Industry Reacts After Elon Musk Buying Twitter

The Tesla CEO's acquisition of Twitter has received a mixed reaction from the Twitterati. With this announcement of the buyout, Elon Musk once again become the poster boy in most of media and channels.

Elon Musk has entered into an definitive to be acquired by an entity wholly owned by Musk for $54.20 per share in cash in a transaction valued at nearly $44 billion. Whereas many tech pundits are expecting the buying Twitter is not as big of a deal as some extreme accounts will make it.

While the purchase gives Musk control of another giant company, many people are not sure what the deal means for the future of Twitter. Upon completion of the transaction, Twitter will become a privately -held company. Some Twitter users wondered if Musk will crackdown on any negative tweets about him.

Since , the news broke that Elon Musk had bought Twitter, a number of people have reportedly started deactivating their accounts. There is a mass exodus was noticed by Twitter users, mostly high-profile and left leaning individuals, who saw a sudden drop in their follower counts.

Experts predicts, "it seems that major changes are ahead for Twitter if Musk succeeds, but the specifics at this point are pretty lacking." Musk tweeted on Monday he hopes "even my worst critics remain on Twitter, because that is what free speech means."

Many feels that, people are having mixed reactions to the deal. Sources said that, some employees were "open to the idea that a private Twitter run by Musk stands a better chance of improving the service than would a public company beholden to its shareholders.

Musk had to convince the banks that Twitter produced enough cash flow to service the debt he sought. In the end, he clinched $13 billion in loans secured against Twitter and a $12.5 billion margin loan tied to his Tesla stock. He agreed to pay for the remainder of the consideration with his own cash.
 

Musk has tweeted about eliminating the salaries of Twitter's board directors, which he said could result in about $3 million in cost savings. In his pitch to the banks, Musk also pointed to Twitter's gross margin, which is much lower than peers such as Meta Platform Inc's Facebook and Pinterest, arguing this leaves plenty of space to run the company in a more cost-efficient way.

Musk told the banks he also plans to develop features to grow business revenue, including new ways to make money out of tweets that contain important information or go viral, the sources said. Ideas he brought up included charging a fee when a third-party website wants to quote or embed a tweet from verified individuals or organisations.

A question arises on if the former US President Donald Trump’s account might be reinstated. A report says that, Trump will not return and will instead use his own ‘ TRUTH Social’ as the only social media platform. People from all corners of the spectrum desperately trying to figure out the main motive behind Musk’s purchase of Twitter.

A survey of 2,000 Americans by Preply.com found that 2 in 3 people did not want Musk to take control of Twitter. In another survey done by platform OnePulse, 55.4% of 1,000 Americans believe Musk has his own interests in mind about buying Twitter.

Sources said, many public figures themselves have even announced their departure from the micro-blogging site citing concerns of free speech on the platform once Musk took over. Soon after Elon Musk bought the social media platform Twitter, British actor Jameela Jamil announced that she would be leaving the microblogging site.

Twitter has become an increasingly relevant tool in domestic and international politics. The platform has become a way to promote policies and interact with citizens and other officials, and most world leaders and foreign ministries have an official Twitter account.

Former US President Barack Obama, the most followed user on Twitter, lost more than 300,000 followers and Alexandria Ocasio-Cortez lost more than 11,000 followers since the news of Musk’s ownership became public. In contrast, political right-wingers like Republican congressman Marjorie Taylor Greene, gained nearly 100,000 to her official congressional Twitter account in just 24 hours.

In February 2021, Twitter started talking to acquire Indian social media startup ShareChat as the company explored ways to expand its presence in the world’s second-largest internet market and build a global rival to TikTok.

Twitter is particularly popular in the United States, where as of January 2022, the microblogging service had audience reach of 76.9 million users. Japan and the India were ranked second and third with more than 58 and 23.6 million users respectively.

Finally, Elon acquiring Twitter is the best thing that could've happened for freedom of speech. There a lot of exciting & positive changes that Elon has planned to make this platform a better place. Other billionaires spend their wealth for personal benefits, whereas @