Elon Musk completed his acquisition of Twitter for $44 billion this week and has named himself new CEO of Twitter as well as fire many Twitter executives including Twitter CEO, Parag Agrawal.
There was many speculation about the deal and if it was going to happen. Musk has originally proposed to acquire Twitter back in April but then put the deal on temporary hold due to lack of information from Twitter about their fake accounts.
Twitter filed a lawsuit against Musk and forced him to go through with the acquisition.
After acquiring Twitter, Musk posted an explanation of his plans with the company and his reason for the acquisition. Musk said:
I wanted to reach out personally to share my motivation in acquiring Twitter. There has been much speculation about why I bought Twitter and what I think about advertising.Most of it has been wrong.
The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence. There is currently great danger that social media will splinter into far right wing and far left wing echo chambers that generate more hate and divide our society.
In the relentless pursuit of clicks, much of traditional media has fueled and catered to those polarized extremes, as they believe that is what brings in the money, but, in doing so, the opportunity for dialogue is lost.
That is why I bought Twitter. I didn't do it because it would be easy. I didn't do it to make more money. I did it to try to help humanity, whom I love. And I do so with humility, recognizing that failure in pursuing this goal, despite our best efforts, is a very real possibility.
That said, Twitter obviously cannot become a free-for-all hellscape, where anything can be said with no consequences! In addition to adhering to the laws of the land, our platform must be warm and welcoming to all, where you can choose your desired experience according to your preferences, just as you can choose, for example, to see movies or play video games ranging from all ages to mature.
There's a lot of controversy surrounding Musk's acquisition of Twitter, a report claimed that Musk plans to fire 75% of Twitter's workforce but that was quickly dismissed by Musk.
It's unclear what direction Twitter will be heading into with Musk in charge and if it will have any connection to Musk's other companies including Spacex and Tesla.
