Elon Musk on Monday struck a deal to buy Twitter Inc for US$44 billion, capping a saga complete with hostile takeover threats before delivering him personal control of one of the world’s most influential social media platforms.
Twitter served as a megaphone for former US president Donald Trump before the platform banned him, and Musk — a self-proclaimed “free-speech absolutist” — has said he wants to reform what he sees as the platform’s overzealous content moderation.
“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,” Musk said in a statement released by Twitter. “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open-source to increase trust, defeating the spam bots and authenticating all humans.”
Photo: Reuters
However, advocacy groups were wary of the type of content Musk might allow on the platform.
National Association for the Advancement of Colored People president Derrick Johnson wrote on Twitter: “Do not allow Twitter to become a petri dish for hate speech, misinformation or disinformation. Protecting our democracy is of utmost importance.”
White House press secretary Jen Psaki said that “no matter who owns or runs Twitter,” US President Joe Biden is “concerned about the power of large social media platforms.”
Musk bought a 9 percent stake in Twitter earlier this month, then offered to buy the whole company outright, citing a mission of preserving free speech.
While the firm’s board initially said it was reviewing his offer, it later rebuffed him and adopted a “poison pill” plan that would have made it harder for Musk to acquire a controlling stake.
However, Musk last week said that he had lined up US$46.5 billion in financing comprised of debt, a margin loan and his personal fortune.
“Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important,” Twitter chief executive officer Parag Agrawal wrote on the platform.
Amazon.com Inc founder Jeff Bezos posed a provocative question after Musk clinched the Twitter deal: whether it would make things difficult for Tesla in China.
In a series of posts, Bezos drew attention to the firm’s ties with China, the world’s biggest electric vehicle market and home to Tesla’s first overseas factory.
“Interesting question. Did the Chinese government just gain a bit of leverage over the town square?” wrote Bezos, who owns the Washington Post. “My own answer to this question is probably not. The more likely outcome in this regard is complexity in China for Tesla, rather than censorship at Twitter.”
Additional reporting by Reuters and Bloomberg
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