It has not happened overnight. It all started on December 21st, 2017. On December 21st, 2017, at 11:20 PM, the CEO of Tesla and SpaceX, Elon Musk, tweeted and stated, “I love Twitter.” American journalist Dave Smith responded to Musk’s tweet by asking, “Why not buy it then?” Musk also inquired, “How much is it worth?”
52 months after this post, Elon Musk acquired Twitter for $44 billion, or 3,368 billion rupees, on April 25, 2022. For each share of Twitter, Elon Musk has paid $ 54.20, or INR 4,148. The share price is 38% higher than before he disclosed his 9% stake in Twitter. In a subsequent tweet, Elon Musk stated that free speech is the foundation of democracy. Twitter is a digital town where people discuss topics that affect humanity’s future.
As It Happened
Last week, Elon Musk said that he had raised $46.5 billion to purchase Twitter. Following this, the Twitter board of directors reevaluated Musk’s offer. A crucial meeting of Twitter’s board of directors was conducted on Sunday to examine Musk’s offer. Musk’s bid was accepted by the Twitter board late Monday evening, according to reports. It was determined that Musk would be the new owner of Twitter in such a case. Musk tweeted in support of free expression after the acquisition of the microblogging site was completed. In addition, he discussed how to unlock Twitter.
On Monday, the discussion over Elon Musk’s purchase of Twitter carried on all day. Twitter’s stock had risen by 6% because of this. People anticipate significant growth in the firm now that it is in Musk’s hands. Musk has also stated that Twitter has a great deal of promise.
Elon Musk, the world’s richest businessperson is a proponent of free speech on Twitter. He believes in the right to free speech. He also stated that the freedom of speech on this social media site is under attack, and he wants to guarantee that it is preserved.
The fact that Twitter has 217 million active users globally demonstrates the prominence of the microblogging platform. The United States has the highest users: 77 million. The second country is Japan, which has 58 million Twitter users. India, on the other hand, is ranked third with 24 million users.
Every day, around 500 million tweets are sent throughout the world. The fact that 38% of Twitter users are under the age of 35 is noteworthy. They are between the ages of 25 and 30. On average, each person has 707 followers. When all of these data are added together, the total number of users connected to Twitter in some way throughout the world exceeds 217 million.
Elon Musk was Twitter’s top shareholder with a 9.2 percent stake even before the deal to acquire the company was consummated. Vanguard Group, which owns 8.8% of the stock, was his closest competitor. However now Elon Musk owns 100% of Twitter and will turn it into a private corporation.
He said four weeks ago that he would purchase a 9.2 percent interest in Twitter. He became Twitter’s top stakeholder with a 9.2 percent stake. There has been a lot of hostility between Elon Musk and Twitter since then. Now since Musk owns Twitter, here are the changes he wishes to make on Twitter.
1. Making Twitter A ‘Free Speech’ Hub
Musk conducted a Twitter poll on March 25 of this year. The question was whether Twitter was adhering to the principles of free expression in a proper manner. Musk urged people to vote carefully since the outcomes of this poll will have a significant impact.
Seventy percent of those people that were surveyed said no. Musk tweeted the next day that Twitter had abused the norms of free speech, which he said were fundamentally undermining democracy.
Musk has stated that everyone’s right to free expression is critical. While following the law, it is critical to teach people what is right and what their point of view is.
2. Introducing An ‘Edit’ Option
Musk had previously asked on Twitter if people wanted the edit button. It is a feature that allows you to edit a tweet. There is presently no way to edit any tweet that has been posted on Twitter. The tweet, though, may be deleted.
For a long time, there has been a growing desire for a Twitter edit button. So far, more than 26 lakh responses have been received in response to Musk’s vote on the edit button.
Former Twitter CEO Jack Dorsey has always opposed the concept of editing tweets. Critics contend that if this capability is enabled, anyone would be able to radically edit the meaning of such tweets.
3. Profiting From The Blue Subscription
On April 9, Musk retweeted a tweet from World of Statics. The names of the top ten Twitter accounts with the most followers were included.
Musk stated that the majority of the users on this list hardly post and offer any content. He also wondered if Twitter was on its way out.
Musk mentioned the Blue membership in a tweet on April 9. He stated that customers should be charged a low monthly fee of $4 for Twitter Blue, but that this fee should be paid in full over the course of a year.
Users of the Twitter Blue service are provided with premium features such as access to exclusive content and ad-free service. In exchange, users must subscribe to Twitter Blue on a monthly or annual basis.
4. Platform To Promote Cryptocurrencies
Musk also is given Twitter as a possible launchpad for cryptocurrencies, particularly bitcoin. Musk is well-known for his enthusiasm for the cryptocurrency sector.
From time to time, Musk has taken a strong stance in favor of cryptocurrencies. Tesla, his firm, keeps bitcoin on its financial sheet and has long accepted bitcoin as payment.
Given Twitter’s popularity and range of users, Musk may see it as the ideal medium for realizing his aim of establishing a worldwide cryptocurrency free of government control.