Elon Musk's first tweet as Twitter owner: What he posted
In his first tweet as the owner of the microblogging platform Twitter, Elon Musk hailed "free speech" as "the bedrock of a functioning democracy." The Tesla and SpaceX CEO further described Twitter as a "digital town square" where "matters vital to the future of humanity" are discussed. This came after Musk bought a 100% stake in Twitter in a $44 billion deal on Tuesday.
Why does this story matter?
The control of Twitter—populated by millions of users and global leaders—will now be shifted to the world's richest person. Earlier this month, Musk disclosed a 9.2% stake in Twitter. He then offered to buy Twitter but its board adopted a "poison pill" strategy—to avert hostile takeover. The deal seemed uncertain earlier but things fell in place after Musk reportedly "wooed" shareholders over this weekend.
Want to make Twitter better than ever: Musk
Announcing the deal early on Tuesday (India time), Musk said he wants to make Twitter "better than ever" with new features. He would also be "making the algorithms open source to increase trust, defeating the spambots, and authenticating all humans." He added Twitter has "tremendous potential," and he "looks forward to working with the company and the community of users to unlock it."
What would Musk's takeover mean for Twitter?
Musk wants Twitter's algorithm for prioritizing tweets to be made public and doesn't want to give too much power to advertisers on the platform. Observers believe there'll be less moderation on the microblogging site and reinstatement of banned users following Musk's takeover. While some expect Twitter to have "fewer controls" promoting free speech, human rights activists are concerned about an increase in hate speech.
Twitter to undergo several user-friendly changes
Musk previously advocated for user-friendly changes on Twitter, like an "edit button" for tweets, and neutralizing "spambots" that post unwanted tweets. He earlier suggested reducing the Twitter Blue premium subscription service's prices. So, decisions to bring about such changes are also expected under Musk's regime. He might also ban/reduce advertisements on Twitter. Moreover, Musk plans to cut the board of directors' salary to $0.
Jack Dorsey thanks Musk, CEO Parag Agrawal
Meanwhile, Twitter founder and former CEO Jack Dorsey thanked Musk and current CEO Parag Agrawal for bringing "the company out of an impossible situation." "Twitter...has always been my sole issue and my biggest regret. It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step," he said after the deal was closed.
'Twitter has a purpose and relevance': Agrawal
After Musk's Twitter takeover deal was finalized, CEO Agrawal stated, "Twitter has a purpose and relevance that impacts the entire world." He added, "Deeply proud of our teams and inspired by the work that has never been more important."
