On Twitter, Elon Musk’s rapid rise has taken him from being a well-known critic to being the company’s largest shareholder and a potential owner of the social media platform in a tornado of activity that might have far-reaching consequences for the service.
The social media site “has to be reformed as a private company” to build confidence with its users, Musk said in a securities filing made public on Thursday. Musk has proposed to buy Twitter for over $43 billion.
“I believe free speech is a societal imperative for a functioning democracy,” Musk said in the filing. “I now realize the company will neither thrive nor serve this societal imperative in its current form.”
When asked about particular modifications, Musk said on Thursday that he would prefer temporary bans over permanent ones, but the rest of the time he has talked about the overall goal of Twitter as “the de facto town square.”
People should know why some tweets go viral and others don’t, he argued, by opening up the “black box” of artificial intelligence algorithms driving Twitter’s feed.
“I wouldn’t personally be in there editing tweets,” he said, “but you would know if something was done to promote, demote or otherwise affect a tweet.”
News About Elon Musk
Entrepreneur, investor, and business tycoon, Elon Reeve Musk FRS is all of these things and more. Elon Musk is an early-stage investor, Tesla’s CEO and Product Architect; the founder of The Boring Company and co-founder of Neuralink and OpenAI; and SpaceX’s founder, CEO, and Chief Engineer.
The board Has Agreed to Study Musk’s Proposal
Tesla Motors CEO Elon Musk has proposed to buy Twitter for $43 billion, claiming he is the only one who can unleash the “extraordinary potential” of a communication medium used by over 200 million people every day.
The richest person in the world has stated that he will pay $54.20 per share in cash, which is 38 percent higher than the price on April 1, the last trading day before Musk went public with his own company.
Shares of the social media business were unchanged at $45.81 on Thursday in New York, a hint that there is uncertainty that one of the most prominent users of the platform will succeed in his takeover effort.
On Thursday, Musk, 50, filed an SEC filing announcing the proposed transaction, which he had previously rejected the opportunity to join the company’s board of directors.
As the company’s largest individual shareholder, Musk, who also oversees Tesla Inc., originally announced his ownership of a 9.1% interest on April 4.
Tesla’s stock dropped by around 3% as investors feared that Musk would be distracted by the acquisition effort of Twitter.
The battle between Musk and the social media platform over the bid is their most important to date. Elon Musk is one of Twitter’s most-watched firebrands, frequently tweeting gags and jabs to his 80 million followers.
Following the revelation of his $3.35 billion holdings, he was awarded a seat on the company’s board of directors. He has been outspoken about the improvements he wants to see implemented on the social media platform.
It wasn’t long after he announced his interest in the company that Musk began soliciting ideas from fellow Twitter users, including turning the company’s San Francisco headquarters into a homeless shelter and introducing an edit button for tweets.
A tweet stated that Twitter might be dying because of the lack of tweets from celebrities with large followings.
Hence, this is the new update between Twitter and Elon Musk. I told you everything in this post. Hope you like it. If there is any new update I will add on to my article as soon as possible. Stay with us for more updates.