Elon Musk has officially bought Twitter for $44 Billion, due to his love for healthy debate and the future of human civilization.
There is currently great danger that social media will splinter into far right wing and far left wing echo chambers that generate more hate and divide in our society.
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Musk continued, “In the relentless pursuit of clicks, much of traditional media has fueled and catered to those polarized extremes, as they believe that is what brings in the money, but, in doing so, the opportunity for dialogue is lost.”
“That is why I bought Twitter. I didn’t do it because it would be easy. I didn’t do it to make more money. I did it to try to help humanity, whom I love. And I do so with humility, recognizing that failure in pursuing this goal, despite our best efforts, is a very real possibility.”
Below are a couple of Tweets from Musk.
Dear Twitter Advertisers pic.twitter.com/GMwHmInPAS— Elon Musk (@elonmusk) October 27, 2022
Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7— Elon Musk (@elonmusk) October 26, 2022
Shareholders will be paid $54.20 per share, and Twitter will now operate as a private company. The completion caps a convoluted saga that began in January with the billionaire’s quiet accumulation of a major stake in the company, his growing exasperation with how it’s run, and an eventual merger accord that he later spent months trying to unravel.
On Oct. 4, Musk agreed to proceed on his originally proposed terms, and a Delaware Chancery Court judge gave the two sides until Oct. 28 to wrap up the deal. That deadline was met, and now Musk, who is the chief executive officer of both Tesla Inc. and SpaceX, also controls Twitter, a service he uses often but criticizes openly, and that he has promised to change dramatically. The company’s shares are no longer expected to trade on the New York Stock Exchange.
Musk’s first moves:
Changing the leadership. Departures include CEO Parag Agrawal; Vijaya Gadde, the head of legal, policy, and trust; Chief Financial Officer Ned Segal, who joined Twitter in 2017; and Sean Edgett, who has been general counsel at Twitter since 2012, according to people familiar with the matter. Edgett was escorted out of the building, said two of the people, who asked not to be identified because the information isn’t public.
Twitter employees have been bracing for layoffs since the transaction was announced in April, and Musk floated the idea of cost cuts to banking partners when he was initially fundraising for the deal. Some potential investors were told Musk plans to cut 75% of Twitter’s workforce, which now numbers about 7,500, and expects to double revenue within three years, a person familiar with the matter said earlier this month.