Twitter – the world’s best-known social network – was bought by the richest man on the planet: Elon Musk, who has a fortune of around 270 billion dollars!
The “irresistible” $44 billion offer allowed Musk to evade the poison pill, which Twitter’s board of directors tried to use, to prevent the takeover.
The tycoon, who has 83 million followers on that network, has said publicly, precisely through his tweets, that his intention is to strengthen freedom of expression on Twitter.
In the quick buy-sell operation, Musk made his main objective clear and showed his aggressive business profile.
And at the same time it showed that its purpose is to make Twitter a more profitable company and increase the number of users. A couple of days ago he warned on his account that “if our Twitter offer succeeds, we will either beat the spam bots or die trying.”
In a statement released shortly after the purchase confirmation, Musk said that freedom of expression is the foundation of a functioning democracy, and Twitter is the digital public square where issues vital to the future of humanity are debated.
“I want Twitter to be better than ever by improving the product with new features, making the algorithms open source to increase trust, defeating spam bots, and authenticating all humans.” He warned that Twitter has enormous potential and anticipated that he hopes to work with the company and the user community to unlock it.
That for his intentions related to freedom of expression. But both the funding for the operation and the strategy he used also drew attention. Musk said last week that he had raised $46.5 billion to make the purchase, thanks to two bank loans from Morgan Stanley and part of his personal fortune.
It also considered the possibility of launching a hostile takeover bid, directly through the shareholders, to bypass the board of directors. In fact, it was this audacious position that determined the course of history because supposedly, when presenting a hostile takeover, the board of directors cannot accept another bidder.
In the end, Musk got his way and bought Twitter. According to calculations published in the news media, Jack Dorsey, founder of Twitter, will earn around 860 million dollars for his participation in the company of around 2%. Dorsey is actually more focused already, and his wealth comes from his 11% stake in the credit card payments company Square.
But what’s next for the social network of the little blue bird? In general terms, what is coming is a very clear intention of Musk to promote freedom of expression. Twitter has been subject to censorship in various parts of the world: China, Iran, Turkey, Egypt and South Korea.
The network of networks has been pointed out as a powerful source of massive manipulation and even intervention in the political-electoral processes of the countries.
Hence the enormous challenge that Elon Musk has set for himself. How will he simultaneously combat bots, authenticate humans, and make that social network more profitable?
That is what the world is about to see.
glimpses
STICK.- Yesterday, the court dealt another blow to the government of Andrés Manuel López Obrador.
The SCJN declared unconstitutional the entire reform of the Federal Telecommunications and Broadcasting Law, which ordered the creation of the National Register of Mobile Telephony Users (PANAUT), as a result of the Unconstitutionality Action promoted by the National Institute of Transparency, Access to Information and Protection of Personal Data (INAI). The Court in one of its conclusions summarizes that the reform to the LFTyR “disproportionately infringes the fundamental rights to privacy, intimacy and protection of personal data and is incompatible with the demands and standards imposed by a democratic society.”
Journalist
Rich and Powerful
He has worked continuously in newspapers, magazines, radio, television and the Internet, in the last 31 years he has specialized in business, finance and economics. He is one of the three hosts of the program Alebrijes, Águila o Sol, a program specialized in economic issues that is broadcast on Foro TV.