Snynet Solution Logo
MON - SUN: 10 AM - 6 PM
+60 11 5624 8319


Elon Musk buys Twitter

Image Description

You don't even need 280 characters to deliver this momentous news: Elon Musk just bought Twitter.

The Tesla CEO and SpaceX founder has been circling the popular social media platform for weeks, using Twitter itself as a medium to announce both his intentions and ongoing frustrations with the platform in its current form.

Now, after lining up the funds (his own and hefty support from Morgan Stanley) Musk will pay $43.4 billion -- roughly $54.20 per share -- in a tender offer that gives him control of the company. The deal now faces regulatory approval.

With Twitter's earnings report just days away, it's likely the new owner will show up during the company's Q1 earnings call - at least just to say "hi," and demurely refuses to answer most analysts' questions directly.

In a release on the acquisition, Musk said, "Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.

"I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it."

See more

Bret Taylor, Twitter's Independent Board Chair noted in the release that "The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter's stockholders."

Parag Agrawal, Twitter's CEO and the person who may end up working most closely with Musk said in the release, "Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important." He notably did not reference Musk directly.

Musk's triumph comes after a circuitous path to ownership: First he bought almost 10% of Twitter shares, giving him a seat at the table and inviting him to the board. Musk accepted and then just as quickly backed out. But he wasn't finished. Soon, he was offering $43 billion for the company, which prompted Twitter's board to adopt a poison-pill plan that would have sold cheaper shares to shareholders had Musk sought to purchase more than 15% of the company's shares.

Soon after, Musk, who has been on the platform since 2009, returned to a tender offer, which meant he'd need to pull together all the money to buy the company. As of last week, Musk secured the funds, and over the weekend, Musk and Twitter's executive team met in person to hammer out the details.

A bumpy road

Not everyone is thrilled at the prospect of a Musk-owned Twitter. In the run-up to the announcement, #RIPTwitter was trending on the platform.

As for what comes next, Musk has made clear his intentions to ensure that Twitter supports free speech from all sides (the implication being that it currently does not, though there is no empirical evidence to support this).

He may revisit some user bans, including that of former President Trump.

He'll likely open-source Twitter's code.

A fan of blockchain and NFTs, Musk might push the platform more aggressively into the crypto space.

But investors and backers will be most interested in Musk's growth plan. Twitter has done a decent job of generating more revenue from existing users, but its growth has in recent years been relatively slow and flat. It's not clear that Twitter could ever have the broad-based, global appeal of, say Facebook (which has its own growth struggles) or TikTok.

It's unclear what Musk can do to reenergize some of Twitter's biggest celebrity accounts.

Musk will probably fast-track the already-under-development Tweet Edits feature, since he made it clear during the acquisition effort that he's a fan.

What will Elon do?

What happens next depends on Elon Musk, or rather the Elon Musk who shows up to run Twitter. Will it be the brilliant, sure hand that, through SpaceX, regularly ferries astronauts and supplies to the International Space Station? The man who basically created the EV market with Tesla? 


It might also be the man who impulsively tweets his inner ID and EGO. Who jokes that "The next Twitter board meet's gonna be lit," with a picture of him smoking a joint on Joe Rogan's podcast.

There sometimes seems to be little middle ground for Musk, who is both extremely successful and rich and extremely impulsive and emotional.

The fear that Musk will let the worst element back on Twitter -- Nazis, trolls, anti-vaxxers, Donald Trump, and so on -- is real. A free-speech absolutist might demand ALL voices be heard, even the dangerous ones.

Still, Musk doesn't truly know the inner workings of Twitter's extensive (and still flawed) content moderation system. He soon will. That may inspire some different and more rational thinking about how to excite and energize Twitter for the future while protecting the most vulnerable who still use it every day.


25 Apr 2022



Other Blog

  • Okta buys Auth0 to create verification giant

    The two companies will combine similar but different portfolios of identity management solutions.

    Read More
  • TikTok influencers are being targeted by this dangerous new phishing threat

    Cybersecurity researchers have chanced upon a new phishing campaign that targets high-profile content creators on TikTok in order to wrest control of their account for nefarious purposes.

    Discovered by Abnormal Security, the scam involves two ploys. In one the scammers impersonate TikTok employees, and threaten the recipient with imminent account deletion due to an alleged violation of the platform's terms.

    In the other scam, the attackers bait the TikTok users with the offer of a Verified badge, which brings with it additional credibility and increased exposure.

    TechRadar needs you!

    We're looking at how our readers use VPNs with streaming sites like Netflix so we can improve our content and offer better advice. This survey won't take more than 60 seconds of your time, and we'd hugely appreciate if you'd share your experiences with us.

    >> Click here to start the survey in a new window

    Takeover or extortion?

    According to Abnormal, irrespective of the bait, the scammers invite recipients to click a link to proceed further. 

    The link redirects them to a WhatsApp chat room, where the scammer, impersonating as a TikTok employee, asks the content creators for details to log into their account, including the one-time password (OTP) to bypass the platform’s multi-factor authentication (MFA).

    In their breakdown of the scam, Abnormal notes that they’ve spotted two activity peaks while monitoring the distribution of emails in this campaign, one on October 2, 2021, and the other on November 1, 2021.

    Since the researchers could get the scammer to take over their account, they are unclear as to the end goal of the scammers. Based on similar phishing campaigns on other social networking platforms, the researchers believe that the attackers could perhaps take over the account to force the owners to pay a ransom. 

    “Social media platforms explicitly state in their terms of service that they bear no responsibility for any data loss and advise users to store all account material externally….And so even if the ransom payment is paid, there may be no regaining access to your social media accounts—costing those who depend on it for their income to lose their entire livelihood in one swoop,” warns Abnormals’ Threat Intelligence Analyst, Rachelle Chouinard.

    Make sure you protect yourself online with these best identity theft protection services and use these best security keys to add another layer to safeguard your accounts

    Read More
  • How 3D printing could pose a threat to your privacy

    Watermarks could be used to track and trace the origins of 3D printed objects and how they have been used.

    Read More
  • Vivo’s tablet and new smartwatches may launch alongside the Vivo X70 series

    Vivo's is expected to launch new smartwatches, tablets along with multiple phones under the Vivo X70 series in its next major launch event.

    Read More

Find Out More About Us

Want to hire best people for your project? Look no further you came to the right place!

Contact Us