28 October 2022 (Friday) – Elon Musk has finally – officially and legally – completed the $44B Twitter acquisition deal.
After a few months of legal negotiations and social wrangling between the most popular networking site and the most famous business tycoon, Twitter is now under new management and supervision – the Musk administration. And since Elon is known for his futuristic ideas, ingenious concepts, and innovative approaches, everyone’s low-key expecting a more modernized and refreshing social media network. By combining Musk’s wit and leadership, and the many smart technologies already available, all these expectations are feasible without a doubt.
But since Elon Musk is also well-known to be impulsive and spontaneous, no one really knows for sure what awaits Twitter and its whole community of users. With how things are going in just less than a week of the Twitter acquisition, here’s what is most likely to happen.
Twitter as an App and as a Business
Twitter is a social networking and microblogging platform founded by American tech experts and entrepreneurs Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams. It was first launched in July 2006 with its main headquarters based in San Francisco, California. Now, with 16 years of operations and 25 offices around the globe, it has over 238 million active users with over 500 million tweets every day.
Twitter was originally just a side project, initially functioning as a podcasting tool. After its major funding in 2007 led by Union Square Ventures, this digital platform has instantly become a global craze. And even after Dorsey stepped down as the company’s CEO, its reputation continued to soar and by 2009, Twitter was already a mainstream phenomenon. Its popularity continued to expand when NASA Astronaut Timothy Creamer sent the first-ever tweet from space in 2010.
Over the years, Twitter has repeatedly topped news headlines with its innovations and enhancements, as well as the various events, issues, and scandals it has become part of. Now, after over a decade of service – after the Musk takeover – Twitter users should brace themselves for significant changes ahead.
Twitter Acquisition Rumors Turned Reality
The Elon Musk Twitter acquisition issue finally ended on Friday, October 28 – after the $44B deal was legally settled. In fact, a day before, the world’s richest man – with his distinguished humor and playfulness – visited the Twitter headquarters carrying a porcelain sink. He then tweeted, “Entering Twitter HQ — let that sink in!”
Elon Reeve Musk is a South African-Canadian entrepreneur who got hooked on computers and technologies as early as 12 years old. From a basic video game and business directory, Musk has then founded and developed various companies, including:
- DeepMind Technologies
- Tesla Motors
- The Boring Company
With all these tech-advanced projects and futuristic business ventures, Elon Musk has become a global icon not just in commercial sectors and corporate landscapes but in almost all niches and industries. Before being named the World’s Richest Man, Elon was already well-known as The Green Billionaire, the Real-Life Tony Stark, and Master of Coins.
And because of his world-renowned reputation and publicly showcased values and principles, billions of eyes are waiting for what Twitter will become.
Elon Musk on Twitter: What to Expect?
“I didn’t do it to make more money. I did it to try to help humanity, whom I love.” – before the unexpectedly prolonged acquisition even began, Elon Musk claimed that he got interested in Twitter with good reasons and pure intentions. He has always been vocal about his beliefs in the potential of this popular digital platform being a part of the future of civilization.
But just a few days after closing the deal, Musk dissolved the Twitter board and became the sole director. This means that all decisions and go-signals on all operations and transactions will solely come directly from him. And with how the business magnate has been acting so far, here are some speculations and expectations of Twitter.
Organizational Structure Overhaul?
Musk fired CEO Parag Agrawal right after sealing the Twitter acquisition deal. Together with several top executives, financial officers, and department heads, Elon Musk started cutting the company’s overall workforce. And by being vocal about his plans to “clean and reconstruct” the company from within, he was met with several resignations.
Tweet Edit Button Available?
For the longest time, Twitter users have been asking for an Edit option, and it was only until Elon Musk took over that this button was available. With this feature, users can now edit their tweets in real-time, or whenever they want to.
Twitter Blue Boosted?
Twitter Blue is the first subscription plan ever launched, offering more advanced and premium features. This includes high-profile verification processes and the famous blue check mark. And since Elon believes ads aren’t sufficient sources of income for the platform, he’s looking forward to expanding and enhancing this membership feature.
Censors and Filters Lifted?
One of the controversies concerning Twitter is Musk’s plan of making content moderation more lenient. To materialize his vision of making Twitter a digital environment to aid democracy or the freedom of speech, content filters and censors are more likely to be relaxed or lifted.
Banned Users to be Welcomed Back?
Twitter to X Conversion?
Another goal of Elon Musk with the Twitter Acquisition is to create and materialize the “everything app” or “X”. He wishes to recreate the famous Chinese app WeChat which as per him is an all-in-one super app – a social media network, messaging platform, payments tool, shopping site, and ride-hailing tool in one.
TWTR Stock Privatization?
Twitter is now technically a private company since Musk took over and became the sole director. Part of this privatization switch means Twitter’s stock will stop trading on the New York Stock Exchange (NYSE).
Twitter as a digital platform – and what Elon Musk plans to turn it into – is only one of the many tech innovations in this modern age. But as online users, be sure to take precautionary measures when using such apps and tools. Though manufacturers and developers nowadays make sure to include built-in safety nets and security protocols, you can never be too careful when socializing, interacting, or engaging in virtual spaces.
Frequently Asked Questions
Who is Elon Musk?
Elon Musk is currently the world’s richest man with over $250B net worth. He’s the founder, CEO, and chief engineer of SpaceX, the CEO and product architect of Tesla, Inc., the founder of The Boring Company and X.com (now part of PayPal), the co-founder of Neuralink, OpenAI, and Zip2, the president of Musk Foundation, and just recently the CEO – “Chief Twit” – of Twitter, Inc.
What happens to my twitter stock in an acquisition?
After the acquisition, Musk is actively working to take Twitter private, de-listing it from the stock market. This means that stock owners will be stripped of their rights and will be compensated $54.20 for each held-up share at the time of acquisition.
Is the acquisition of Twitter by Elon Musk a good or a bad thing?
It’s too early to say, and even if we give Twitter a few months, impressions would basically vary depending on which/whose perspective you’ll be looking at. For instance, Twitter employees who got laid off would surely think Twitter acquisition was a bad thing. On the other hand, it’s good news for banned Twitter users who might be given second chances to rejoin the community.