Elon Musk acquires Twitter for roughly $44 billion
Source: Washington Post
Elon Musk acquired Twitter for $44 billion on Monday, the company announced, giving the worlds richest person command of one of its most influential social media sites which serves as a platform for political leaders, a sounding board for experts across industries, and an information hub for millions of everyday users.
Under the terms of the deal, Twitter will become a private company and shareholders will receive $54.20 per share, the company said in a press release. Ownership of Twitter gives Musk power over hugely consequential societal and political issues, perhaps most significantly the ban on former president Donald Trump that the website enacted in response to the Jan. 6 riots.
Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated, Musk said in the release. I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential I look forward to working with the company and the community of users to unlock it.
The companys board of directors met with Musk on Sunday, and negotiations extended into the early hours of Monday, according to a person familiar with the negotiations, who spoke on the condition of anonymity because of the sensitivity of the discussions. The two sides were focused on determining whether Musk had the financing to complete the acquisition, and did not spend much time discussing Muskss strategy for the future of the social network, the person said.
Read more: https://www.washingtonpost.com/technology/2022/04/25/twitter-elon-musk-deal/
RKP5637
(67,112 posts)Katcat
(231 posts)Trueblue1968
(17,231 posts)kill free speech and make twitter full of lies.
Cha
(297,392 posts)worth to the Twitter guys.
I know that's defeatist.. But it was so Wonderful without seeing tffg's tweets on DU every damn day.
💙💛
regnaD kciN
(26,044 posts)NEOBuckeye
(2,781 posts)I dread the thought of TFG getting back into the White House, but I honestly dont see him making it back in. Hes in questionable health and May croak first due to all the shit food he eats and his expanding waistline. If Musk does let him back on Twitter, his decline will become even more evident.
LymphocyteLover
(5,648 posts)Prof. Toru Tanaka
(1,977 posts)My understanding is he doesn't even use Truth Social and realizes it is a failure.
He'll be back on Twitter.
Slammer
(714 posts)Yeah, Trump is back on Twitter within a couple of days of being unbanned.
He might make a show about posting the same content to both platforms for a month but he's not going to go without Twitter.
The real question at this point is whether Twitter retained all of his old account information including followers or whether Trump will have to start over again from nothing.
If he's forced to start over again from nothing, it'll be harder for him to regain a following of politically-unaligned people than he had the first time because he's more politician now than celebrity.
LymphocyteLover
(5,648 posts)have to have him delete a bunch of problematic tweets if he wanted his old account back.
I honestly think twitter won't change that much because there are real legal issues about moderation that Musk seems clueless about
LetMyPeopleVote
(145,413 posts)BumRushDaShow
(129,201 posts)Ford_Prefect
(7,909 posts)Musk's libertarian version of free speech and thought will be the end of Twitter and of civil discourse on the internet.
Comfortably_Numb
(3,809 posts)IrishAfricanAmerican
(3,816 posts)Comfortably_Numb
(3,809 posts)luvtheGWN
(1,336 posts)Maybe someone should start a Tweeters Anonymous group -- to help wean folks away.
2Gingersnaps
(1,000 posts)I will miss Badd Company, Auntie Crabby, Rude Pundit, Mary Trump, and some other really great posters, and my Classic Rock fan sites, but even the really lovely Jackson Browne fan site on Facebook could not keep me on that pestilence pit, that oligarch Bond Villain will not be buying my free speech for his 44 Billion.
You can believe one thing-No one pays billions of dollars for something they dont have plans for. You can bet the farm that the plan has been put in position and is waiting for the day he takes full Control. What is the plan? We can only guess.
qazplm135
(7,447 posts)He will bring Trump back online within weeks, and Trump will expand his profile.
That's Musk's plan at any rate.
totodeinhere
(13,058 posts)He needs to be convicted of a felony before election day 2024.
33taw
(2,446 posts)Pacifist Patriot
(24,653 posts)Akoto
(4,267 posts)LiberalLovinLug
(14,175 posts)Now the orange blob doesn't have to start his own SM platform.
ificandream
(9,380 posts)Cha
(297,392 posts)You Rotten Piece of FASCIST SHITE.
💙💛
hueymahl
(2,502 posts)Naio
(169 posts)vercetti2021
(10,156 posts)Something will replace it
tinrobot
(10,905 posts)genxlib
(5,528 posts)Perfect.
LymphocyteLover
(5,648 posts)nvme
(860 posts)stop using the platform
eissa
(4,238 posts)Get ready for the orange menace and his minions to return in droves, and the media salivating over every insane tweet, just in time for the elections.
2naSalit
(86,682 posts)Clicking on the links to tweets from now on too. I don't have an account but I won't look at any content there either. So many posts hrer are linked to the platform so I wonder how that's going to go.
2Gingersnaps
(1,000 posts)but yeah, I deleted.
C_U_L8R
(45,007 posts)But then whos going to view the ads and sponsored posts? No ad views, no ad dollars.
Twitter could have gotten rid of bots long ago, but it wasnt in their interest. It juiced their ad business. Curious what Musk will find out.
intrepidity
(7,331 posts)C_U_L8R
(45,007 posts)It may be a fast road to zero. Board or no board.
totodeinhere
(13,058 posts)money or not. And if it loses money that's a tax write off.
Deminpenn
(15,286 posts)The money's coming from JP Morgan, not Musk
Igel
(35,323 posts)Just ask the family whose former house we bought how that worked out.
"It's not my money, the money's coming from the bank. But I get the house."
Two years later ...
They lost the house, a big chunk of change, and their credit rating--and had to declare bankruptcy. So it *so* worked out for them.
Yes, they trashed the house. Which reduced the selling price. Which reduced the amount posted against their debt. In other words, they self-f**ked, and got off over it.
totodeinhere
(13,058 posts)n/t
Deminpenn
(15,286 posts)But, iirc, Musk said he's going to move away from ad-based revenue along with making it a privately owned company. If not ads, what's left to produce revenue for an internet/cyberspace based business? There's only a few ways to make money in an online business if you aren't selling an actual product or being a middleman seller (Amazon, Ebay, etc where you get a cut of sales), ads, subscriptions (TPM) or regularly asking users for donations (wiki) or a combination of these.
If Musk had paid for this out of his own pocket, it wouldn't matter, but employees need to be paid and the bank is going to want to be repaid, too.
bronxiteforever
(9,287 posts)Link to tweet
For nonTwitter types Musk wrote
Starlink has been told by some governments (not Ukraine) to block Russian news sources. We will not do so unless at gunpoint.
Sorry to be a free speech absolutist.
Also Musk has said that all government speech is propaganda. So be prepared for Russian bots
and videos of Russian rapists running nonstop
dalton99a
(81,534 posts)DSandra
(999 posts)Deminpenn
(15,286 posts)Is what I read.
rockfordfile
(8,704 posts)womanofthehills
(8,724 posts)So people can avoid interacting with bots.
muriel_volestrangler
(101,331 posts)I really think some reporters ought to be asking him if he's fine with random people making evidence-free accusations of vile criminality against him on his "free speech" platform, or if he might take exception, now he has the power to.
IronLionZion
(45,472 posts)so that means he will do it based on all his talk of freedom and openness.
oldsoftie
(12,569 posts)but we all know he lies
bucolic_frolic
(43,228 posts)It really has become less useful than ever, and a time drain.
Native
(5,942 posts)bluestarone
(16,996 posts)Can shareholders stop this?
Native
(5,942 posts)bluestarone
(16,996 posts)Then its a done deal?
Native
(5,942 posts)and didn't think the board would accept less.
PoliticAverse
(26,366 posts)Native
(5,942 posts)You have to consider all the funds that have shares.
Calista241
(5,586 posts)The main accounts I follow are NASA accounts, for instance each of the deep space probes have their own account. The account I'm most looking forward to watching is the James Webb space telescope account. I literally cannot wait for Webb pictures to come out, and they'll probably come on on Twitter first.
What is it specifically that people are objecting to? Is it Musk in general, is it we think he'll bring Trump back?
chowder66
(9,074 posts)friends and fun accounts.
But with that said I'm going to set up another account at commongroundsocial.com and watch what Musk does with Twitter.
I've requested my twitter archive as well.
Native
(5,942 posts)I'm not deactivating my account until I see how this plays out.
atreides1
(16,084 posts)I just deactivated my account!!!
Katcat
(231 posts)As soon as I read this I deleted my Twitter account and deleted the app.
andym
(5,444 posts)so we will see. If you are twitter shareholder, you have the option of voting for or against the acquisition. My opinion is that it is not a great deal for shareholders.
Native
(5,942 posts)andym
(5,444 posts)So it's a great deal for Musk-- going forward I see no reason it would not be worth more than the price last July, given it's influence and growth. Tech stocks are undervalued right now because of the Fed raising interest rates.
BumRushDaShow
(129,201 posts)that the markets halted trading on the stock as soon as it was announced they were close. In any case, the market closes in about 4 minutes.
(it's up to $51.78)
PoliticAverse
(26,366 posts)andym
(5,444 posts)Do you see any Twitter competitor on the horizon that is better and already has or on the way to such a dominating presence? Otherwise Twitter is one of the premier social interaction networks-- worth more than conventional media going forward.
PoliticAverse
(26,366 posts)andym
(5,444 posts)with their dominance and effectiveness being key. It's quite rational how tech companies succeed and so far there have been numerous attempts to dethrone them-- all miserable failures. Basically be first in class and/or best-in-class or both. Often being qualitatively best-in-class is the most important.
There are quite a few open-source Twitter clones like Gab or Mastodon, so feel free to try to compete with Twitter.
PoliticAverse
(26,366 posts)or GeoCities...
or AltaVista...
or AOL...
andym
(5,444 posts)All of those had serious flaws or were replaced by stronger competitors within 5-6 years or so. With the exception of AOL which was around for longer, but it's business model was destroyed by the advent of the internet--it just took some time. It was Compuserve (dominant for over 10 years) that was the best example of what you are trying to say, but it too was done in by the internet. To defeat a dominant company requires qualitatively superior technology-- that is the key.
Twitter has been in existence for 16 years--it has achieved dominance with much deeper roots as has FaceBook/Meta. It's a different era than that faced by Geocities and AltaVista when there was such a large amount of money (dot com era) funding potential competitors.
That's not to say that there are not potential rivals today: Telegram and Discord come to mind because they offer new features and are becoming dominant as well. We will see.
PoliticAverse
(26,366 posts)Predictions are for fortune tellers.
andym
(5,444 posts)They are called hypotheses, which are predictions about the outcomes of experiments. They are also for investors, but in all cases empiricism is the final arbiter.
OilemFirchen
(7,143 posts)VisiCalc will forever be king!
Lotus 1-2-3 owns the world!
Excel will always be free!
PoliticAverse
(26,366 posts)OilemFirchen
(7,143 posts)If someone develops a social media platform similar to Twitter, but more intuitive (like threaded conversations), Twitter will vanish as quickly as Scripsit.
BTW, Xerox can never be replaced.
PoliticAverse
(26,366 posts)OilemFirchen
(7,143 posts)The first shop-from-home application in the world!
BumRushDaShow
(129,201 posts)DinahMoeHum
(21,798 posts)I don't swim in dirty water.
Warpy
(111,298 posts)Will his shiny new algorithm tend to isolate him and his buddies in The Liars' Lounge, preventing them all frm pwning any "libs" they find who are talking about anything besides how great TFG is?
Or will he just reinstate the liars and trolls, making it a toxic waste heap like Farcebook?
It looks like he's going to end user name anonymity. While that can make trolls own their free speech, it can also open a lot of people, mostly women, to harassment offline. Elon, this is a very, very bad idea. What you envision as pleasant conversation among equals will be neither pleasant nor equal. Booting the trolls is the only option, and that means TFG
I don't know if I can even log in there any more, I haven't done so for at least five years. I should just delete.
Native
(5,942 posts)Warpy
(111,298 posts)and that's probably a good thing. My answers to those posters:
1. He's got to die first, then we'll see.
2. Go right ahead, honey, I'll post the You Tube video.
Native
(5,942 posts)Once an addict, always an addict, and Truth Social won't give him the same high.
Warpy
(111,298 posts)the second Twitter lifts the ban.
AFAIK, he has never posted on Truth Social. Seems it's a bit of a bust and not worth his time.
It's what he gets for hiring the very best people., like Devin Nunes.
Native
(5,942 posts)Warpy
(111,298 posts)for all the macho twits and bully boy hangers on out there.
jcmaine72
(1,773 posts)Musk is obviously nostalgic for the racist shit hole he was born into. Trump's vicious lie-spreading account will be reinstated soon. For all intents and purposes, Twitter is now a hate site. Good riddance!
Rebl2
(13,532 posts)Jon King
(1,910 posts)The Twitter board did the right thing, took his money. Musk will soon learn that the employees run the company, and good tech employees are hard to find because the competition is fierce. He will learn he can not change much at all without the employees revolting. Twiiter has a great benefits and pay package. Lets see Musk try to mess with any of that.
Move the clock ahead a year and there will be no substantial changes to Twitter besides something as whatever as an edit button.
Pachamama
(16,887 posts)Completely Agree
geardaddy
(24,931 posts)Link to tweet
?s=20&t=asWXmwDFTo82NlrM1wlu1A
Link to tweet
?s=20&t=asWXmwDFTo82NlrM1wlu1A
Link to tweet
?s=20&t=asWXmwDFTo82NlrM1wlu1A
Link to tweet
?s=20&t=asWXmwDFTo82NlrM1wlu1A
Link to tweet
?s=20&t=asWXmwDFTo82NlrM1wlu1A
Link to tweet
?s=20&t=asWXmwDFTo82NlrM1wlu1A
Cha
(297,392 posts)bluestarone
(16,996 posts)A daily event on twitter. HE stated post anything right?
BWdem4life
(1,677 posts)Does that mean all the annoying links to Twitter with no text will soon be disappearing from this site?
Asking for a friend, as the saying goes.
rockfordfile
(8,704 posts)Big opportunity.
BlueIdaho
(13,582 posts)Jon King
(1,910 posts)I'll continue to donate and vote. But arguing with anonymous aholes is not a good use of time. No one ever changes their minds either way.
sinkingfeeling
(51,466 posts)James48
(4,437 posts)Trump and people like him in the future will destroy America with authoritarian lies.
TNNurse
(6,928 posts)No integrity, no decency...just in it for the money.
Kablooie
(18,637 posts)In the movie Citizen Kane, Kane starts out energized to do some good in the world. He builds an empire with the goal to improve the world but as he gains power he becomes more and more focussed on that power itself and forgets his original ideals. He uses his power and wealth in extravagant ways to try to find happiness for himself but never succeeds and ruins many other lives in the process.
I think Musk believes that he is buying Twitter for the good of society but the more power gets the more it could be turned towards selfish goals which could become destructive for the rest of society.
We may be moving into a new, even more dangerous future unless Musk is a much more wise and disciplined idealist than most people.
LeftInTX
(25,436 posts)That's bothers me more than anything...
BumRushDaShow
(129,201 posts)at the moment it's either Pootie (who is obviously now out of the question) or SpaceX.
Otherwise you only have the other "devils" (Branson's "Virgin Galactic" that has a contract with NASA for astronaut training in space and Bezo's "Blue Origin", which is trying to get in on the newest crewed lunar mission).
BumRushDaShow
(129,201 posts)when I finally watched it a bunch of years ago. It still astounds me given Orson Wells' age at the time he wrote/directed/starred in it and even when it was made, with its use of some unique story-telling techniques.
However I think the Kane character, although supposedly patterned off of William R. Hearst, was shown to have come from a very poor family and was taken in under the wing of a wealthy benefactor (in exchange for money given to his family), where the whole "Rosebud" theme (as a childhood loss) seemed to hint at why he would forever be "flawed" and doomed. He was also shown to be a micromanager and perfectionist.
This was as opposed to Hearst having come from multi-generational wealth and firmly believed in the credos "If it bleeds, it leads", pushing at something until it almost breaks. Similarly Musk came out of a wealthy family, so if anything, the two of them are more directly relatable (although Hearst and his father had also been involved in elected politics).
It would seem that in the modern era, Musk is along with Bill Gates as well (family wealth-wise and oddity wise). Both were rather cutthroat to get where they were.
CaptainTruth
(6,597 posts)He says "Twitter is the digital town square."
This makes it clear what he fails to understand is that:
1) the "town square" is public property, owned by the people (usually via representative government), &
2) Twitter is a private company, it is NOT "the town square" owned by the people, Twitter has no more responsibility to host the speech of "the public" than my local dry cleaners, that is... none.
This should be interesting, I think Musk is in way over his arrogant head on this one & the results could have legal consequences for him.
Response to BumRushDaShow (Original post)
Kablooie This message was self-deleted by its author.
twodogsbarking
(9,772 posts)As of now.
OilemFirchen
(7,143 posts)I will, however, cancel my Tesla order.
And when I do so, I'll announce it on Twitter. Free negative advertising!
rockfordfile
(8,704 posts)JanMichael
(24,890 posts)OverBurn
(955 posts)hueymahl
(2,502 posts)Truly decentralized, not controlled by anyone, with value generated from content going to the content creators.
It's going to happen - and will be driven by cryptocurrency.
Simeon Salus
(1,144 posts)Will kill his investment faster than anything else
flvegan
(64,409 posts)trof
(54,256 posts)disgusting to the senses : repulsive. 2a : abhorrent to morality or virtue specifically : designed to incite to lust or depravity
No one should be able to pay $44 BILLION for ANYTHING.
larwdem
(759 posts)if are Dems don't use this as a reason to tax the ultra rich. we may as well take are toys and go the fuck home.
larwdem
(759 posts)let trump back on. the more he talks the better fur us.
kimbutgar
(21,172 posts)It.
You know He will reinstate TFG immediately. Twitter is located in the city where I live I wonder how the employees feel about it and will there be an exodus to a new start up to compete with Twitter.
Joinfortmill
(14,441 posts)Swamp Snob
(20 posts)Facebook is vastly worse!
The Grand Illuminist
(1,334 posts)of a MAGA-esk secret society to secure absolute power.
Response to BumRushDaShow (Original post)
jfz9580m This message was self-deleted by its author.
Aussie105
(5,412 posts)Cost Hughes US $23M in 1946.
Elon Musk bought Twitter in 2022 for a lot more, if you care to do the maths.
($100 in 1946 is equivalent in purchasing power to about $1,474.38 today, so Google tells me.)
I see a lot of similarities there.
But social media reality according to Musk? It's a new rabbit hole, best avoided.
On second thoughts, not a rabbit hole, more a swamp.
'Drain the swamp' to restock it with Musk approved swamp creatures - sounds faintly familiar somehow.
Yep, that is it. Elon has bought himself a swamp!
Response to BumRushDaShow (Original post)
jfz9580m This message was self-deleted by its author.
Vinca
(50,297 posts)threaten. So, like "Truth Social," if there's nobody there to fight with, it's not worth going to as a site and Musk will be left holding a $44 billion empty bag. The only way the sane among us will remain on Twitter is if it is properly moderated and lies and conspiracy theories are weeded out. Something different always comes along and it's not the end of the world if Twitter turns into a total sewer. Seems like kind of a dumb purchase to me.
hamsterjill
(15,222 posts)I think Ive looked at it less than ten times total and I dont plan on even doing that any more.
Have fun, Elon. I wont play your game.
ck4829
(35,078 posts)leftyladyfrommo
(18,869 posts)BumRushDaShow
(129,201 posts)ck kicked it to get a good LOL out of it!
leftyladyfrommo
(18,869 posts)guy.
BlueIdaho
(13,582 posts)Musk is unraveling.
leftyladyfrommo
(18,869 posts)My friends were so excited to be getting a Tesla but his behavior is really starting to bother them. They are thinking of canceling.
BlueIdaho
(13,582 posts)The fourth best EV manufacturer in America
Mosby
(16,324 posts)It will take care of most the the bots and a lot of the trolls.
It only has to be a symbolic amount, but you gotta provide personal info.