Unless you have been living under a rock for the past few days, you have probably heard that Twitter now has a new owner. Tesla Motors CEO, Elon Musk, who ranked as the richest man in the world, according to the Forbes list of the world’s richest persons for the year 2022, has struck a deal with Twitter for approximately $44 billion dollars to purchase the social media giant. It has been officially announced that the deal has been signed, sealed, and delivered, and as a result, he is now the owner and sole owner of Twitter. There has been almost a month since the deal began, and as of Thursday, October 27th, it has been completed.
As the biggest deal in the company’s history has now become public, Elon Musk has made it abundantly clear that a lot of changes are on the way. What changes are being made? Perhaps not the kind that will propel society forward.
There is no doubt that Twitter, one of the world’s leading social media platforms, will continue to evolve. As a matter of fact, Twitter has paved the way for hashtags and free speech across the internet. In his own words, Elon Musk prides himself on being an ardent believer in the freedom of speech. For that reason, he has proposed to lift the permanent life ban that some people have been issued by Twitter in the past. Donald J. Trump, the 45th president of the United States, is at the top of this list. It remains to be seen whether or not the former president will return, as he has founded and launched his own social media company, Truth Social.
During his early ownership days, Elon has made more than one type of change. The CEO, Parag Agrawal, and the CFO, Ned Segal, have already been terminated, and he intends to terminate many more – as much as 80% of the existing Twitter staff. Musk has announced that he will be Twitter’s new CEO, and he has no intention of allowing anyone else to lead the company.
A Lethal New Platform
Musk’s behavior has earned him the title of “The (new) leader of hellscapes,” but it is important to recognize certain earlier conducts. In addition to his role as CEO of Tesla, he is also the CEO of SpaceX. The SpaceX employees have reported that he has embarrassed them via Twitter posts in the past, and on a number of occasions.
It has been reported that he paid $250,000 to a former company flight attendant after making grotesque comments about her in sexual harassment form. The dollar amount was agreed upon by both parties. In spite of this, with his net worth exceeding $220 billion dollars, the payment made to her could as well have been in the form of pennies. Following the settlement, Musk took to Twitter to make ill-natured jokes about the allegations. While he may have found it humorous, the situation was far from amusing.
Elon Musk also made headlines in 2018 for smoking pot on the Joe Rogan podcast. As a matter of fact, he also drank whiskey while he made peculiar remarks to viewers to “call him out” on his behavior. His actions prior to obtaining Twitter were so outlandish that the SEC (Securities and Exchange Commission) requested that Tesla provide an attorney who could review every tweet he composed. Every trade secret that Tesla holds dear does not have to be disclosed to the public. At the time, it seemed a good idea to reign in his bizarre remarks via Twitter, however, it had little to no effect on reducing his behavior, even by a slight degree.
Although Elon Musk advocates free speech for all, this does not imply that Twitter is heading in the right direction. His previous history of unpredictable behavior may cause the Twitter brand to be tarnished just as quickly as it was acquired. An established brand can be adversely affected by the tiniest deviation from its standards, which leaves a sour taste in the mouth of the audience.
There is an immeasurable amount of inspiration available on Twitter about politics, their outcomes, the tech industry, and what media outlets choose to publish. According to Musk, the company has taken a new path in an effort to become a platform for debate, which welcomes anyone to join (in the case of previous expulsions).
As Twitter is under new management, it should come as no surprise that the company’s name has been disconnected from the New York Stock Exchange (NYSE); thus, making it a privately owned company. The company will be delisted on November 8th, which is also the day of the midterm elections across the country. Elon Musk’s subsidiary completed a merger to ensure that he is the sole owner of the social network under his own private label. In the event that you invested in Twitter during its public trading period, you will be able to receive a cash out, if you have not already done so.
A Shift of Misinformation
After Nancy Pelosi’s husband, Paul Pelosi, was attacked recently, Musk has taken to Twitter to share a conspiracy theory about who is responsible. As the new owner, he is free to tweet whatever he desires and his behavior will not be penalized. His theory, however, may cause backlash from all audiences, as he tweeted a link to an article highlighting anti-LGBTQ claims, which he ultimately removed when it gained momentum.
A few days after becoming the owner of Twitter, Musk has already begun to unravel a great deal of misinformation. What is the future of Twitter? Twitter faces uncertain times, especially under Musk’s sole leadership. However, if the first week is any indication of what is to come, then we can expect a lethal new platform that will be open to misinformation, bias, and discrimination at all levels.
As the year 2022 draws to a close, society is slipping back in time to a time when inclusion was merely an idea and discrimination was commonplace. Does Musk’s newfound ownership place society in a time machine back to a time when racial inequalities were plentiful, gender was something you were born with, and debates did not need to be based on fact? Time and Elon Musk’s actions will be the only indicators of what the future will bring.
One thing is certain – the richest man in the world now controls how we socialize via hashtags and Twitter accounts. The decision to embrace the change is entirely up to you, your organization, and everyone else. Sit back, relax, and watch Twitter unravel into chaos – that is the Elon Musk way.