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How Much of Twitter Did Elon Musk Buy?
We’ve heard a lot about Elon Musk and Twitter’s deal, but how much of the company did he actually buy? There’s a lot of speculation about tweets, Musk’s demands for internal data, and the future of the social network. Read on to learn about the deal and Twitter’s future. You might be surprised to learn how much Musk paid for Twitter.
Elon Musk’s deal with Twitter
In a tweet published Friday, Musk announced that he wants out of his deal with Twitter over a dispute over spam accounts. The announcement sparked a barrage of jokes from Twitter employees. One wrote that he had unilaterally cancelled his mortgage. Another claimed to have cancelled his Disney trip after hearing Musk’s news. Twitter’s share price has dropped significantly since Musk’s April takeover bid.
Musk, a billionaire technologist, has a massive following on Twitter. He frequently tweets about politics, business, and technology, and he’s also fond of Internet meme culture. Some of his tweets have even landed him in trouble with the law. But the billionaire is back on Twitter, and he’s not bound by his previous deal with the company. While he might not be back to full tweet mode anytime soon, the deal has created an opportunity for him to strategically choose his tweets.
Elon Musk’s tweets
Elon Musk bought a big chunk of Twitter in an initial $44 billion bid. But a week later, he decided to back out, citing a 20% spam rate. While Twitter has not commented on the matter, Musk’s actions have certainly raised eyebrows among conservatives. While many people cheered Musk at first, some have questioned whether he is the right choice for Twitter.
Many conservatives are pointing to Musk’s tweets as evidence that the company is biased against conservatives. The CEO of Tesla Motors also took a shot at fellow billionaire Bill Gates. Musk has about 80 million followers on Twitter. Some critics say Musk uses the platform as a bully pulpit, mixing serious messages with satire. However, Musk’s tweets are not representative of the views and interests of the company’s users.
The government intervenes in such matters when a company purchases another company, such as Twitter. But in this case, Musk’s buyout of Twitter is unlikely to result in a regulatory action because Twitter does not compete with its products. However, the company does face numerous challenges, including employee turnover, advertising headwinds, and the credibility issues surrounding bots and fake accounts. In addition, Twitter has a “poison pill” defense, meaning that if Musk were to back out of the deal, he would have to pay a $1 billion termination fee.
Elon Musk’s demand for internal data
Two dozen companies have signed agreements with Twitter to access the company’s internal data stream, including tweets and details on the devices and accounts that fire off those tweets. Musk’s legal team says this data is vital to understand the bot activity and spam that affects ad revenue. But there’s one problem: Twitter’s internal data stream is rife with fake accounts, and removing them would be a big step to solving this issue.
Although Twitter is legally obligated to give Musk access to the data stream, it has so far refused, despite repeated requests. According to reports, Musk and his attorney have said that the company’s refusal to provide the data will force him to cancel the deal. This is an unusual move, but it’s worth considering. Musk and his lawyers wrote a letter to Twitter last week accusing the company of stalling his acquisition plans because it doesn’t want to provide him with the information he seeks.
Elon Musk’s concerns about the future of Twitter
The incoming E.U. Internal Market Commissioner Thierry Breton is expected to speak on the Digital Services Act, which would make the world’s largest tech companies more responsible for the content on their platforms. Musk has already spoken out about the need to authenticate all users. This would entail the need to present a valid photo ID when signing up for the verified label. In May, Musk tweeted that he would no longer support Democrats and the Democratic party. Since then, however, he has been ratcheting up his criticisms of the current White House.
Musk is the Tesla CEO who bought a large majority of Twitter shares. His concern over the future of the company comes from the fact that he wants Twitter to fulfill its “societal imperative,” which is to protect free speech. However, he is not yet clear about how he will moderate content. Musk’s acquisition of Twitter has created a political firestorm and has led some employees to question the future of the social network.
