Business News
Elon Musk explains why he purchase Twitter
- Elon Musk took control of Twitter and fired its top executives
- He completed the $44b deal Thursday and send Paraq home to roost
Elon Musk claims that he is purchasing Twitter in order to “help humanity,” as the billionaire outlines his plans to take over the social media platform.
Mr. Musk stated in a tweet that he did not purchase the company “to make more money; “I did it to try to help humanity, whom I love.” The entrepreneur has until Friday to complete a $44 billion (£38 billion) takeover of Twitter or face a trial. In a tweet to Twitter’s advertisers, he announces that he has “acquired” the company.
Dear Twitter Advertisers pic.twitter.com/GMwHmInPAS
— Elon Musk (@elonmusk) October 27, 2022
However, no official confirmation of the transaction has been made. Earlier this week, Mr. Musk posted a video of himself carrying a sink into Twitter’s headquarters, sparking speculation about his plans for the company.
“Entering Twitter HQ – let that sink in!” Mr. Musk wrote.
Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7
— Elon Musk (@elonmusk) October 26, 2022
In business, “kitchen sinking” refers to taking drastic action at a company, though it is unclear whether this was Mr. Musk’s message – he also changed his Twitter bio to read “chief twit.”
In his most recent tweet, Mr. Musk outlined some of his company’s goals, stating that Twitter must be “warm and welcoming to all.”
He stated that he wants “civilization to have a common digital town square,” but he denies that the platform will be open to anything.
“Twitter cannot become a free-for-all hellscape where anything can be said with no consequences!” He also said the platform must adhere to the laws of the land.
It was unclear whether Elon Musk met with Twitter executives during his trip with the sink on Wednesday, but he listed his location on the social media platform as the Twitter headquarters in San Francisco.
When Mr. Musk first announced his plans to buy Twitter, he stated that he wanted to clean up spam accounts on the platform and keep it as a platform for free speech.
However, Mr. Musk, the world’s richest man and a frequent Twitter user known for his rash decisions, backed out of the deal just a few weeks later, citing concerns that the number of fake accounts on the platform was higher than Twitter claimed.
Twitter executives denied the allegations, claiming that Mr. Musk wanted to leave because he was concerned about the company’s future.
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Elon Musk Fired Twitter CEO Parag Agrawal As He Took Over
According to the Washington Post and CNBC, citing unnamed sources, Musk fired CEO Parag Agrawal, as well as the company’s chief financial officer and head of legal policy, trust, and safety.
Agrawal went to court to hold Tesla CEO Elon Musk accountable for the terms of a takeover deal he had tried to avoid. The reports came just hours before Musk’s court-ordered deadline to finalize his on-again, off-again deal to buy the social media network.
Musk announced on Thursday that he was purchasing Twitter “because it is critical to the future of civilization to have a common digital town square, where a diverse range of beliefs can be debated in a healthy manner.”
The billionaire even posted a photo of himself socializing at the Twitter headquarters’ coffee shop. In addition, the New York Stock Exchange announced a pending order to suspend Twitter trading before Friday’s session.