. According to a 2021 survey, it is uncertain whether marketers will continue to use Twitter or move on to other platforms given that only half of advertisers already use it.
A significant initial concern is whether Trump will be permitted to return to the platform. The billionaire stated that the initial ban was unethical and stated that he would reinstate Trump. Musk has been particularly scathing of Trump’s alternative to Twitter, Truth Social, calling it a “right-wing echo chamber.”
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Employees of Twitter have expressed dissatisfaction with Musk’s acquisition and its consequences for the firm. Since the initial offer, at least 300 people have left the company, and more are anticipated to leave once the sale is finalized. Initial rumors said that Musk will lay off at least 75% of the workers, however, Musk and Twitter refuted these claims.
After months of litigation, Twitter and Musk have reached a settlement. The billionaire discontinued his April efforts to acquire the company in July due to suspicions that Twitter had misrepresented the number of users on the platform in its public filings. Twitter replied swiftly by bringing a lawsuit in the Delaware Court of Chancery to compel Musk to honor the initial offer. Early in October, after initial resistance, Musk conceded and agreed to acquire at the original price.