Know How And Why Elon Musk Wants To Buy Twitter

BySheldon Wong

May 6, 2022
Elon Musk

If you follow technological and app news, then you have to be in a dark hole to not hear the news of Elon Musk wanting to buy Twitter. He has stated that he wants to make it much more transparent for people as they can understand what is going around. There have been immense controversies that have been going around on Twitter which is why many people have gotten banned, but Elon musk has the plan to lift permanent banning from the app and make it temporary. 

  • He wishes to make the app much more technologically sound. He contradicts his statements by mentioning that Twitter does not support free speech as many have been blocked from using Twitter again if they have quite strong opposing opinions, but Musk is seen to be blocking those who say anything to him. 
  • He has given a price to buy the share by keeping it at 54.20 dollars per share and says that it is the final offer that he has to make. Twitter has still not decided whether they want to go with the deal or avoid it which is creating more drama for the audience who are following this news. 
  • He initially declined to state his price because he wanted to buy it at a much cheaper price because of it there were predictions that Musk can fall into trouble with the exchange commission as he was taking too long to disclose the amount that was affecting other investors as well in the process. When there was a TED conference held there Elon Musk joked around by saying that he could technically afford to buy Twitter. Famous finance professors had a view that this could play out well. 
  • After the offer was given by Musk, Twitter gave him an option to take a seat in the company but there was a condition that his percentage of share cannot go above 14.9% of the company’s stock, but later it was revealed that this was declined by Elon Musk. 
  • He has also mentioned some changes in the company, which has left many people shocking as he wants to turn the headquarters of San Francisco headquarters into a shelter for homeless people. Musk also has planned to remove ads from the app which is the source of the highest revenue for the company. After hearing this, CEO Parag Agrawal has given a word of advice to their employees that there are going to be lots of distractions in the future for them which is why they should not hear any of it and tune out. He also mentioned that focusing on the work will be the greatest option now. 

The company has not been doing that well last year as it lost lots of cash when compared to other apps that compete with them. Elon Musk stated that he is not going to be perfect, but he wants to ensure that everyone gets the right to their speech and there is no permanent restriction or banning from the app. 

Sheldon Wong

Sheldon was a contributor on DMR. He has since left the team to pursue his career in the Insurance industry.