Photo: Elon Musk and Twitter
It has been recently announced that Elon Musk’s offer to purchase Twitter for forty-four billion dollars has been accepted by the board of the social media behemoth. Musk has been a vocal proponent of the freedom of speech on the application, and has been critical of Twitter’s on-going perceived censorship and bias towards diverse forms of thought that are contrary to popular opinion. Musk has stated that he sees untapped potential in the existence of Twitter and believes that it, similarly to America, can represent all ideologies and beliefs freely, without undermining or banning unshared or criticized thoughts. Public reception over Elon Musk controlling Twitter has seemingly divided society as some feel like his relaxation of censorship rules will propagate an increased level of misinformation and harmful ideologies, while others believe that Musk is fighting for the very qualities that America was founded upon. Whether or not people support or disapprove of Elon Musk’s reasoning for purchasing the social media application he has stated that there will be a place for every voice and opinion in the new Twitter he aims to build.
Elon Musk Purchases Twitter for $44 Billion
The actualization of Elon Musk in his goal of purchasing the social media giant, Twitter, has recently become a reality. Elon Musk secured over forty-six billion dollars in funding from banks and investors. It has been announced that Twitter has accepted his bid to buy the company for forty-four billion dollars, but “Twitter shareholders still need to approve the deal, which isn’t expected to close for six months.” Though the offer has been accepted by Twitter’s CEO and board, the deal still has yet to be completely finalized. Within the current contract of purchase and its terms of agreement, “contained within the deal to buy Twitter is a $1bn break fee, which could be payable by either side depending on the circumstances of how the deal falls apart.” It has also been revealed that Elon Musk plans to pay for the acquisition of Twitter with twenty-one billion dollars out of his own pocket.
After announcing his claim to pay for nearly half of the social company by himself, Musk reportedly has sold off “$8.5 billion of the electric automaker’s stock in the three days after the Twitter board agreed to sell the company to him.” The intentions of the billionaire, Musk, are extremely clear, and with his casual claim to wanting to purchase the entire company slowly coming to fruition, it is directly apparent that Musk is not one to embellish in the slightest. There have been many published opinions questioning whether Musk is ready for the task of controlling such a massive social media communications network. While the challenges are apparent, the indication that Elon Musk is doubling down on his investment in Twitter is visible in his publicized sale of his highly coveted shares of his revolutionary electric car company manufacturer. Elon Musk is betting high on the future of Twitter and this reflects the true significance of his intention with the social media behemoth.
What Does Musk Want To Achieve with His Purchase Of Twitter?
Elon Musk has stated that his reasoning for purchasing Twitter is to bring back true freedom of speech to the social media application. He intends and seeks to create a space in which all voices are able to express their personal views free from censorship and a growing perceived notion that Twitter has been biasedly suppressing certain beliefs and ideologies. Two months ago, “Musk tweeted a poll to his followers in March that asked whether users believed Twitter was protecting free speech. He said the poll results, in which roughly 70% of 2 million respondents answered ‘no,’ would be ‘very important.’” The growing issue and question over whether Twitter has been acting as an omnipotent force that controls and determines what is true and what is misinformation, highlights the fundamental issues with the shadow actions of the social media conglomerate.
Musk has expressed the doubt of “‘no confidence’ in Twitter’s current management.” It is clear that he associates much of the current state of Twitter and its handling of information and censorship with the executives that have been tasked with running the social media company. Musk believes that free speech is suffering and this is primarily his main reason for acquiring Twitter. In his own words, he states, “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.” Elon Musk sees the potential of Twitter not as what it is currently, but what it offers for the entirety of the world, as well as America in its fundamental principle of democracy.
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What Are the Societal Ramifications of Elon Musk Controlling Twitter?
While there are always risks of one person holding too much power or influence, the intentions behind Elon Musk’s purchase of Twitter appear to be honest and well-intending in moral nature. His reasoning for purchasing the social media behemoth is underlined by his desire to, “‘unlock’ Twitter’s potential by taking the company private and loosening its rules on what users are allowed to post.” Musk essentially has outlined key issues and problems that have been allowed to flourish under Twitter’s current leadership. Elon Musk has asserted that Twitter has limited the diversity of opinion on the social media application and by doing this it has restricted its usability and marketability to those who feel as if their beliefs have been persecuted and censored. Rasmus Kleis Neilson, director of Reuters Institute for the Study of Journalism states, “The fact that many politicians, powerful individuals and pundits are frequent users, and that some journalists feature what they say in their reporting, mean Twitter is clearly an important part of how the political and media agenda is set.”
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When a company purports such a vast number of influential leaders and key outlets of news for the community, it is clear to see why Twitter must adhere to an unbiased formula surrounding information and how the public receives it. While the question of power is set to fall into the hands of Musk, the way in which he has chosen to operate and share accurate information surrounding his intentions and why he is purchasing Twitter offers a positive outlook on the reality of this acquisition. It is impossible yet to say whether this change of ownership truly will benefit the freedom of ideals and democracy, but with Musk outspokenly advocating for the allowance of all spectrums and forms of thought, it appears safe to believe that Elon Musk intends to safeguard the liberty and independence that America was founded upon.
By Thomas Jacobs
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Thomas Jacobs is an avid writer, Cinema aficionado, and filmmaker. He graduated with Dean’s Honors from the University of California, Santa Cruz with a major in Film and Digital Media. His passion is directly tied to the appreciation and creation of film and television, and this fact is reflected in his intent to be a writer for the acclaimed entertainment journal, The Hollywood Insider. His beliefs mirror the core goals and mission statement of The Hollywood Insider by sharing an admiration for quality entertainment as well as bolstering a sense of positivity and equality among all humans. Thomas believes that Cinema is an advantageous promoter of civil and social empowerment, and he shares a mutual societal view with The Hollywood Insider, that people should not be judged by the color of their skin, but the content of their character.