Acquisition of Twitter by Elon Musk

Elon Musk’s acquisition of Twitter, in 2022, marked a significant and controversial change for the social media platform. Musk’s journey began in January when he started buying shares, which increased to 9.1 percent ownership by April. On April 14, Musk made an unexpected offer, which Twitter’s board initially used a “poison pill” strategy to support, but they eventually adopted Musk’s $44 billion acquisition offer and accepted it on April 25. took. Musk’s initial vision included plans to bring new features to Twitter, make algorithms open-source, combat spambot accounts, and encourage free language. However, Musk addressed the issue of watch in July when he announced the end of the settlement after allegedly accusing Twitter of not taking action against spambot accounts. A lawsuit was filed, which was scheduled for the week of October 17 to secure justice. Just before the lawsuit, Musk reversed course and decided to proceed with the acquisition, and the deal closed on October 27.

When Musk took control of the company, he made the quick decision to take Twitter private and merge it into a new entity named X Corp. Musk, now owner and CEO, immediately fired several top executives, including former CEO Parag Agarwal. Subsequently, he introduced several reforms to Twitter, including laying off half of the company’s workforce. Linda Yaccarino was appointed CEO of X Corp, and in June 2023, the Twitter service was rebranded as X. This acquisition resulted in various reactions. Musk received praise for his planned reforms and vision, particularly his emphasis on greater freedom of choice. However, issues arose that there was a risk of increased misinformation, confusion, harassment and hate speech on the platform. In the United States, liberals largely supported the acquisition, while liberals and former Twitter employees expressed concerns about Musk’s intentions.

Musk has faced criticism for his controlling manner in relation to the management of the company, including major incidents such as the suspension of ten journalists in December of 2022. This was among several events that contributed to the negative reaction, such as the move to lay off employees and Musk’s “extremely tight” handling of the news ultimately resulting in the resignation of several hundreds of employees. Following his acquisition of Twitter in 2022, Elon Musk brought quick and controversial changes to the platform. While Musk’s campaign was successful in garnering support for greater independence in the face of significant publicity, concerns over potential negative consequences, associated with his management decisions, generated criticism and a controversial response. The future of Twitter, now owned by Musk as X, has become a subject of study and debate.

Table of Contents

1. Background

Elon Musk, the famous business magnate, started working on Twitter in June 2010 and had gained more than 80 million followers by April 2022, which shows his influential role on the platform. In 2017, Musk, known for his bold and unusual approach, founded Twitter, Inc. In response to the offer to buy them, “How much is it?” As answered. On March 24, 2022, Musk began a series of critical tweets, changing his stance towards Twitter. He joined his huge following in protest and asked whether Twitter actually adhered to the principle of “free speech is essential to a functioning democracy”. This revealed a significant change in Musk’s stand. Subsequently, he engaged in deeper-going attacks on the future of social media, joining discussions with Jack Dorsey. Specifically, Musk explored the possibility of joining Twitter’s board of directors, talking with Egon Durban, co-CEO of private equity firm Silver Lake. Musk revealed his vision for the future of the platform, proposing to either make it private or establish a competing social media platform. Over the next few days, he shared his thoughts with Twitter board chairman Brett Taylor and CEO Parag Agarwal. His proposal points to a means of taking Twitter private or joining Twitter’s board to create a competing social media platform. Jack Dorsey responded to Musk’s statements in a text message, expressing his desire to make Twitter open source. Dorsey also said that in the last one year, he has been which led to his resignation as CEO. The communication revealed complex interactions between Musk and Twitter’s leadership. In this exciting event, Elon Musk’s tweets not only showcased his influence, but simultaneously presented a story of his broader impact and different visions for the future of social media. Musk’s entry into the world of Twitter brought attention to his entrepreneurial and reinvented areas.

2. Early developments

In a sudden turn, Elon Musk made the move into Twitter on January 31, 2022, when he began buying Twitter stock. On April 4, Musk purchased a 9.2 percent stake in the company, becoming the company’s largest shareholder, for a total of $2.64 billion. The move generated a handsome 27 percent surge in the market, the highest since the company’s first public offering (IPO) in 2013. An unexpected turn of events occurred as a result of Musk’s acquisition, when Twitter extended an invitation to him to join the board, which he readily accepted. However, some board members raised concerns about the potential for countervailing influence on stockholder value, capping Musk’s ownership stake at 14.9 percent and restricting his ability to speak publicly about the company. On April 11, after posting several tweets against the company, Musk announced his decision not to join the board. Instead, he informed Twitter that he intended to submit a proposal to take the company private. On April 12, Twitter’s board sat down with legal and financial advisors to discuss the implications of the deal and their options, while a company shareholder filed a lawsuit against Musk for manipulating the company’s stock price and the Securities and Exchange Commission (SEC). ) accused of violating the rules.

1. Takeover bid

On April 14, Elon Musk shocked the business world with an unexpected and binding offer to buy Twitter for $430 billion, at $54.20 per share. This was seen as a hostile transfer attempt by Musk, as it clearly contained information that management would have the possibility of purchasing the remaining stock if it rejected the offer. Twitter’s board exercised caution and said that they would review the proposal carefully. Subsequently, in a TED interview, Elon Musk expressed his intention to turn Twitter into “a platform for free speech around the world”, stressing the importance of free speech in a positive democracy. Musk claimed to Qayamat that his proposal was not driven by his desire to increase wealth, but by his desire to shape Twitter’s moderation policies. However, the critics claimed that Musk seems to be more interested in changing moderation policies, rather than government censorship. There were reports about the banning of accounts like Babylon Bee, which Musk was inspired to acquire. After making the proposal, Musk played the video game Elden Ring all night long to reduce stress. The offered purchase price of $54.20 per stock was linked to the meaning of “420” in cannabis culture, which is associated with marijuana consumption.

Twitter’s board responded to Musk’s proposal by implementing a “poison pill” strategy on April 15, allowing shareholders to receive additional stock in the case of a hostile takeover. The strategy was scheduled to expire on April 14, 2023. On April 17, Twitter’s largest institutional shareholders were urging Jack Dorsey to take Musk’s proposal seriously. On April 20, Musk revealed that he had secured financial backing for a potential tender offer, with a consortium of banks led by Morgan Stanley, Bank of America, Barclays, MUFG, Societe Generale, Mizuho Bank, and BNP Paribas. Was with the group. This financing structure included various components such as senior secured bank debt, subordinated debt, bank loans from Musk personally, and cash capital from Musk and independent investors. The move sent Tesla shareholders tumbling 12 percent, causing a paper loss of $210 billion for Musk, who had registered three holding companies called “X Holdings” for the acquisition. This financial structure and the significance of Musk’s restructuring of Twitter were met with an eye roll in the financial and tech communities.

2. Acquisition announcement

In a sudden development, Elon Musk’s generous move sent shockwaves through the business and tech communities. The deal was valued at $44 billion and was greeted with expectation and skepticism. Musk’s conversation with Twitter CEO Parag Agarwal and subsequent communications painted a sensible picture of a deal that has the potential to reshape the social media landscape. On April 23, Musk informed Agarwal that his proposal was “the best and final”, and appealed for early acceptance in a letter sent the next day. Multiple reports reported that Twitter is in the final stages of approving Musk’s offer, and the deal is expected to be finalized the next day. However, caution remained, with Reuters warning that the deal could still fall apart. On April 25, the market raised Twitter’s shares by 5 percent following this apprehension. Twitter’s board, which included a transaction committee that included Taylor, Martha Lane Fox, and Patrick Pichette, unanimously approved Musk’s purchase offer. This $44 billion deal meant that Twitter would result in a private company upon completion, which was scheduled for 2022.

Major financial institutions such as Goldman Sachs and JPMorgan Chase considered the deal to be financially sound. However, confirmation of the deal was dependent on Sensholder and regulatory approval, with experts saying the chances of facing regulatory challenges were low. Musk’s involvement was not without conditions. The agreement barred him from criticizing Twitter or its employees. Additionally, there was a $1 billion breakup fee if Musk failed to close the acquisition. The deal detailed payments to key individuals, including $39 million to Agarwal and $978 million to Twitter cofounder Jack Dorsey. Musk had already named a new CEO to replace Agarwal for the acquisition, although he intended to serve as top CEO. Tesla’s stock suffered a significant uptick, losing more than $125 billion in volume the next market day, reducing Musk’s net worth by $30 billion. Musk, the defendant, sold $8.5 billion worth of his Tesla shares within three days of approving Twitter’s acquisition.

Musk, who is famous for his off-the-cuff thoughtfulness, revealed plans to open-source Twitter’s tweet-ranking algorithm, aiming to improve transparency. He also expressed his desire to fight against spambots and “certify all real humans”. Musk also floated the idea of renovating Twitter’s San Francisco headquarters into a homeless shelter. His lack of confidence in Twitter’s corporate management led him to consider reducing executive and board pay. As a result of the announcement of the acquisition, Musk’s prominent tweets were directed at Twitter employees, particularly Vijaya Gadde. This led to online harassment against Gadde, reflecting the high temperature of the situation. Musk’s discussions with bankers included discussions of job reduction, cost reduction, fostering creativity in influencers, and adding subscription services to Twitter. The escalating investigation saw Musk summoned by the Digital, Cultural, Media, and Sports Committee of the UK House of Commons to discuss free speech and “online harm”. Musk secured another $7.1 billion in financing, including from Oracle Corporation, Larry Ellison, Saudi Prince Al Waleed bin Talal Al Saud, and venture capital firms Andreessen Horowith and Sequoia Capital. However, the SEC and FTC began investigations into the takeover events, adding complexity and potential legal consequences. As the story continued to develop, Musk’s strategic move captivated the business world, leaving many skeptical about Twitter’s future under his leadership.

1. Alleged hold

Elon Musk’s pursuit of acquiring Twitter took a tumultuous turn, involving controversy, regulatory scrutiny, and internal conflicts fueled by the social media. A rumor that the deal struck in mid-May was on hold disrupted a sequence of events. On May 13, Musk announced a temporary halt to Twitter shopping after reports emerged that 5 percent of the platform’s daily active users were spam accounts. The revelations sent Twitter shares plunging more than 10 percent, worrying the market. Despite the loss, Musk made his commitment to the purchase clear, while Twitter CEO Parag Agarwal expressed hope for a gentle handover. The situation took an awkward turn when Musk responded to Agarwal’s Twitter thread on May 16, in which he lamented the unprofessionalism of external reviews on user accounts, with a poop emoji. Musk said the deal could not move forward until Twitter refuted reports on spam accounts, which prompted him to demand an SEC investigation into Twitter’s daily user numbers. Twitter, for its part, released documents to the SEC detailing Musk’s planned purchase timetable and reaffirming its intention to implement the merger agreement. On May 25, Musk changed his financing plan for the deal, eliminating margin loans against Tesla stock and committing to a further $6.25 billion in corporate financing. The same day, Twitter co-founder and then-CEO Jack Dorsey stepped down from the company’s board.

Amid these developments, William Heresniak, a Twitter investor, filed a class-action suit against Musk, accusing him of violating California corporate law by manipulating the market. The case claimed that Musk did not have the authority to block the deal and that his misleading statements contributed to the decline in Twitter stock prices. Amid regulatory concerns, United States trade authorities approved the acquisition on June 3, marking a positive development for Musk. However, a new difficulty arose on June 6 when Musk threatened to terminate the deal over Twitter’s refusal to provide consumer data. Twitter said it would continue to ensure the settlement is determined as agreed. The standoff between Musk and Twitter ended on June 8 when Twitter’s board acceded to Musk’s demands, agreeing to provide him with a “firehose” data stream of tweets. In the following weeks, Musk participated in an all-hands meeting with Twitter employees, discussing a variety of topics such as content moderation, freedom of speech, potential settlements, remote work, and his ambition to grow Twitter to one billion active users. Hui. However, another twist was added to the tale when former Twitter security officer Peter Jatko filed a whistleblower complaint on July 6. The complaint accused Twitter employees, including Agarwal and some board members, of making false or misleading statements about the acquisition, security and content moderation. This complaint added another layer to an already complex narrative. 7 july, during a conference call, Twitter revealed that one million spam accounts were removed daily. Also, reports were emerging that the acquisition deal is in jeopardy due to the slow pace in financial discussions. Thus, Twitter’s acquisition tour involving Elon Musk witnessed a tale of many twists and turns, facing a number of challenges ranging from a scripted halt and regulatory approval to data demands and whistleblower allegations. This reaffirms the complexities of navigating regulatory, financial and internal dealings in the tech industry.

2. Attempted withdrawal by Musk

In a dramatic move, Tesla and SpaceX CEO Elon Musk on July 8 expressed his desire to shelve Twitter’s proposed acquisition. Musk claimed Twitter was in “real breach”, and alleged that the social media platform refused requests for his spambot account data and fired high-ranking employees. The sudden incident sent shockwaves through financial markets and sparked a legal war between Musk and Twitter.

Following Musk’s announcement, Twitter CEO Parag Agarwal promised to take legal action against Musk. The transactions committee of Twitter’s board handled the court issues moving forward while the social media company attempted to complete the acquisition, although Musk withdrew his transfer. Twitter’s stock suffered a significant decline, falling 7 percent on the first day and another 11 percent the next day. On July 10, Twitter utilized the services of renowned law firm Wachtel, Lipton, Rosen & Katz, as well as other legal counsel, to represent its case. Musk used the services of the firm Quinn Emanuel Urquhart & Sullivan, previously used in other legal matters advanced for him. The legal battle took place in the Delaware Court of Chancery, where both sides agreed to a lengthy courtroom battle. On July 12, Twitter initiated its legal action against Musk, leading to a public exchange between the two. Musk responded to Twitter’s legal action by tweeting, “Oh the irony lol.” The date of the issue became a matter of debate, with Twitter proposing a September trial, and Musk’s legal team demanding a trial for February 1, 2023. In the end, Judge Kathleen McCormick decided for a five-day trial in October, while Twitter sought a start date of October 10.

On Twitter’s quarterly earnings investor call on July 22, the company attributed its revenue shortfall to the “chaos” created by Musk’s proposed acquisition. The legal process continued, with Musk’s lawyers protesting in a letter to Judge McCormick on July 26, saying discovery processes were hindered. Subsequently, McCormick set the trial for October 17 as the plea date. In a smart move, on August 6, Musk challenged Twitter CEO Agrawal to a public debate on the issue of spambot accounts. He asked his followers if they believed at least 5 percent of Twitter accounts were “fake/spam”. Additionally, on August 10, Musk sold 7.92 million Tesla shares worth $6.9 billion, apparently as an economic safeguard in case he lost the lawsuit. While the legal war escalated rapidly, subpoenas were issued to important figures from the tech and business worlds, including Twitter CEO Jack Dorsey and others, such as Marc Andreessen, Larry Ellison, and David Sacks. In total, Twitter’s legal team issued more than 84 subpoenas, while Musk’s lawyers issued more than 36.

Amid growing pressure from Musk, Twitter announced a combination of its health and anti-spam teams. Judge McCormick rejected some of Musk’s team’s demands for broader user data, but he did order the production of data from 9,000 accounts previously audited by Twitter. The situation took another turn when Musk submitted a “termination letter” with the SEC on August 29, citing Twitter’s head of security, Peter Jatko, as an endorsement of the claims. Musk tried to postpone the trial, but McCormick denied the request. Musk’s team sent Twitter a third termination letter, setting the stage for further legal dispute. On September 13, Jatko testified before the Senate Judiciary Committee, and Twitter’s shareholders voted in favor of the acquisition. Despite Musk sending private offers to buy Twitter at low prices, the company rejected the offers. Both Musk and Twitter were preparing for the epic battle for a high-stakes trial in October that will determine the future of the proposed acquisition.

1. Revitalization of bid

On the high end of business acquisitions, the twists and turns of Elon Musk’s bid for Twitter have kept the business world sitting on the edge of its seat. The saga took a surprising turn on October 3 when Musk’s legal team messaged Twitter of an unexpected change of mind, going along with Musk’s decision to go along with the initial acceptance price of $54.20 per share. However, there was a condition attached to it – Twitter had to drop the lawsuit against Musk. This reversal was due to internal fears within Musk’s team that they might be unable to legally enforce a variation from the contract. Musk, known for his ambitious ventures, explained that the acquisition was an important step in realizing his vision, codenamed “X”, of realizing a vision of providing a diverse range of services. There was an effort. The development triggered a rally in Twitter shares, rising as much as 23 percent after Musk’s announcement. Despite minor pushback, the legal process was not stopped. United States Judge Patricia McCormick, overseeing the trial, asked both sides to submit their preferred course of action. In the absence of a reply from Twitter and Musk, they announced that the plan would remain operational.

Granting Musk’s request, McCormick agreed to postpone a trial until October 28, to give him time to disburse the loan for the acquisition. The possibility of rescheduling the November date was raised if a deal did not materialize by the end of October. During this hiatus, Musk took a $10 billion loan from SpaceX, which he paid back with interest the following month. However, court filings revealed a government investigation into Musk’s conduct in connection with a potential buyout that could lead to legal challenges. While not bothered by scrutiny, Musk expressed confidence in Twitter’s long-term value, saying the $54.20 per share price is surplus. On October 20, reports emerged that Musk intended to reduce 75 percent of Twitter’s workforce if the acquisition went through. This drew objection from Twitter employees, who wrote an open letter condemning Musk’s plans. Reports of a potential national security review by the Committee on Foreign Investment (CFIUS) were casting a further layer of complexity over which intervention the Biden government was reviewing.

Near the end of October, both parties were working hard to finalize the receivership paperwork, with banks agreeing to hold $13 billion of the debt rather than sell it. In a video call with supporting banks, Musk reassured them of his commitment to meet the deadline. The tour of Twitter’s headquarters and Musk’s flirtation with raising the bar drew attention, while his playful actions seemed to ease concerns about employees, at least to some extent. In a letter to advertisers, Musk bolstered his vision for Twitter as a “normal digital town square”, rather than wasted space. They required collaboration between Tesla engineers and Twitter product managers to evaluate the platform’s codebase. By November 1, the platform’s codebase was frozen, with Musk’s influence and his vision for Twitter becoming clearer by the day, according to the agreement. The acquisition, which was tipped to be a game-changer, intrigued industry observers and investors.

2. Completion of purchase

On the afternoon of October 22, 2023, Elon Musk and Twitter completed an acquisition agreement that marks a significant change in the social media approach. Musk, known for his bold and informal approach, announced the completion of the deal in a tweet with Twitter’s ownership notice, in which he listed Twitter’s ownership interest by saying, “The bird is free.” The move took an unexpected turn, as Musk immediately ousted key executives, CEO Parag Agarwal, CFO Ned Siegel, and other key employees, leaving them with security supervision from the company’s headquarters. Musk’s decision to fire employees rather than resign en masse took those involved by surprise. Walter Isaacson’s biography of Musk reported that Musk changed his plans to fire his employees before they could register, citing Agarwal’s actions as a response to his handling of a spambot scandal. The fired employees, including Aggarwal, Seagal, and Vijaya Gadde, were supposed to receive huge “golden parachute” payments, but Musk protested the payments, claiming they were terminated with cause due to company misconduct. Was. Dorsey, Twitter’s cofounder, retained his $1 billion ownership stake despite drastic changes in leadership.

Elon Musk took over as CEO of Twitter and initiated a merger between Twitter and X Holdings, eliminating Twitter’s existing board of directors. As a result of this merger, X Corp was formed in March 2023, ending Twitter as an independent company. Musk, along with his CEO title, humorously refers to his role as “Chief Twit”. Musk’s leadership style was highlighted when he established a “war room” at Twitter, teaming up with key individuals such as Spiro and Sachs to plan to transform the company’s future direction. Key goals included reducing Twitter’s headcount and revamping the platform’s mobile app. Despite these changes, Twitter employees were not informed of management’s changing policy, leading to the cancellation of previously scheduled civic gathering plans. The following day, in accordance with Musk’s commitment to take the company private, Twitter shares ceased trading, and the company’s stock ticker was delisted from the New York Stock Exchange on November 8, 2023. The acquisition marked a transformative moment for Twitter, which was now led by Musk and joined X Corp’s integrated environment.

3. Post-acquisition

Elon Musk’s rise to power over Twitter led to a seismic shift in the platform’s policies and operations in a way that earned him both praise and criticism. Among the reforms Musk made are notable ones, including a significant change to the authentication system, requiring new applicants to purchase a Twitter Blue subscription. This reform of the platform’s organization resulted in a boost in employee hours and, controversially, the mass layoff of nearly half of the company’s workforce. Musk’s vision for “Twitter 2.0” called for the need to work “very, extremely hard”, and he issued an ultimatum to fire employees who did not or could not match his vision. This guidance resulted in the resignation of hundreds of employees who could not meet Musk’s demands. On the content side, Musk sparked controversy by reinstating previously banned accounts, including those of Jordan Peterson, Kathy Griffin, The Babylon Bee, and former President Donald Trump. Additionally, they suspended anti-fascist accounts at the suggestion of prominent figures in the alt-right path and took action against accounts parodying Joe Musk, who has negotiated freedom of speech and content amendments.

Musk’s controversial move to weaken hate speech policies and lift restrictions against COVID-19 misinformation drew criticism on the successor, with reports suggesting an increase in hate speech on the platform. The controversial move to ban the ElonJet Twitter bot sparked further outrage, leading Musk to suspend several journalists covering it. In an unexpected move, Musk conducted a Twitter poll asking users whether he should step down as CEO of Twitter, to which users responded in the affirmative. Musk agreed to choose who to replace him, and NBCUniversal advertising sales chair Linda Yaccarino was selected to replace him in June 2023. Musk’s acquisition of Twitter played a key role in the development of ‘Threads’ created by competing company Mita Platforms. The platform was released amid ongoing objections to Twitter’s changes. In response, Twitter threatened Mita with legal action on the grounds of IP impropriety, further complicating the consequences of Musk’s tenure.

The legal battle began, with a formal Twitter employee filing a lawsuit against the company in April 2023, claiming unpaid legal fees. The court ultimately ruled in favor of the former employees in October, granting them leave. X Corp., who was a unit associated with Musk, sued a lawyer for recovering some parts to recover Watchtail for sexual benefit, a suit with former Twitter management in agreement with former Twitter management Charging the fee. The Twitter application faced an unprecedented rebranding in July, causing confusion among users. In September, Musk filed a lawsuit in the context of an investigation by the SEC over his non-disclosure of his Twitter stock purchases. The Wall Street Journal reported in October 2023 that most banks that were providing acquisition loans had failed to reduce their exposure quickly enough, cutting the loans associated with Musk’s ownership by at least 15 percent. By reducing. Musk’s ownership of Twitter left an indelible mark on the platform, with controversial policy changes, legal battles, and the rise of replacement platforms. As a result of Musk’s actions, social media advances become visible.

1. Takeover bid

Elon Musk’s demonetization bid for Twitter has sparked a complex and multifaceted discussion that has provoked both praise and criticism from various quarters. Musk’s accession to Twitter’s board of directors on April 5 was initially welcomed, with CEO Parag Agarwal saying that he believed Musk’s appointment would provide long-term value to the company, while Dorsey noted that Musk ” We care deeply about our world and the role of Twitter.” On April 7, Dorsey expressed his gratitude to Musk for his commitment, texting him saying he had confidence in Musk. On April 11, Agarwal said that he thought it was “better” for Musk to remain on the board, adding that, for example, the company would be “open to his suggestions”. Musk’s offer to take control of Twitter was met with both enthusiasm and criticism. On April 14, Twitter employees were expressing concern over the approach of the lawsuit against Musk. Media outlets expressed concern that his proposed changes would increase confusion and online distress on Twitter. CNBC’s Jim Cramer said Twitter’s board would have “no choice” to turn down their offer, as board members could face potential personal liability. On April 19, the National Urban League told Twitter that it urged it to reject Musk’s monetization offer, warning of potential negative impacts on users’ civil rights. Sensitive Republican commentators and lawmakers who believed Twitter discriminated against right-wing language expressed enthusiasm for Musk’s proposed changes. On22 April, the United States House of Representatives demanded Twitter’s board preserve all records related to Musk’s monetization proposal, which could set up a parliamentary investigation after the 2022 midterms. Florida Chief Financial Officer Jimmy Patronis praised Musk’s offer and criticized Twitter’s “poison pill” tactics. According to a survey by Harvard University’s Center for American Political Studies (CAPS) and The Harris Poll, 57 percent of American voters approved of Musk’s purchase of Twitter. Elon Musk’s attempt to take control of Twitter has provoked a mix of support and concern, not only within the tech industry but also from political and advocacy groups, pointing to a complex and promising chapter in Twitter’s history. Have done.

2. Acquisition announcement

On April 27 of 2024, the acquisition of Twitter by Elon Musk caused a stir in the technological and political circles, causing various reactions from different stakeholders. Following Musk’s assurance of no layoffs at the time and his endorsement by Twitter CEO Parag Agarwal, the company faced mixed reactions from within. Former CEO Dick Costolo had been critical of Musk, while general counsel Vijaya Gade faced online trolling and emotional moments during meetings. Twitter employees continued to express dissatisfaction with Musk following the June 17 meeting, criticizing his statements on the company’s internal Slack channels, calling them “unstructured” and “uninspiring.” There was turmoil in Twitter’s internal operations following the acquisition, raising questions about whether Musk’s leadership style meshes with the company’s existing corporate culture. In the political arena, the handover received praise and criticism from both sides. Republican lawmakers like Jim Jordan and Ted Cruz hailed the takeover as a restoration of free speech, while Democratic colleagues like Pramila Jayapal and Elizabeth Warren expressed concern. Texas Attorney General Ken Paxton launched an investigation into Twitter’s spambot accounts that repeated Musk’s prior claims. Former President Donald Trump welcomed the deal, but declined to rejoin Twitter, preferring his own platform, “Truth Social.”

Internationally, Mexican Prime Minister López Obrador hoped Musk would root out “corruption” at Twitter, while FCC Commissioner Brendan Carr described some moves to block the purchase as “absurd.” European Commissioner Thierry Breton stressed the need to comply with EU rules, which could expose Musk to potential regulatory challenges in Europe. The aftermath of the purchase saw a shift in users towards decentralized platforms like Mastodon, signaling a move away from centralized social media. Conservative Twitter accounts gained followers, and leftist users closed accounts, reflecting a divide in user reaction. LGBTQ+ users raised concerns related to Musk’s history of mocking transgender people, with fears of an increase in trouble online. Political campaign organizations, including the Center Against Digital Hate and GLAAD, launched a campaign to review the agreement and appealed to advertisers for a boycott. This likely made it difficult for Musk to face controversies and ensure positive public perception.

Key figures and prominent individuals from the technology industry also gave their views on the acquisition. Henrik Fisker, Musk’s rival in the electric vehicle sector, left Twitter, revealing a possible change in industry dynamics. Amazon’s Jeff Bezos questioned Chinese influence on Twitter through Musk having business in China, while Bill Gates expressed concern regarding public health misconceptions. Overall, the acquisition wove a complex web of reactions, including internal company activities, political conditions, international considerations, and industry competition. Twitter enters a new era under Musk’s ownership as it strives to maintain user trust, face regulatory concerns, and address concerns about online victimization and misinformation. Growing developments will shape Twitter and its predicted role.

3. Attempted termination

Regarding Elon Musk’s attempt to take down Tesla’s Twitter account, Agent instructed employees not to comment on this trash talk. However, many Twitter employees have shown the ability to share funny messages in violation of this directive. Tesla shares rose 2.11 percent hours after Musk’s announcement. After this situation, former President Trump criticized Musk and called this acquisition “bad”. This criticism prompted a long-term rift between the two, with most supporters except Trump standing with Musk. Former White House chief adviser Steve Bannon blasted Twitter for lying about the prevalence of its spambot accounts, while Turning Point USA CEO Charlie Kirk was unlikely to clarify that Musk had “revealed Twitter.” Have tried. In response to a complaint by Twitter’s Curiosity security chief Jack Zatko, CEO Parag Agarwal sharply refuted the claims, dismissing them as “false statements”. The incident highlights the confluence of corporate strategy, social media activities, and political tensions, leading to a division of opinion over Musk’s actions and Twitter’s role in public discourse.

4. Completion of purchase

The completion of Elon Musk’s purchase of Twitter caused a stir online and in political circles, causing various reactions among prominent individuals, political leaders, and the general public. The deal was viewed with approval from some voices and skepticism from others, leading to negotiations over free speech, corporate responsibility, and the potential consequences of having a major social media platform under the control of a high-profile individual. Former President Donald Trump, a prominent Twitter user, expressed praise for the purchase, noting it was in “sound hands” and not being controlled by “radical left lunatics”, Emphasized on this. This sentiment was supported by many Republican politicians such as Dan Crenshaw, Darrell Issa, Marjorie Taylor Greene, Marsha Blackburn, Anthony Sabatini, Amy Cramer, Lauren Boebert, Dick Black, Ted Cruz, and Jim Jordan. On the Democrat side, Amy Klobuchar expressed apprehension about Musk and called for more government regulation of the platform, while Chris Murphy himself called for a federal investigation into Saudi Arabia’s contributions. Internally, Twitter employees were expressing concerns about the potential consequences of being led by Musk regarding their pay, which could lead to employees facing uncertainty regarding their compensation. Messages on platforms such as Slack, Discord, and LinkedIn revealed internal disagreements, with some expressing dissent against Musk’s potential actions.

Women’s rights activist Seyi Akiwowo and children’s rights activist Beeban Kidron expressed their disappointment over the firing of Twitter’s chief legal officer, Vijaya Gadde. Meanwhile, media personality Stew Peters attempted to get around his Twitter block, resulting in his new account being suspended. The online community showed varied reactions. Claims have been made that right-facing individuals received a boost in followers, while progressives experienced a decrease. Mastedon, an alternative social media platform, saw a spike in sign-ups. Several prominent figures in the entertainment industry announced their departure from Twitter, and some leftist influencers urged their fellow leftists to stay on the platform. The Network Contagion Research Institute (NCRI) studied the worrisome circumstances following the purchase. A 500 percent spike in the use of racial slurs and an increase in pro-Nazi, misogynist and tweets against the Lambda community raised alarm bells. Basketball player LeBron James condemned hate speech as free speech, and he expressed concern about the rise in extremes of abuse. Twitter promised to remove these accounts from support, calling them part of a “trolling campaign.” The Center for Countering Digital Hate reported an increase in Black, gay, and transgender abuse, while the Anti-Defamation League reported an increase in antisemitic content. Elon Musk’s purchase of Twitter not only generated various reactions, but also raised concerns about the responsibilities of social media platforms, including high-profile individuals. It also prompted discussion on the challenges of balancing ownership of materials and prevention of harmful materials. As Twitter moves into this new chapter under Musk’s ownership, the world is watching intently to see how these activities evolve and what impact these activities have on the digital landscape.

1. Takeover bid and acquisition announcement

Elon Musk’s announcement of the transfer bid and acquisition on Twitter has provoked various reactions and speculations among various political parties and industry experts. Earlier, The Verge’s Elizabeth Lopatto suggested possible staff rescues and a reinstatement of Trump’s Twitter account, hinting at the deeper impact of the move. Following the announcement of the acquisition, Alex Verpin of The Hollywood Reporter was cautious, suggesting that Musk’s acquisition could have several consequences. Opinions varied greatly on Musk’s acquisition. Greg Bensinger of The New York Times claimed that Musk’s motivation was about the principles of free speech rather than controlling the mouthpiece. The Washington Post’s Elizabeth Dwoskin echoed this sentiment, calling the vision of free speech on Twitter taken by technocrats an outdated and abstract philosophy. Don Pittis of CBC News highlighted the controversy surrounding wealthy individuals owning media platforms, raising concerns regarding the concentration of power. Brendan O’Neill of Spiked characterized Musk’s takeover as a “war for control of the Internet”, placing it in the context of broader social and political tensions. Business Insider’s Ben Gilbert described the purchase as the latest battle in the ongoing culture war between Democrats and Republicans.

Michael Hiltzik, via The Seattle Times, said Musk’s influence on Twitter would depend on his policies and implementation strategies. David Auerbach interpreted this takeover through Unheard as a significant moment toward a more interminable and existential world. CNN Business’s Paul R. La Monica considered Tesla’s falling stock price a sign of Wall Street investors’ skepticism over the success of Musk’s purchase. However, CleanTechnica’s Matt Pressman sees potential benefits for Tesla due to Tesla car travelers’ engagement on Twitter. Some commentators compared Musk’s takeover with prior events or political movements. Kevin D. Williamson of National Review compared it to propaganda, while Rich Lowry said that the strong reaction from liberal politicians reflected the political consequences of Twitter’s existing policies. Others expressed skepticism about Musk’s intentions and his plans, and doubts about his abilities. Bonnie Christian of Christianity Today believed that this takeover would only increase the controversies surrounding the terrible language dialogue and that of independence. Jacobin’s Paris Marx dismissed Musk’s policies as an example of hubris rather than competition.

There were also concerns regarding Elon Musk taking ownership of Twitter. Kate Klonick of St. John’s University warned of the potential consequences of spreading harmful content without moderation, while Bill George of Harvard Business School said that under Musk’s ownership it could harm society and Musk himself. . General reactions regarding Elon Musk’s acquisition of Twitter have been varied and reflect the complex union of technology, politics, and society. Some see it as a narrow contract to promote free thought, while others are skeptical of Musk’s intentions and the broader implications for online dialogue and democratic values.

2. Attempted termination

Despite Elon Musk’s persuasion, many legal experts believed that it would be difficult for him to conclude the agreement. Professor James Park of the Teaching Association of the University of California, Los Angeles considered Musk’s spambot argument weak and doubted that it had substance, while Case Western Reserve University business law professor Anat Elon-Beck forced Twitter to concede. Was done so that Musk’s allegations could be refuted. Syracuse University professor Jennifer Grygiel suggested Musk change course and go back to the agreement. Ann Lipton, associate dean for faculty research at Tulane University Law School, and Julian Klymochko, a mergers and acquisitions expert, both made it clear that Musk could prove that there was a material loss. Axios’s Felix Salmon noted that the agreement contained a binding clause that opened the door for a judge to allow special performance and suggested ordering Musk to proceed with the agreement. CNBC’s Jonathan Vanion called Musk’s withdrawal the result of months of buyer’s remorse, while his colleague Alex Sherman warned that paying a fixed breakup fee would free Musk, but not protect him from compensation or penalties. Wall Street Journal writer Holman W. Jenkins Jr. asked whether Musk proposed the purchase “for the sheer pleasure of mouth movement or silence, or for the mysterious reason that provokes the viewer to raise his hands”. Various news publications believed that Jatko’s complaint could make a reference in Musk’s favor, although Bloomberg News Columnist Matt Levine argued that the complaint proved that Twitter’s monetary daily active user count does not include spambots.

3. Revitalization of bid

Greg Varallo of the law office of Bernstein Litowitz Berger & Grossman held that if Elon Musk fails to obtain funding and fails to file a claim to consummate the merger, then according to the legal doctrine of jurisprudence, he would be required to consummate the merger. Can be debarred from claiming to do so. Zev Sanderson, executive director of New York University’s Center for Social Media and Politics, warned that if Musk were to fire 75 percent of Twitter employees, it could make it difficult for the platform to moderate its content. Professor David Kaye of the University of California, Irvine School of Law and Professor Eric Goldman of Santa Clara University School of Law agreed, warning that laying off such large numbers of Twitter employees risks increasing confusion and suffering. However, they also argued that these could be determined through the promotion of automated content moderation. Thus, Musk’s attempt to purchase Twitter is fraught with legal and operational challenges that could impact the future of the platform.

4. Completion of purchase

Right-wing commentators welcomed Elon Musk’s purchase. Fox News host Tucker Carlson praised Musk’s independent approach to moderation on Twitter, saying he could reshape the American political debate. Ben Shapiro expressed hope that other platforms would also adopt Musk’s policies and asked Musk to reinstate Jordan Peterson’s ban on Twitter. Matt Walsh saw the purchase as an opportunity to protest against the “trans agenda”, while Benny Johnson called on Musk to reverse the ban by several prominent conservatives. Brendan O’Neil of Spiked criticized the opposition from liberals, seeing it as a threat to their freedom and independence, while Christopher Tremogli of the Washington Examiner opposed Musk’s moderation council proposal, citing it as continued censorship. Overall, right-wing voices were viewing Musk’s actions as a beacon for free speech and a potential balance against liability bias in social media moderation policies.

Media coverage of the news of Elon Musk’s possible purchase of Twitter indicated financial challenges and doubts about free speech. Detractors such as Lauren Hersh and Richard Waters highlighted Twitter’s profit-making issues and the difficulty of maintaining free speech. Others, such as Kate Ferguson and Hamilton Nolan, questioned Musk’s credibility and motivations, suggesting his purchases may be an attempt to control the discussion. Barbara Ortutte and colleagues highlight Musk’s ambiguous approach, while Ben Burgis praises the responsible statements that Musk’s opponents have suppressed. Viewers compared the actions of Mark Zuckerberg, who is about to work at Facebook, to Musk’s meetings with civic officials and plans at the Content Plant advisory. Politico’s Jack Schaefer predicted doom, political surveillance and outright failure. Overall, the discussion reflected skepticism and concern about Musk’s potential influence and the future of Twitter.

39220cookie-checkAcquisition of Twitter by Elon Musk


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