elon musk twitter deal

Elon Musk vs. Twitter: Inside the 6-Month Battle | WSJ- Twitter has been on a rollercoaster,througho

Wall Street Journal

Updated on Jan 19,2023

Elon Musk vs. Twitter: Inside the 6-Month Battle | WSJ

- Twitter has been on a rollercoaster,throughout 2022 ending on October 27th,in one of the biggest tech takeovers in history.,Going back earlier this year here in April,,Elon Musk made a massive 44 billion bid,for the company but just three months later,,he called it off.,Twitter sued.,Musk sued back.,- Oh yeah, Twitter.,(audience laughing),- Then he changed his mind again.,- This has been a drawn out fight,between Twitter and Musk with a lot of twists,and turns.,- Those twists and turns take place,on a timeline that has not only influenced stock prices,but has also sown uncertainty among employees,and as Twitter says,,contributed to a 1% decline in revenue.,So how did Musk's flip flopping,on the deal lead to a six month battle,that threw off Twitter's business.,His tweets, statements and text messages,,as well as court documents tell the story.,The timeline starts here,on January 31st when Musk started buying,up shares of Twitter,and he started sharing his opinions,about how the platform works.,- He did toss out a lot of ideas,on how to change Twitter,,how he thought he could make Twitter better.,Things like emphasizing free speech,,things like changing,how it approaches content moderation.,- After months of buying,,Musk publicly disclosed a 9.2% stake,in the company.,His first tweet of the day said simply...,The next day Twitter announced,that Musk would be joining the board.,- Musk is one of the most prominent users,of Twitter but he's also been one,of its loudest critics.,Twitter invited him to join the board,to try to bring him into the fold and work,with him on these issues.,- Musk tweeted,that he was looking forward,to making significant improvements,to Twitter in the coming months.,- At first, when he was talking,with Twitter's leadership, it was pretty friendly,but then a friction tension started to emerge.,- As Musk was gearing up to join,,he was still criticizing the platform.,Tweeting "Is Twitter dying?",CEO Parag Agrawal texted Musk,,"It's my responsibility to tell you,that it's not helping me make Twitter better,in the current context.",To which Musk responded,,"I'm not joining the board.,This is a waste of time.,will make an offer to take Twitter private.",- Musk would be the new owner,and I think the thinking is that,if Twitter's private he would be able,to take more risk in trying to overhaul,or jumpstart their business.,- It didn't take long for Musk,to act on that promise.,Formerly announcing his 43 billion bid to take,over the company, the number was later revised,to 44 billion.,In an interview with TED that day,,he explained his decision.,- My strong intuitive sense is,that having a public platform,that is maximally trusted,and broadly inclusive is extremely important,to the future of civilization.,- On April 25th, Musk,and Twitter officially reached a merger agreement.,But even as Musk was lining up fresh financing,and cheering more ideas for the platform,,he had a surprise in store.,- The billionaire CEO announcing just hours ago,that the $44 billion deal to take Twitter private,is now on hold.,- Musk tweeted that the deal was temporarily,on hold as he was waiting for more information,from Twitter on the number of spam accounts,on the site.,- We know that Musk had talked about bots,before the deal but then he started having,more concerns or saying he had more concerns,and he started questioning kind of the health,of Twitter's business.,- Musk expressed interest,in a lower price for the company,at the "All-In" Summit on May 16th.,- You can't pay the same price for something,that is much worse than they claimed.,- Twitter's CEO addressed Musk's bot claims,,tweeting in a thread that the company estimated,that less than 5% of reported monetizable daily active users,are spam accounts and they don't believe,this specific estimation can be performed externally.,Musk replied with several tweets,but one was just...,Musk continued to push himself further,from the deal, threatening to walk away,in a letter to Twitter saying he believed the company is,actively resisting and thwarting his information rights.,Musk's reversal was followed by a flurry,of coverage and commentary.,- Yep, I feel like Elon is pretty close,to saying, "I'm so sorry.,My two year old took my iPad and clicked buy,so I didn't know what... (audience laughing),So we're cool?,We're cool, right?",- He officially tried,to call the whole thing off,at the beginning of July.,- I mean, at the start,,Musk was really pushing for this deal,and Twitter was kind of resisting and then,it kind of seemed like their positions changed,and Musk was the one trying to back out,while Twitter was saying,that they wanted to close.,- Four days later,,Twitter formally sued Musk,in an effort to force the merger through.,- So Twitter said they did share information,about how they handled spam and fake accounts,with Musk but Musk kept demanding more,and that was a big part of the legal fight,that was going on.,- The filing took aim,at Musk's flip flopping

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Elon Musk closes Twitter deal for $44 billion, fires top executives | ABCNL

Elon Musk closes Twitter deal for $44 billion, fires top executives | ABCNL

we begin with that breaking news Elon,Musk now in control of Twitter the 44,billion dollar deal makes Twitter a,private company with no shareholders to,answer to and musk has reportedly,already started firing top executives,are mola lenghies at Twitter,headquarters in San Francisco with the,latest,Elon Musk celebrating his new ownership,of Twitter with a tweet saying the bird,is freed a sorceling ABC news that,musk's first move immediately firing,several top Executives including the CEO,parag Agarwal and CFO Ned Segal after,closing a deal originally valued at 44,billion dollars I think it was very,clear that Elon wanted to shake up the,leadership of Twitter he singled out,some of the executives that he fired on,Thursday in the past and said you know,that he had problems with specific,decisions that they had made decisions,like Banning former president Trump from,the platform after allegedly inciting,violence during the January 6th,Insurrection in a statement tweeted to,advertisers musk says the reason he,acquired Twitter is to have a common,digital Town Square but saying Twitter,obviously cannot become a free-for-all,hellscape where anything can be said,with no consequences Twitter has,struggled for years to actually get,control of some of the worst things that,happen on its platform and so the big,question is how can you expect as Elon,Musk to cut back on moderation or cut,down staff and not have this problem,just get worse after initially trying to,buy Twitter in April he said he plans to,change the platform's moderation,policies eliminates spam and be more,transparent on how algorithms promote,content musk hinting of a new era of,Twitter earlier this week tweeting a,video of himself walking into the,building with a sink with the caption,entering Twitter HQ let that sink in,musk already trying to calm fears about,some of his potential plans shooting,down reports that he'll lay off up to 75,percent of Twitter staff Diane all right,mola Lange at Twitter headquarters thank,you and let's bring in ABC News business,reporter Alexis Kristoff first for more,on this Alexis even before stepping,through the doors of headquarters Elon,Musk had already started talking about,some of the changes he wanted to make to,the platform so what can Twitter users,expect for their day-to-day still a big,question mark the one thing he did do,first off is change his Twitter bio to,Chief twit whatever whatever that means,so like it or hate it Twitter is one of,the most prominent influential social,media sites out there it is now under,the control of the world's richest,person and what that means for the,future of online discourse is yet to be,seen he's described himself as a free,speech absolutist we know that he's,pledged to limit content moderation in,an emphasis of free speech what that's,going to look like we just don't know,yet we do know he wants to customize,Twitter in some way to give users their,own sort of curated experience the way,you might go online and choose a video,game or a movie to watch again the,details are there are no details yet all,right interesting um uh there's also,been speculation about him allowing band,users back onto the platform Chief among,them perhaps former president Trump,right let me know in that front yep so,he actually has called those permanent,bands on some some forms of speech,foolish he said it was foolish to the,stream when Twitter banned former,president Trump after the January 6th,Insurrection he has said publicly he,would invite the former president back,on the site and at the time Trump had,said he had no desire to do that we'll,see if that changes over time and the,New York Stock Exchange has confirmed,that shares are suspended from chaining,this uh already this company is going,private what does that mean for people,who own stock and Twitter great question,and really it's a Payday for those folks,if you own shares of Twitter you can,expect to get a check the company has,been sold now for fifty four dollars 20,cents a share so just to make things,simple if you own 10 shares of Twitter,you're going to be getting a check for,542 dollars you will have to pay capital,gains tax on that though as you would,for any stock sale but this doesn't mean,that Twitter remains a private company,forever more some analysts are saying,that musk will go in there retool it I,mean it has posted a loss for eight of,the past 10 fiscal years he might,actually introduce new Revenue models he,might make parts of Twitter go paid,subscription for things like the,government or or commercial site so,we'll see how how he finds other ways to,make money so could they re-ipo could,they go public again most absolutely and,most analysts believe that's the,long-term goal here for him is to retool,the company make it strong make it,profitable and then make it public again,and while I have you I want to ask about,mortgage rates because they are now,topping seven percent for the first time,in 20 years so what does that mean

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Elon Musk Bought Twitter: How We Got Here

Elon Musk Bought Twitter: How We Got Here

Elon Musk hasn't shied away from making,headlines over the last few months or,ever really as he works out his deal to,buy Twitter well kind of he wanted to,buy it then he didn't then he wanted to,again look it's this whole thing I'm a,bar LTT and I'm gonna break it all down,for you,so how did this whole mess begin let's,take it back to March 14th 2022 when,musk took a 9.2 percent stake in Twitter,that made him the social Network's,biggest shareholder the public found out,about the deal in early April then the,next day we learned musk was joining,Twitter's board of directors he began,tweeting about all the things that he'd,change at the company in early April for,example he pulled his users about,whether they wanted an edit button,Twitter quickly announced it was working,on this feature already musk tweeted,some other suggestions that caught,people's attention he asked if Twitter's,headquarters should be turned into a,homeless shelter because quote no one,shows up anyway he eventually deleted,that tweet on April 9th he fanned the,Flames by asking is Twitter dying but,things got really interesting on April,10th when Twitter CEO parag agrawal said,musk wasn't joining the company's board,after all agrawal shared in a tweet,quote elon's appointment to the board,was to become officially effective April,9th but Elon shared that same morning,that he will no longer be joining the,board some speculated this could mean,musk was actually looking to buy the,company see as part of his agreement to,join Twitter's board musk pledged to cap,any investment in Twitter at 14.9,percent while serving a two-year term,but now that the agreement had been,scrapped he was free to keep adding to,his stake and that turned out to be true,on April 25th musk agreed to buy Twitter,for 44 billion dollars taking it private,Twitter's board of directors unanimously,approved the deal in late April and in,June recommended shareholders also,approved the sale in a letter to,investors included in the SEC filing the,board said it quote determined that the,merger agreement is advisable but there,was drama brewing in May the deal was,put on hold musk threatened to back out,if Twitter couldn't prove that less than,five percent of accounts on its platform,were Bots he accuse the company of quote,actively resisting and thwarting his,right to information about the number of,bots on the site but if musk walked away,from the deal he'd have to pay a one,billion dollar fine so some people,speculated he was just looking for a way,out or an excuse to renegotiate the,price then officially on July 8th musk,said he was pulling out of the deal in a,letter sent by his lawyer musk said,Twitter breached multiple parts of the,merger agreement by failing to provide,more information about how it estimates,the number of spam accounts the letter,said quote this information is,fundamental to Twitter's business and,financial performance I made another,video on why musk is so concerned about,Bots if you want to check that out,Twitter sued musk on July 12 to complete,his 44 billion dollar purchase it,accused him of breaching the agreement,and called his exit strategy a quote,model of hypocrisy the company alleged,the billionaire is trying to pull out of,the deal because his per personal wealth,has fallen so the acquisition has become,more expensive for him more specifically,the lawsuit notes musk's stake in his,company Tesla declined by more than 100,billion dollars from its peak in,November 2021 and that's why he wants to,back out of the Twitter deal the,complaint said quote musk apparently,believes that he unlike every other,party subject to Delaware contract law,is free to change his mind trash the,company disrupt its operations destroy,stockholder value and walk away Twitter,clearly doesn't mince its words then,things got even more intense in August,when a whistleblower complaint alleged,Twitter lied to musk about the number of,spam bots on its platform it also,accused the company of prioritizing,making money over user security,Twitter pushed back against the,allegations saying it was quote riddled,with inconsistencies and inaccuracies,and lacks important context still musk's,lawyers tried using the Whistleblower,complaint as part of his argument for,ending the deal but the tides turned,once again on October 3rd when musk's,lawyers sent a letter to Twitter stating,he plans to move forward with purchasing,the company at the original offer price,of 54.20 a share the timing of this was,interesting since it came just days,before a trial between musk and Twitter,was set to begin on October 17th reports,said musk's lawyers sense the case,wasn't going well based on what happened,in pre-trial hearings also getting out,of a merger agreement is tough and the,legal bar to do so is high some analysts,said musk's chances of winning seemed,highly unlikely Twitter says closing the,deal is in the best interest of,shareholders and it plans to do so at,the agreed price on October 6 the judg

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Elon Musk’s Crazy Revelation about Twitter Situation

Elon Musk’s Crazy Revelation about Twitter Situation

Elon Musk has identified an appropriate,successor and he's stepping down as CEO,as mask said he had already found,someone foolish so he is resigning musk,has a few candidates who will replace,him as a new Twitter CEO and there is an,important reason why Elon Musk is,considering Mr Beast as Twitter CEO but,with Mr Beast there are other surprising,personalities who Elon Musk chose as his,potential Replacements with that Mr,Beast came out and talked about his,first moves as a Twitter CEO and the big,changes that he will Implement and,Industry experts have recommended that,the incoming CEO of Twitter be an,outsider it is plausible to believe that,the sudden departures are the most,promising possible candidates soon after,musk joined the team with the rude cause,of this lack of internal possibilities,the guidance and influence Elon Musk,might provide Twitter users while he,selects the new chief executive officer,is insane also according to one of the,academics the new CEO should be prepared,to carry carry out musk's Vision while,giving him the attention because Elon,Musk will continue to have a significant,public profile and ultimate ownership,power Elon Musk has disclosed a crucial,factor that has extended the timeline,for hiring a new CEO as Elon Musk,searched for his new CEO a select list,of Candace has been tentatively compiled,for the Billionaire's consideration as,you know Elon Musk announced that he is,thinking about popular YouTuber Mr Beast,as the next Twitter CEO when Mr Beast,asked if he could take over his Twitter,CEO Elon responded by saying that it,wasn't out of the question after musk's,response Mr Beast revealed what his,first official move a CEO would be,transforming Twitter into a platform,that focuses on videos rather than,solely being a gateway to other sites,though some Twitter users wholeheartedly,stand behind Mr BEAST's concept others,are less than the enthusiastic to,incentivize people to post videos on the,platform suggestions have been made for,things like monetization and a more,comprehensive streaming service,after his inauguration as Twitter CEO it,took only three months for users to cast,their votes and oust Elon Musk in a,public survey of course one must take,into consideration that Bots may have,possibly tampered with this survey's,accuracy nonetheless must conveyed only,those who own the exclusive Twitter blue,will possess voting rights within such,surveys this led to an internal,executive search by mask according to,the people familiar with the matter a,process that has been described as a,soft CEO search since it excluded,external recruitment agencies according,to cnbc's sources Elon Musk is actively,seeking someone to replace him before,fully transitioning into leading Twitter,software and service teams after his 44,billion dollar acquisition in October,2022 musk assumed the interim CEO role,and has encountered a turbulent Journey,with the business I will resign as CEO,as soon as I find someone foolish enough,to take the job after that I will just,run the software and serve as teams he,said however the head of SpaceX may have,already deterred possible applicants by,claiming he'll select someone foolish,enough to assume leadership over firm,Elon musk's Inner Circle is the most,probable source for Twitter's next CEO,be it someone within or outside of their,organization,and the Forefront of those likely to,assume mask seat is his associate and,Confidant sharam Krishnan a professional,investor and engineer his resume is,filled with accomplishments that,stakeholders would be impressed by as,Krishnan has previously LED product and,Engineering teams at Twitter meta and,Microsoft he confessed that he was,providing assistance to musk when he,became involved in the platform,according to analysts at Fair betting,sites Krishnan is the front runner with,an implied probability of 25 making him,a clear favorite for taking home the,role in addition Gerard kushner's,presence with Elon Musk at the Qatar,World Cup in 2022 Drew attention from,Spectators who couldn't help but,speculate what the two were discussing,over the years Kushner has created an,expansive business Empire through real,estate and Publishing Investments even,serving as a former advisor to his,father-in-law Donald Trump not only is,there pressure coming from the public,and investors but kushner's very own,wife Ivanka has even held mask as her,Idol even more history could be made if,Sarah fryer the CEO of Nextdoor is,appointed as Twitter's first female,chief executive officer through her work,at payment platform Square the northern,Irish boss catapulted to Fame after,having previously served as an analyst,for Goldman Sachs during her tenure at,the community-orientated organization,she has achieved an impressive feat,doubling revenues this is indicative of,her ability to get through any,technology challenges that may arise,also David Sachs an esteemed South,African-American entrepreneur and,billionaire investor who is part of Elon

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Elon Musk Twitter Buy Explained: Why He Offered $43 BILLION!

Elon Musk Twitter Buy Explained: Why He Offered $43 BILLION!

elon musk has offered to buy twitter,let's get all the facts,twitter has become kind of the de facto,town square,really important that people have the,both the,the reality and the perception,uh that they're able to speak freely,within the bounds of the low elon musk,offered to buy twitter at 54.20,per share valuing the social media,company at 43 billion dollars according,to a regulatory filing in a letter to,brett taylor the chairman of twitter's,board of directors musk said twitter has,extraordinary potential i will unlock it,an hour after the story broke musk,tweeted i made an offer,muska's offer to buy twitter is the,latest in a string of events between the,billionaire and the social media site it,comes just days after he decided not to,join twitter's board of directors after,acquiring a 9.2 stake in the company in,march,the nearly 3 billion acquisition made,musk twitter's largest shareholder,until the vanguard group increased its,stake and bumped him from the top spot,once news of musk's bid hit twitter,there were mixed reactions,musk's followers and supporters,expressed excitement that he might own,the social media platform but many more,voiced concern at the idea of the,reportedly richest person in the world,owning twitter and adding the company to,his numerous business assets however,musk says he's not looking to make money,from twitter,that is he doesn't view the acquisition,as a financial investment instead he,sees it as a service for public good my,strong intuitive sense is that,having a public platform that is,maximally trusted and broadly inclusive,is extremely important to the future of,civilization i don't care about the,economics at all an avid twitter user,musk is also one of the site's biggest,critics musk tweeted a poll to his 81,million followers in march asking,whether users believe twitter was,protecting free speech,he said the poll results in which,roughly 70 percent of 2 million,respondents answered no would be very,important,as part of his original agreement to,join twitter's board musk had pledged to,cap any investment at 14.9 percent while,serving a two-year term with the,agreement now scrapped musk is free to,add to a stake if musk acquires twitter,he says he wants to increase the,public's trust of the platform by making,it a place of inclusivity and true,freedom of speech a necessary feature of,any functioning democracy he adds during,an interview at the 2022 ted conference,in vancouver musk said that he values,truth on april 9th he shared a tweet,reading truth is the first casualty with,an image from a yougov survey showing,the most trusted media organizations,since announcing his stake in twitter in,april musk has posted several tweets,about what he'd change at the company,and one which has since been deleted he,asked whether twitter's san francisco,headquarters should be turned into a,homeless shelter because no one shows up,anyway in another he asked if twitter,was dying,as one of twitter's largest shareholders,musk already has a lot of power he can,team up with other shareholders and push,for any changes he wants to see musk,also has a tendency to sway public,opinion with his tweets after tweeting,tesla would no longer accept bitcoin as,a form of payment multiple crypto coins,took a dive when he said tesla would,start accepting dogecoin for some,merchandise the cryptocurrency surged,he could use that power and influence to,try to bring changes to twitter without,buying it if he does acquire twitter,musk proposed a number of changes he,would make to the social media platform,including an edit button something he,told his followers about a few weeks ago,twitter has been working on an edit,feature since 2021,something musk didn't acknowledge during,his ted conference interview,musk's edit button would be time,sensitive and also zero out any retweets,eliminating scam bots and bot armies on,twitter would also be a top priority for,musk,he noted during his interview that they,bring down the site's product value and,make it worse for users,musk said you would also make twitter's,content moderation practices more,transparent he added that users should,know whether tweets were being promoted,or de-emphasized manually or,algorithmically,he cautioned against permanent bans from,twitter advocating for temporary,suspensions instead,musk believes twitter's coding structure,should be transparent as well,if he purchases twitter he said he would,post its open source data on github a,popular form for coders so people can,access the company's data identify flaws,and offer solutions,musk is an avid twitter user with over,81 million followers,however he admits he doesn't really have,a strategy for his twitter account his,tweets are reflections of a stream of,consciousness it's impressive,considering that neither tesla nor,spacex companies he owns operate a,marketing or public relations department,news and developments at both companies,is often shared first via muscu's,twitter account,muska's in

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How Elon Musk bought Twitter

How Elon Musk bought Twitter

after months of legal drama Elon Musk,has completed his 44 billion deal to buy,Twitter,and like a lot of what musk does his,path to owning his favorite social,network wasn't exactly straightforward,it's no secret musk is one of Twitter's,most prolific users he has more than 100,million followers and tweets almost,constantly he tweets about his companies,SpaceX and Tesla but also memes and 420,jokes but it wasn't until recently we,learned musk wanted to exert an even,bigger influence on the platform,this spring he spent nearly three,billion dollars quietly amassing a 9.2,percent stake in the company almost,overnight he was Twitter's largest,shareholder inside Twitter the,investment immediately prompted concerns,he was gearing up for a hostile takeover,the company decided to offer him a seat,on its board and for a few days it,seemed like he would join but the day,his appointment was supposed to become,official Twitter said musk had declined,to join after all three days later musk,changed his mind again he didn't just,want a piece of Twitter he wanted the,whole company and offered to buy it for,54.20 a share in public musk was already,talking about his plans for the company,he wanted to loosen its moderation rules,and open source its recommendation,algorithms he pledged to do away with,permanent bans except for Bots and,scammers which he wanted to purge once,and for all behind the scenes there was,more going on we now know from musk's,text messages that Twitter founder Jack,Dorsey had been quietly pushing to get,musk involved for years Dorsey who has,said Twitter shouldn't be a company at,all thought musk could fix what he,couldn't the two exchange ideas for,weeks before musk made his offer,meanwhile musk got more and more,frustrated with Twitter's board and its,CEO Baraga girl when agaral told musk,his tweets questioning if Twitter was,dying weren't helpful musk were angry,and said talking to him was a waste of,time unsurprisingly Twitter's leadership,wasn't excited about musk's offer at,first in fact the company's boards,seemed like they might try to fight the,Takeover but then musk secured billions,of dollars in financing from Banks and,investor friends and 44 billion dollars,was just too good to turn down 11 days,later Twitter's board accepted the offer,Twitter would be a private company and,musk would be in control the company,told employees then musk started,tweeting about Bots Bots and fake,accounts have long been made noise from,us Bots constantly jam up his replies,cryptoscamers impersonate him one even,hacked his account cleaning out,Twitter's Bots was one of his main goals,for buying the company he said but as,their lawyers work to close the deal,musk began demanding Twitter provide,more details about just how many Bots,were on the platform Twitter has said,for years that Bots make up less than,five percent of all users musk who sees,far more Bots than most wasn't convinced,he said the deal was now temporarily on,hold he demanded more detailed data from,Twitter about Bots Twitter complied and,agaroll even tried to publicly explain,how it deals with Spam and fake accounts,but musk was unmoved he responded to,aggro's tweets with a poop emoji it had,now been nearly three months since,Twitter accepted musk's offer and musk,was now publicly accusing the company of,lying he wanted out but Twitter now,needed musk the company's stock was,taking and it was worth far less than,the 44 billion dollars musk had agreed,to pay Twitter sued the lawsuit pitted,Twitter against musk and Delaware's,Chancery Court a five-day trial was,scheduled for October Twitter whose,shareholders had approved the buyout,wanted to force musk to honor his,agreement musk who had agreed to the,deal without due diligence said Twitter,had misled him then days before the,trial was scheduled to start and not,long after embarrassing text messages,were published in court documents musk,agreed he would buy the company after,all Twitter cautiously agreed ultimately,Twitter and musk finalized the deal one,day ahead of a court order deadline,Twitter was once again a private company,and musk was now calling the shots but,just because the deal has closed doesn't,mean the drama is over one of his first,moves was to fire several of Twitter's,top Executives including agaroll and the,company's top policy maker he's,reportedly planning much deeper Cuts as,well and could lay off as much as 50,percent of all staff musk also has big,plans to change the platform itself he,wants to form a moderation Council to,weigh in on content policies and he's,likely to reverse many previous,suspensions including Donald Trump's at,the same time he's told advertisers that,he doesn't want Twitter to turn into a,free-for-all hellscape and that he wants,to improve its ads he also wants to,revamp Twitter's subscription features,and has floated charging for,verification and charging to embed,tweets one of his advisors has suggested,allowing companies to pay to DM users,he's eve

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Reality of Elon Musk Twitter Takeover | Forced $44 Billion Deal | Dhruv Rathee

Reality of Elon Musk Twitter Takeover | Forced $44 Billion Deal | Dhruv Rathee

Hello, friends!,World's richest man, Elon Musk, paid $44 Billion,,to buy one of the most famous social media platforms in the world.,The first thing Musk did after the purchase,,was to fire CEO Parag Agarwal.,Along with him, a large number of Twitter employees have been fired.,Elon Musk has claimed,,that Twitter has now been set free.,People will have more freedom of speech on it.,In his own words, his biggest agenda is to allow free speech.,"And it will be a public platform that is ,maximally trusted and broadly inclusive,it is extremely important,the future of civilisation.",He wants to bring a revolution of freedom to Twitter,,and end all biases.,This might make you think that Elon Musk loves Twitter.,This might be true to some extent,but do you know Twitter sued Elon Musk,After which, eventually, Elon Musk was forced to acquire Twitter.,The backstory is quite interesting.,Come, let's find out more in today's video.,And let us understand what Twitter's future looks like.,"After months of legal drama,,Elon Musk has completed his $44 Billion deal to buy Twitter.","And wasted no time overhauling basically everything about the company.","Reorganising the whole company, firing people, unfiring people,,the biggest new project is getting all the verified accounts to pay,$8 a month for the Blue Check.","Experts will tell you, Twitter is super influential.,And it does say something about the world we live,and how it works.",Our story begins on 31st January 2022,,when Elon Musk purchased shares in Twitter for the first time.,Over the next couple of months, he steadily kept buying more shares,,and increasing his stake in Twitter.,But at this point in time,,the people didn't know he had a stake in Twitter.,This was a secret.,By 14th March, his stake had crossed 5%.,According to America's Securities and Exchange Commission (SEC),,when the stake in a company exceeds 5%,,this needs to be disclosed to the SEC,,and the public comes to be aware of it.,The SEC gives a deadline of 10 days,,but Elon Musk missed the deadline.,On 24th March, Elon Musk criticise Twitter on Twitter.,He tweets to ask his followers,,about their opinion of freedom on Twitter.,Whether it supports free speech,,and democracy.,"It's just really important that people have the,both the reality and the preception,that they are able to speak freely,within the bounds of the law.",At this point, Elon Musk was discussing his ideas,with Twitter's former CEO Jack Dorsey.,Initially, Jack Dorsey was seen in support of Elon Musk,,because he liked his idea.,His passion for the Free Speech.,Even though, Jack Dorsey wasn't the CEO then,,Parag Agarwal had already become the new CEO.,On 3rd April, Elon Musk shared his ideas with the then Twitter CEO Parag Agarwal,,and discussed this with the rest of the Board Members.,He asked them to either change Twitter to a Private Company,,or that he'll create a new 'rival' social media platform,to compete against Twitter.,The next day, on 4th April the world got to know that,Elon Musk already had a significant stake in Twitter.,He had purchased a 9.2% stake in Twitter,and had already become the largest shareholder in the company.,After this announcement, the stock price of Twitter went up rapidly.,"Twitter shares: they are surging right now,,up a little over 25%,this is because Tesla's CEO Elon Musk,,has taken a passive stake in Twitter,,of 9.2% of Twitter's common stock.",Twitter's Board Members considered,the impact on their company if they made it a Private Company.,Or if Elon Musk started a rival social media platform to compete against it.,The Board Members offered Musk a seat on the Board on 5th April,,and Elon Musk accepted.,4 days later, on 9th April Elon Musk Tweeted,,"Is Twitter Dying?",Concerned, Parag Agarwal messaged Elon Musk,asking him about the tweet.,As the largest shareholder of Twitter,,one who was offered a seat of the Board Member,,he was still writing against Twitter,on Twitter.,Within the hour, Elon Musk replied that,he would not join the Board.,Since it was a waste of his time.,"I'm not joining the Board,,this is a waste of time.",By 11th April, he clarified,that he wanted to make Twitter a Private Company.,Here, you'll wonder how the text messages between Elon Musk and Parag Agarwal,were revealed to the public?,Were they leaked?,Actually, Twitter had filed a case against Elon Musk,that we'll discuss later,,and during the court filings,,Elon Musk's texts had to be made public.,Basically, due to the court proceedings,,we are able to see these text messages.,On 14th April 2022, Elon Musk shocked everyone.,He announced his offer,to buy the whole company.,He offers $43 Billion to buy the company.,Why though?,Experts argue that Elon Musk is attached to Twitter.,But that as a Board Member or a stakeholder,,to participate in discussions and waste time,,didn't interest him.,He wanted to take over full control of the platform,,so that he could shape Twitter as he wants to.,Taking the Company private is an 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I would bet on Elon Musk over Twitter deal, says Kevin O'Leary

I would bet on Elon Musk over Twitter deal, says Kevin O'Leary

what do you think is going to happen,Kevin O'Leary,you know I think what's lost in the,narrative particularly around detailing,illegals what's going to work who's,going to sue who is why is he doing this,in the first place and I think there's a,good reason,um Tesla and SpaceX and all of his other,initiatives pay zero dollars in,advertising nothing the only car company,on Earth that size it pays nothing in,advertising how did he do it he did it,on the back of Twitter and other social,media platforms very few people get to,own their own unregulated network which,is what Twitter is so you know barring,the price which obviously is overpaying,for he has a hundred million plus,followers now but he had the 100 million,plus followers whether he owned the,asset or not but he doesn't control the,narrative there he doesn't control the,platform and frankly it is you know Iger,himself said we didn't buy this at,Disney because it's just loaded with,Bots and it's the slowest growing,platform it's the worst managed it's a,terrible company I I'm sorry to say that,but I use the platform too and I I look,at all the metrics on versus all the,other ones including Tick Tock and,Linkedin and Instagram and Facebook it's,the worst in terms of getting your,message out now if he gets control of,this thing at whatever price and fixes,it and allows it to be a true narrative,where every voice is heard because I,don't like this canceling this,politician canceling that politician,then it's a world platform then it's,maybe worth it but but if you can't get,the debt markets,um well so that's the question does he,get the debt markets you hear Apollo,other other other folks who are going to,put equity in obviously at a comp a,company that was worth,what do you say if he was buying a 44,what do you think unaffected it's worth,15 18. yeah the stock goes down to 15,bucks if the deal falls apart maybe 12.,it should a takeout price for that,company should be 20 25 that makes sense,now he's overpaying by about 40 percent,but if he if we don't get access if he,doesn't get access to the debt Market,this deal ain't gonna happen no matter,what you want to litigate on because you,have to be able to finance the Delta he,can't all sell all of his his uh Tesla,stuff how much is left though I thought,he had financing for looks like he's 10,billion out of the 13. yeah he's the,banks are on banks are on the line for a,lot of that though he's six billion shy,right now and so maybe the better deal,is to say give me six billion in a,haircut on it and I'll close you know,that's not too much of a haircut is that,Twitter is for Twitter to say that I,mean Twitter probably feels like they've,got a stronger hand whether he can come,up with the financing or not you signed,the deal right you gave away your yeah I,I heard all that but between there and,throwing him in jail is a long time I,don't see anybody throwing them but,that's my point I mean if I'm him and,I'm saying look this is getting,frustrating I can't negotiate something,uh realistic let's go the journey down,through litigation let's go and I know,you've been saying Andrew the judge is,favoring Twitter you don't know what's,going to happen in litigation poo poo,happens you don't know what's going to,happen litigation I'm just saying I,think if you if you read The Tea Leaves,of this judge thus far and I think it's,by the way Elon Musk is reading the same,team believes that's why we're back at,54 20. yeah it's it's not in his favor,now he can play this he can play this,out for some period of time and that,obviously puts pressure on the Twitter,board there's no question in terms of,the timing piece but well I I happen to,have watched watched him forever and I,think this guy is you know Teflon man,and he he can obviously multitask I'd,bet on him on this deal by the time all,this stuff is over I think he's going to,have a good outcome okay so here's the,question I have about Twitter and you,said you know if you open up the,platform you get rid of the the,canceling and I agree maybe you can do,all those the question is is that really,around the margins or not the the,conundrum if you talk to people inside,Twitter,conundrum about growing the Twitter base,it's actually very different than I,think people fully appreciate which is,he relies on users to create their own,content and to create their own content,in text,you have to come up with a witty little,comment or you have to say something,it's actually much harder by the way,than taking a picture or making a video,an Instagram to actually do it right and,do it well in terms of scaling the,business you need a lot of people who,know how to write true,no no that's actually horror unless you,think you're going to change the model,of what it is how many days and I'll,include myself in this narrative how,many days have you not put something,else on Twitter including you Joe every,one of us is using like the modern day,Reuters not just domestically globally,there's so much

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