The Tesla CEO’s message is the strongest confirmation yet that the $44 billion acquisition of the social networking platform is anticipated to close before its deadline of Friday at 5 p.m. in Delaware, ending months of uncertainty.
“The reason I acquired Twitter is that it is crucial to the future of civilisation to have a shared digital town square, where a wide range of opinions can be argued in a healthy manner, without resorting to violence,” Musk wrote in a statement linked to the tweet.
That is why I purchased Twitter, he continued. Because it would be simple, I chose not to do it. I didn’t do it to increase my earnings. I did it in an effort to support humanity, which I love.
Despite the fact that he used the past tense, Twitter was still legally owned by others at the time of the article and was still traded on the New York Stock Exchange. On Friday afternoon, the last of the paperwork is anticipated to be finished.
After visiting the company’s headquarters in San Francisco, he posted a video of himself entering the facility while toting a sink, with the caption: “Entering Twitter HQ – let that sink in!” He then released the tweet the following day. Musk also changed his Twitter handle to “Chief Twit” on Wednesday.
Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7
— Elon Musk (@elonmusk) October 26, 2022
The platform’s shares increased by 1% on Thursday to $53.90, close to the agreed-upon purchase price of $54.20 per unit, reflecting market optimism that the transaction will now proceed.
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Musk’s statement also emphasises the long-term consequences of his tough bargaining, during which he disparaged Twitter’s public user counts and promised a virtually moderation-free experience following the acquisition.
The debts Musk took out to buy Twitter will result in an interest payment of around $1 billion a year, which he will have to pay out of the platform’s profits, thus Twitter’s revenue will still need to remain high even as a private firm. This is true even though Musk is the richest man in the world.
In a tweet, Musk stated that there is a “huge danger” that social media could split into echo chambers for the extreme right and far left, which will further polarise society. However, Twitter cannot turn into a place where everyone can say anything without fear of repercussions!
“Our platform must be friendly and open to everyone, where you can choose your desired experience based on your tastes, just as you may choose, for example, to watch movies or play video games ranging from all ages to mature,” the statement reads.
Fundamentally, Twitter wants to be the most reputable advertising platform in the world that helps you build your brand and expand your business, he continued. I want to say thank you to everyone who has partnered with us. Together, let’s create something exceptional.
Musk remained silent about it, but an earlier Wall Street Journal report that said advertisers viewed Trump’s return to the site as a “red line” may have served as the inspiration for the statement. The newspaper reported that twelve clients of one agency had given instructions to halt all Twitter advertisements in the event that the former US president’s account was restored.
In a now-deleted post from April, Musk stated that his intentions for the site included “no ads” shortly after making his initial offer to purchase Twitter. If Twitter is dependent on advertising revenue to function, he added, “The ability of companies to dictate policy is considerably reinforced.”
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