Breaking Down the Elon Musk Twitter Scandal
If you have been wondering what the hell is going on with Elon Musk and his “twitter takeover” let me fill you in.
On April 5th Musk shared that he bought 9% of Twitter’s shares.Twitter board members then adopted a “poison pill” strategy. This means if Elon Musk was to buy more than 15% of the shares, shareholders would be allowed to buy shares at a discounted price. As a result, the stock value would drop – hence the “poison.”Later that month, Musk offered to buy Twitter for $54.20 a share– valuing 44 billion dollars.
Twitter is a well-established social media platform. However, Musk believes that “Twitter has extraordinary potential and he can unlock it.” What I think is, he is a billionaire with money to burn.
Following the original offer, Musk and the Twitter board went back and forth for months, halting the purchase.
On October 28th 2022, Musk officially acquired Twitter and topsy-turvy ensued. Shortly after he acquired the platform, Musk fired CEO Parag Agrawal & policy director Vijaya Gadde. In response to Hilary Clinton’s tweet about Paul Pelosi’s attack, Musk took to Twitter and shared a link to a website full of right-wing conspiracies. Don’t go searching. A few hours later he deleted them. Major advertising companies– Dyson, Balenciaga, and Volkswagen- are amongst the companies who left the platform due to uncertainty surrounding Musk’s new strategies.
On November 4th, Musk fired about 50% of Twitter’s workforce. A day later, he announced “Twitter Blue.” This new initiative is a subscription for users to pay $7.99 monthly to get a blue verification check mark. The idea took Twitter by storm, and people began to impersonate celebrities and companies. Musk then decided to suspend the rollout of Twitter Blue until November 29th. We just have to wait and see. We’ll never know where the wind will blow this man.
Engineers at Twitter became vocal about the changes being made and in response, twenty were terminated.
On November 16th, Musk emailed all remaining employees demanding that they commit to Twitter 2.0, work “long hours at high intensity,” or be fired.
As of late, Elon Musk has reinstated Donald Trump’s account. The former president was banned from the platform shortly after the Jan. 6th Insurrection at the Capitol. The reinstatement came after Musk posted a poll asking Twitter users if he should reinstate Trump. About 15 million users submitted the poll, and 51.8% in favor.
Musk claims that he bought Twitter to “fulfill its potential.” Are there any other motives? Does he have malicious intentions? After all my reading and research, I have more questions than answers.
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