|What's next for twitter? JUSTIN
As Elon Musk completes his £44bn takeover of social media giant we take a look at what the deal might mean for its future
YOU know the details by now – Elon Musk, the richest man on Earth, has struck a deal to buy the social network Twitter.
It’s a deal that has profound implications, not just for Twitter itself, but for the wider world, too – after the last few years, we shouldn’t underestimate the influence that the online world has on the real world.
Now we know the Musk deal – reported to be costing him somewhere in the region of $44bn – is going to happen, let’s think about what might come next.
THE DEAL
Twitter is currently a public company, listed on the New York Stock Exchange, run by a board of directors and owned by shareholders. Musk’s deal is to buy enough shares to take full control of the company and take it private, giving him sole and total control over what the company does.
The board of Twitter initially reacted against the deal, but after pressure from shareholders and negotiations with Musk himself, eventually agreed to it.
It’s expected it will take around six months for the deal to go through.
WHO’S HAPPY?
Aside from Musk, who is also CEO of electric car maker Tesla and owner of SpaceX, the cocreator of Twitter and ex-CEO Jack Dorsey has welcomed Musk’s ownership. He said that taking Twitter private was the right move, and welcomed the billionaire’s plans to attempt to make it ‘maximally trusted and broadly inclusive’.
Staff at Twitter are reportedly split over the move, some recoiling in horror, others hoping private ownership will bring more flexibility – Musk has said he is not buying Twitter to make money, a change that means new features and general direction won’t be driven by profit and growth.
WHO’S NOT HAPPY?
A lot of people. Musk is an avid Twitter user, occasionally finding himself in legal hot water as a result of some of the things he has posted, as well as being accused of spreading false information, particularly about the Covid pandemic.
He believes that people should be allowed to say whatever they want on Twitter, as long as they remain within the law.
As well as suggesting private ownership by a billionaire may not be the best model for such an influential platform, some have wondered if his ‘free speech’ stance may lead him to allow controversial figures like Donald Trump back onto the platform. Another potential flash point is China – Musk has big business there and some are concerned its government may lean on him for dissident users’ information in return for a smoother ride for his other companies in the country.
On Twitter itself, a lot of people are suggesting their time on the platform will be over once Musk takes control. But he says he hopes that even his harshest critics will remain.
WHAT HAPPENS NEXT?
Paperwork. And then, at some point, Musk will move in.
Until then current CEO Parag Agrawal remains at the helm. He held an all-staff meeting this week, at which he said the company was ‘in a time of uncertainly’.
He admitted he did not know what would happen once Musk takes over.
Musk has said he wants to add features – like the ability to edit Tweets once sent – and to drive malicious ‘bots’ off the platform.
He wants to make everyone who posts verify their identity to force everyone to take responsibility for what they say (so Twitter doesn’t have to), and he wants to make Twitter’s Blue subscription service better value by offering extra features like the removal of ads.
Ultimately, he wants to remove all moderation, so what people post is subject to legal constraints rather than platform constraints – he doesn’t think Twitter should be deciding what people can and cannot say.
He may find that’s easier said than done for a global platform subject to many varied and often conflicting local laws.
There’s every chance, too, he’ll just get bored of the whole thing and move on to something else sooner than anyone thinks.
I suspect not even Musk himself knows for sure what’s coming down the line. But it certainly will be fascinating to watch.