Elon Musk is the richest man on Earth and is now the owner of Twitter. Yes, Elon Musk bought out Twitter for $44 billion. Twitter which was a publicly listed social media platform, is now privately owned by Elon Musk. Twitter will undergo some changes over its basic working functions.
Why did Elon Musk Bought Out Twitter?
Twitter is neither the top-earning social media platform nor does it have the highest number of users among others. Last year Twitter has made $5 billion in revenue with 217 million daily users. This number may seem quite large but compared to other social media platforms it remains small. YouTube has made $28 billion in revenue, Amazon generates $30 billion, and Facebook has earned $1117 billion in revenue in the year 2021-22. In terms of economics, Twitter is not special.
But Twitter is special. Twitter remains the same as it begins. It was, is, and will be a microblogging platform where written contents are still king. Every user, big or small, is a creator here. From politicians to financial gurus, everyone is active on Twitter. Every Government has official Twitter handles including ordinary people who can get attention from high performers.
Elon Musk himself is very active on Twitter. He is one of the following accounts with more than 80 million followers. A few days ago, he purchased a 9.2% stake in Twitter and becomes the largest shareholder of Twitter. But he didn’t join Twitter’s board. He said, until Twitter goes private, he can’t promote free speech.
Objectives to buying Twitter
There are two main reasons for Elon Musk to buy Twitter.
- To make Twitter a platform for free speech.
- To clean Twitter of all spam accounts that troll and harass the users.
Elon Musk is the biggest financial influencer in the World. He is such a financial influencer who needs to take permission from the Securities and Exchange Commission (SEC) before making any financial tweets. Because people can make any decisions on the stock market under his fluence which can cause a lot of ups and downs. Elon Musk don’t want to release this power, so he brought Twitter.
Major Changes on Twitter
Well, moderation of Twitter’s policies and content over the past few weeks has indicated the change in Twitter. Elon Musk also hopes his ownership will not force anyone to leave Twitter. Besides content moderation, his aims and goals are as follows.
- Twitter has currently working on “the addition of an edit button” – Elon Musk called for.
- He wants users to subscribe to Twitter Blue and be able to pay dogecoin cryptocurrency.
- Twitter should make its algorithm open to source, so users can see which posts are shown to which users. In this way, trust in the platform will increase.
- Twitter should eliminate the spambots that plague the platform or die trying and will “authenticate all real humans” with a verification badge.
Twitter which was a public company, becomes private after Elon Musk Bought Out Twitter. The shares of Twitter available on the stock market will be delisted. And, full control over Twitter goes into the hand of Elon Musk. In the upcoming days, Twitter will be an amazing platform – what do you think? Share your thoughts in the comment section.
Will Twitter support free speech? Or will the concentration of so much power in one person damage our future and financial systems? Let me know in the comments below. After all social media is made from the opinions of common people like you and me. That’s it for now, thanks for reading.! And, stay tuned with Techvaio.