October 28, 2022 – Tesla CEO Elon Musk has finalised his $44 billion deal to buy Twitter, taking control of one of the world’s most influential social media platforms.
The billionaire’s ownership at the firm started with the firing of top executives, including CEO Parag Agrawal. Chief Financial Officer Ned Segal has also been ousted, according to reports.
“The bird is freed,” Musk tweeted today, Friday. The firings, however, have yet to be confirmed by Twitter and Musk.
the bird is freed
— Elon Musk (@elonmusk) October 28, 2022
“The reason I acquired Twitter is because it is important to the future of civilisation to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence,” Musk said in a message he tweeted for advertisers on Thursday. “There is currently great danger that social media will splinter far right and far left wing echo chambers that generate more hate and divide our society.”
Dear Twitter Advertisers pic.twitter.com/GMwHmInPAS
— Elon Musk (@elonmusk) October 27, 2022
Musk’s acquisition of Twitter has raised concerns from digital rights activists and experts around the future of free speech on the platform. Some believe Twitter in billionaire’s hand will not be a “free speech rights victory” while others are of the opinion that his ownership will turn the platform into a hub of hate speech and leave users to combat misinformation on their own.
Musk first announced acquiring Twitter in April, but later backed out of his proposed $44 billion deal, citing what he said were misleading claims by executives about the number of bot accounts on the platform. He was subsequently sued by Twitter, which accused him of making “bad faith” arguments and “public and misleading attacks” against the platform, and called Musk’s exit strategy “a model of hypocrisy”. Musk revived the deal in a surprise turn of events just weeks before his legal showdown with Twitter was scheduled.
According to reports, Twitter has descended into uncertainty following Musk’s takeover. He has repeatedly shared his plans to revise content moderation policies to “promote” free speech on the platform. Musk has, however, reportedly rejected media claims that he is planning to slash 75 percent of Twitter’s workforce. There are speculations that he will reinstate former US president Donald Trump’s account, which was permanently blocked for hate speech and incitement to violence.
