On April 14, 2022, business magnate Elon Musk proposed to purchase social media company Twitter, Inc. for $43 billion. He had previously acquired 9.1 percent of the company's stock for $2.64 billion and thereby became its largest shareholder. Twitter invited Musk to join its board of directors and he accepted and then changed his mind. Musk is certainly one of the most unorthodox business leaders of our time. The general opinion seems to be that he would likely make changes to the platform that go well beyond revamping its content policies.
Twitter was generally not in favor of Musk taking control and so used what is known as a "poison pill" strategy. They would allow shareholders to purchase additional stock in the event a buyout should occur. But on April 25, Twitter's board of directors unanimously accepted Musk's buyout offer of $44 billion. There was also talk that Musk would make the company private.
Besides the business aspects of all this, many users were apprehensive about a Musk takeover and really about anyone taking over. The fear was not about stock prices or advertising. It is about how the platform would change.
Elon Musk published his first tweet on his personal Twitter account in June 2010. He had 80 million followers at the time of the purchase. Musk's most vocal comment about the purchase was that he wanted to protect "freedom of speech." Of course, that is something protected by the government and doesn't really apply to most private companies.
Elizabeth Lopatto of The Verge made some predictions about what a Musk takeover might mean. She thought that a mass employee exodus might occur. She also saw the reinstatement of some accounts, such as Donald Trump's account.
The New York Times wrote that Musk's acquisition was "about controlling a megaphone" rather than free speech. Kate Klonick, a law professor at St. John's University, went as far as to say that allowing "all free speech" would open the door to the spread of pornography and hate speech on Twitter.
A number of commenters have said that Musk's purchase just adds fuel to the controversy about the power that wealthy people have in influencing the democratic process.
Musk has said that he thought that Twitter should make the algorithm that determines what users see open-source and more transparent.
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