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Elon Musk completed his 44 billion dollar deal to take charge of Twitter and went to revamp his company to his wish.
Twitter is now in the hands of the world's richest man. Now, the question over whether its new owner will have regulations covering hate speech and misinformation. After the deal, he tweeted " Let the good times roll."
He is one of the most influential and innovative people in the world. He's the richest, Elon confounded and made money with PayPal. He owns rocket SpaceX 2002, a company that makes spacecraft and rockets. and his Starlink Satellite Network giving internet access to the world. and is now the head of the electric car 'Tesla'.
But, he became chief executive of an electric car and battery-making company 'Tesla' in 2008. Now, he adds Twitter, a mighty social media platform to his portfolio. He called himself Chief and tweeted " The bird is freed."
Need Advertisers for Money
He said, to form a moderation council to oversee decisions about controversial content and banned accounts, and to review the free speech policy, nothing will be decided before the meeting. Elon Musk knows that Twitter is almost dependent on advertising. If the advertisers don't want to put their ads with disinformation and hate speech, he needs to keep the investors happy.
First, he said ' the bird is free and then made a ' moderation council ' and now opens letters to advertisers for money. Chef Twit proposed an $8 monthly fee for Twitter verification. Another idea is paid feature, payment to access adult content. These sudden decisions are only to make money. A price to pay to save free speech.
Why Does Elon Musk Want Twitter?
His main goal is to make it a free speech platform and to clean Twitter of all spam accounts. Twitter is a microblogging platform. Elon Musk is one of the most followed accounts on Twitter. He purchased a 9.2% stake in Twitter. After becoming the largest shareholder in Twitter he said, " However, since making my investment I now realize the company will neither thrive nor serve this social imperative in its current form. Twitter needs to be transformed as a private company."
Twitter says that it promotes inclusive, safe, authentic conversations. But many times there's a distinctive bias on Twitter, and hate speech becomes popular. Twitter CEO Jack Dorsey also said ' I fully admit' our bias is " more left-leaning". The Taliban's Twitter account is still active but Donald Trump's Twitter is permanently banned. If they don't agree with Trump's but banning his account is against freedom of speech.
Musk also supports free speech, but believes there should be limits on it. The country can put a limit on free speech and that too only if Twitter is operating in their country. Twitter as a social media platform doesn't have the right to squash free speech in any way they like and decide what opinions should be on the platform.
Mass Layoff
The Twitter deal was forced on Elon Musk, Musk didn't seriously want Twitter, and the buyout was imposed upon him by a court. Elon said bots are a problem for Twitter and want to withdraw offers. But Twitter legally forced the deal to completion and settled in court.
Elon didn't want any embarrassing information about his business or personal life. Ultimately, Elon had to buy Twitter because of business law rules. But why sacking in large numbers? And how will this make Twitter better? Elon had wanted to lay off 75% staff, but the way it was done was with anger and desperation. He seemed like an ambitious man who wanted to reach Mars.
Musk agreed to the terms of the deal- Two months' salary if laid off. Cash value of equity. Employee compensation and benefits are the same for one year. But a class action lawsuit is now filed by workers against Twitter for mass layoff without proper notice, which is against California law. Because WARN act guidelines suggest 60 days' notice to employees. Tesla's ex-employees had sued Musk for mass layoffs, accused by law.
Musk To Cut Half of Twitter Staff
All the CEO, CMO, and CFO were fired, and that's unsettling for the company and its staff. So this is a stressful time for the employees. Things are being done quickly.
Twitter Deal
The number of users was stagnant and didn't expect much growth compared to other social media platforms. Share prices were low and Elon thought he could work on it and proposed a deal. Musk has taken a $13 billion loan to complete the deal. The interest to pay is $1 billion, which is less than Tweeter's profits. That is the reason Elon is miserably trying to make money via Twitter and there is no way to profit.
The timing of deals is not right because online ads are in decline, and other social media platforms are also struggling. Musk's frank speech has advertisers withdraw money from Twitter.
Twitter's deal took away not only Musk's money but also the time, resources, and now goodwill too, that he earned from Tesla and SpaceX. The loan can trap anyone, bad calculations are made sometimes and as of now the way of taking profit from Twitter is almost none.
Twitter, a Marketing Tool
For Elon Musk, Twitter is not just a social media platform, it is a marketing tool. But why only Twitter and other social media platforms are also available? Where products can be promoted in various ways. Because he is popular on Twitter and has 80M followers.
Whenever he launches any new products, retweets, likes and comments make his engagement increase. The US market fluctuated by Elon's tweet. Elon musk is the first person to require pre-approval from the SEC before tweeting. Because his tweets influence the market.
Some More Facts About Elon Musk
1. The future of Elo's car company may be even more golden in the coming times. Tesla manufactures car parts and batteries, which are sold to other car makers.
2. They also make home solar-energy systems, the demand for which is also increased.
3. He runs a space explanation company and also prepared a blueprint for underground transportation.
4. In today's time, he is recognized as an American entrepreneur. But he was born in South Africa in 1971. His mother was a Canadian model and his father was an African Electromechanical engineer.
5. He made a 'space fighting video game' at the age of 12 and sold the magazine for 500$.
6. He received bachelor's degrees in Physics and Economics in 1997 from the University of Pennsylvania in Philadelphia. He went to Stanford to do a Ph.D. But he left college two days later because he had to set up his 'Zip2' corporation company.
7. After the selling of 'Zip2', the money received from it was invested in a new company ' X.com', at the age of 27. The company was about to work on a money transfer system. This company is known today as PayPal. Which was bought by eBay in 2002.
8. Then he worked on a technique of space explanation, which was named SpaceX. It was said that in the coming time people will be able to live on other planets as well.
9. Tesla was founded in 2004, and Musk said that in the future everything will be electric, Tesla will play an important role in bringing the challenge.
10. Elon Musk wants that building a base on Mars will be his biggest success, on which he can spend much of his capital. According to him, the future will be better than this. He's dissatisfied with why the US space agency isn't more ambitious about this.
Written by Jyoti Malik
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