Musk recently bought 9.2% of the company, making him the largest shareholder. A couple of weeks later, he’s pulling $44 billion out of his pocket, which works out to $54.20 per share, and buying the whole Twitter. It happened yesterday after a deal with the company’s management. Twitter will become a private company.
Thanks to Twitter, Musk has had legal troubles in the past, especially when he tweeted his intention to take Tesla private for $420 per share. He was fined $20 million for that tweet.
The negative impact on Biden?
There are also suggestions that this may be the beginning of the end for Biden in the White House. Musk will probably allow Trump to reinstate his Twitter account. He, even if he doesn’t seek re-election, will surely attack Biden relentlessly, and his tweets will add punch and reach to these attacks. Whether that will be the case will have to wait and see.
Why is Musk doing this?
Musk wrote his main reason in a statement about the deal.
“Free speech is the foundation of a functioning democracy, and Twitter is a digital plaza where issues important to the future of humanity are discussed.”
Twitter will most likely transform under Musk’s leadership. As the entrepreneur has announced, he plans to equip the social network with new features, but he also wants to combat so-called bots, which are fake profiles that hide behind computer programs that automatically post content to the network.
Twitter instead of blockchain?
His penchant for cryptocurrencies and blockchain technology may be of interest. Indeed, Musk recently hinted that he would like to create a new social network on blockchain that is decentralized and supports freedom of speech. Thus, there is a possibility that he will completely open up the platform and allow alternative Twitter clients to freely compete, innovate and integrate Twitter Adds.
Will this have an impact on crypto? We have discussed this here: Elon Musk acquired Twitter