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What will happen to Twitter under the command of Elon Musk: five keys to know

American billionaire Elon Musk bought Twitter

Elon Musk took control of Twitter after months of wrangling and legal negotiations, putting the multimillionaire in charge of one of the social networks biggest in the world.

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The deal closed Thursday, according to a person familiar with the matter who spoke on condition of anonymity to discuss sensitive issues.

Musk bought the social network for around 44 billion dollarsmatching the original price it offered earlier in the year.

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The agreement of Twitter has had a tumultuous year: Musk tried to back out of the deal in the middle of the year, and Twitter sued him to force him to honor the deal. Just weeks before the matter was to go to trial, Musk once again offered to buy the company.

The businessman changed his Twitter biography this week to “chief tweet”.

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It may interest you: Elon Musk’s first message on Twitter after completing the purchase of the social network

Elon Musk at a TED show
Elon Musk at a TED show

Why did Elon Musk buy Twitter?

When Musk first launched a hostile takeover attempt to buy Twitter, he said he wanted the company to do a better job of promoting the freedom of expression.

“Twitter has become a kind of de facto public square, so it’s really important that people have both the reality and the perception that they can speak freely within the confines of the law,” he said during an interview with TED in April.

On Thursday, he tweeted a letter to advertisers, telling them he wants the site to be a place “where a wide range of beliefs can be discussed in a healthy way, without resorting to violence.”

Musk, who has 110 million followers on Twitter, regularly uses the platform to post updates on his companies, share memes and give their views on various political and cultural issues.

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The Twitter account of the former president of the United States was closed at the end of his administration (@realDonaldTrump/Handout via REUTERS)
The Twitter account of the former president of the United States was closed at the end of his administration (@realDonaldTrump/Handout via REUTERS)

What is Elon Musk going to do with Twitter now?

Musk called the former president’s permanent ban donald trump of “extremely dumb” and said he would reverse it. Trump was suspended (from Twitter) after the attack on the Capitol from the US, on January 6, 2021. Musk has suggested that permanent bans can polarize the discourse.

His public views on the rise of “freedom of expression” have led many to think that Musk could relax content moderation on Twitter, which currently has guidelines to remove the violencethe hate speech and other offensive content on the site. Employees and social media experts have raised concerns that Musk could undo Twitter’s safeguards.

Experts and observers say the changes could tip Twitter toward right. Musk has said that he wants to “get closer to” the laws where Twitter operates.

“If the citizens want something banned then pass a law to do it, otherwise it should be allowed,” he tweeted in May.

In his letter to advertisers, Musk also said that Twitter “obviously cannot become a free-for-all hell, where you can say anything without consequence.”

Musk has also floated the idea of ​​subscription services on Twitter, including making business and government accounts pay for features.

"The bird is free", Elon Musk
“The bird is free”, Elon Musk’s first tweet after the purchase of the social network

How will Twitter’s workforce change?

Musk promptly fired several top executives, including CEO Parag Agrawalthe financial director ned segaly vijaya gaddedirector of legal policy, trust and security, according to people familiar with the matter.

Musk previously told potential partners that he would cut nearly 75 percent of Twitter’s 7,500-person workforce. Layoffs on that scale could have immediate impacts on site users and functionality. But during a visit to Twitter headquarters in San Francisco this week, Musk told employees that he did not plan to lay off three-quarters of the staff.

Musk had already alienated some Twitter employees by disparaging the site’s work. Reports of his plans to make deep cuts were met with anger and resignation within the company.

Twitter actions will be a very sensitive point in the coming days (REUTERS / Brendan McDermid)
Twitter actions will be a very sensitive point in the coming days (REUTERS / Brendan McDermid)

What will happen to Twitter stock?

Musk intends to privatize Twitter, which means that Twitter stock will likely delist from the New York Stock Exchange almost immediately after the proper documents are filed, according to corporate lawyers.

Shareholders will receive $54.20 per share when all documentation is submitted.

Musk’s team must file with regulators to deregister the shares, but the process is usually fairly quick and seamless once the merger goes through, corporate lawyers say.

How much will the acquisition of Twitter cost?

Musk is paying $54.20 per Twitter share, or about $44 billion. It’s the same price he offered when he first tried to buy Twitter in April.

Musk financed his offer by selling his shares of Teslaobtaining loans from banks and securing funds from investment firms and other partners.

(C) The Washington Post.-

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