Elon Musk, the CEO of Tesla and SpaceX, has bought Twitter. In a move that shocked the world, Musk announced on his personal Twitter account that he had purchased the social media platform—and in doing so, he effectively saved it from going under. Elon Musk could reinvent Twitter and turn a profit for the company.
How much did Elon Musk buy Twitter for?
Musk bought Twitter for $15 billion, which is about a fifth of what it was valued at just two years ago. The deal was made official on Wednesday morning, and Musk took over as CEO immediately. He also has the option to purchase another $5 billion worth of stock in the future if he wants to take control of 100 percent of Twitter’s shares, Elon Musk tweets also make an example of it. Elon Musk tweets about his buyout of Twitter, which he said is “a long time coming.” He also says that the company will remain headquartered in San Francisco and that the name isn’t changing.
Who owned Twitter before Elon Musk?
The last CEO of Twitter was Jack Dorsey, who also founded the company and served as its first chief executive officer. In March 2008, Evan Williams became CEO and co-founder Jack Dorsey and served as chairman of the board until October 2010. In October 2010, Williams returned to serve as CEO. Dick Costolo was hired as COO in 2009 and was promoted to CEO in 2010 when Williams stepped down from the role.
In October 2015, Costolo stepped down as CEO and was replaced by co-founder Jack Dorsey, who became the company’s chairman at the same time. On June 11, 2018, Dorsey announced he would be stepping down as CEO of Twitter. He will remain on the board and serve as executive chairman of Twitter's Board of Directors.
Why does Elon Musk want Twitter?
Musk has expressed interest in Twitter before, and he’s considered making a bid for the company before. He said that he didn’t think it was likely to happen this time around, but then again who could have predicted that he would buy the social media giant for $15 billion? Elon Musk tweets also make an example of it. In any case, he needs to be careful. As the CEO of three companies that depend on social media to a large extent—Tesla, SpaceX and The Boring Company—he’s already dealing with a lot of criticism. If Musk starts tweeting like Donald Trump, it will only make things worse.
Conclusion
It's hard to say if Elon Musk's reasons for purchasing Twitter had anything to do with it, but in my opinion, it is not a bad thing that three new freedom-of-speech heavyweights have entered the picture. It can be argued that President Trump used Twitter to win the presidency because he had the power and voice to express himself freely. That is something that I don't think Hillary Clinton could have done. When it comes to the future of Twitter, I think this is an interesting development. I just hope they don't jack up the character limit.
With Musk taking over, Twitter could present far more interesting content and even profit if Musk can learn to monetize it properly.
But, in the end it may increase freedom of speech and make Musk's new social network more appealing to those who have left Twitter.
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