Elon Musk buys Twitter for $ 44 billion
Elon Musk has proposed a new name for Donald Trump’s Truth Social app after accusing Twitter, which has just agreed to buy $ 44 billion, of censorship.
The Tesla boss, whose takeover of the San Francisco-based platform was announced earlier this week, took to Twitter to compare it to the former president’s own social media company.
“Truth Social (a terrible name) exists because Twitter censors freedom of speech,” tweeted Mr Musk. It should be called Trumpet instead!
]Musk will pay $ 54.20 in cash per share for the San Francisco-based company, which will now be private after days of intense negotiations between the developer and the platform’s board.
The board said it struck a deal with Musk on Monday and was a 38 percent bonus on the closing price of Twitter on April 1, the day before the world’s richest man made his move for the company, announcing a nine percent stake.
Musk is likely to make some significant changes to the social media platform after making several hints in recent months about his intentions. This comes after Musk Dorsey’s friend stepped down as chief executive and Parag Agraval took office.
Key points
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Tumblr gets new users when people leave Twitter
Matt Mullong, the founder of Automattic, which owns Tumblr, tweeted that Tumblr had seen a 19% increase in new user registration following news that Elon Musk was buying the company.
Adam Smith April 28, 2022 5:30 p.m.
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Twitter misreports its users
Twitter also overestimated the number of daily users of its service in the past, surpassing up to 1.9 million users each quarter, in news that appeared after its quarterly revenue.
The error is due to the fact that Twitter reports multiple accounts as active when they were all owned by one user – even if they were not used.
Adam Smith April 28, 2022 16:07
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Twitter announces quarterly results
Twitter has just posted its quarterly profit, revealing a 16% increase in users and revenue of $ 1.2 billion.
In the first three months of the year, the San Francisco company received an average of 229 million active users a day – although this does not take into account any impact that Musk’s involvement with the platform may have had. His 9.2 per cent stake, followed by his takeover bid, was revealed in April.
Anthony Cutbertson April 28, 2022 2:04 p.m.
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Elon Musk can’t escape SEC ‘b ****** s’
Elon Musk is still facing the consequences of a tweet he made four years ago to take Tesla’s private price of $ 4.20 a share.
The US Securities and Exchange Commission forced him to pay a fine at the time, and all future Tesla tweets were checked by a lawyer before he published them. He claims to be violating his freedom of speech by calling regulators “bastards” at a recent TED event, but a federal judge has just denied that the agreement will be revoked.
Anthony Cutbertson April 28, 2022 12:48 p.m.
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Twitter reportedly tells advertisers it will be safe for brands even after Musk takes over
A new report from the Financial Times suggests that Twitter has written to agencies to reassure them that their ads are not placed alongside harmful or offensive content. Twitter declined to comment.
“Twitter has made some progress in tackling internet hatred and extremism in recent years, and so while we want to be cautiously optimistic about how Elon Musk will run the platform, he has shown no focus on these issues so far,” said Jonathan Greenblatt. “We are worried that he may take things in a very different direction.”
Concerns stem from Mr Musk’s assertion that he is an “absolutist of free speech” because content such as hate speech and other offensive publications are allowed under the First Amendment – and Mr Musk said Twitter “should complies with the laws of the country and you really have an obligation to do so. “
Adam Smith April 28, 2022 11:07
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Can Tesla jeopardize the Twitter deal?
Tesla shareholders are worried that the deal could mean that Elon Musk will sell a large number of Tesla shares.
Some of the money is raised through loans, but $ 21 billion in equity will have to be provided by Mr Musk himself.
However, shares of Tesla fell – 12.2% from just over $ 1 trillion to $ 906 billion.
“If Tesla’s share price continues to fall freely, it will jeopardize its financing,” Oanda senior market analyst Ed Moya told the BBC.
Adam Smith April 28, 2022 10:41 AM
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Elon Musk returns cocaine to Coca-Cola
For his next trick, Musk joked that he would put cocaine back in Coca-Cola (the first publicly sold bottle of Coca-Cola in 1894 apparently contained about 3.5 grams of cocaine.)
When someone shared a photoshopped tweet claiming to buy McDonald’s and “fix all the ice cream machines,” Musk replied, “Listen, I can’t do miracles well.”
Anthony Cutbertson April 28, 2022 10:05
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Musk loses a court battle
Elon Musk’s lawyers tried to end a 2018 consensus that allowed accusations of SEC securities fraud after a tweet announcing that he was considering making Tesla private at $ 420 (£ 327) a share. adding that it is “secured funding”.
The tweets, which were found to have no basis according to regulators, caused market fluctuations, and as a result, the SEC accused Musk of “misleading investors.”
Mr Musk argued that the need for his tweets to be checked by lawyers – a subsequent fine for his actions along with a $ 20 million fine – “crossed the line of harassment” and hampered his constitutional right to freedom of expression.
However, Judge Lewis Lyman rejected these arguments.
“Musk cannot now seek to withdraw the agreement he deliberately and voluntarily made, simply complaining that he felt he had to agree to it at the time, but now – after the specter of litigation is a distant memory and his company has become his assessment, almost invincible – he wishes he hadn’t, “Lyman wrote.
Adam Smith April 28, 2022 09:51
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Twitter says mass account deactivations after Musk takeover were “organic”
ICYMI: Following the announcement that Tesla boss Elon Musk will buy Twitter, several popular accounts, including that of former President Barack Obama, and singers Katy Perry and Taylor Swift saw a drop in followers by hundreds of thousands.
The social media company has already confirmed that these account closures were largely “organic” rather than automated deactivation of bots and fake accounts.
“As we continue to take action against accounts that violate our spam policy, which can affect the number of followers, these fluctuations appear to be largely the result of increased creation and deactivation of new accounts,” a Twitter statement said. .
Graham Massie April 28, 2022 04:58
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Buying Elon Musk on Twitter entirely
ICYMI: The comprehensive documentation of the US Securities and Exchange Commission contains more than 46,000 words – the length of a short novel – but there are some interesting details when reading it.
Among them is a clause that Twitter should stop actively looking for a new or alternative buyer, but if someone comes up with a better offer, then it can be considered. If Twitter cancels the deal with Elon Musk, he will have to pay him $ 1 billion. In particular, if “Twitter terminates the Merger Agreement to allow Twitter to reach a final agreement on a competitive acquisition proposal, which is a Superior Offer.”
The full dossier on the SEC website can be found here.
Graham Massie April 28, 2022 04:05
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