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Sunday, June 26, 2022

What’s going on with Twitter and Elon Musk?

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Some days ago everybody was discussing an event quite unexpected. Elon Musk obtained Twitter for 44 billion dollars and he announced his ambition to make big changes. On May 13th, 2022 became known that Elon Musk “freezes” the acquisition of the social network due to pending details concerning the number of fake accounts existing on the platform. Is this move part of the big changes that Elon Musk wants to make? 

However, the Twitter share collapsed on Friday, May 13th, following the announcement of the suspension of the agreement. However, during the day it somewhat reduced its losses, but still recorded a drop of about 11% in pre-conference electronic trading.

According to Elon Musk, Twitter hasn’t implemented till today a satisfactory model of development. He thinks that the company faces many problems which make difficult its survival, although it has almost 217 million daily users. 

He is planning to focus on four key areas in order to lead Twitter to a new era. These four key areas are hardcore software engineering, design, information security and server hardware. Another key area he wants to make changes is to add new features. 

Also, he wants excellent managers at the technical area. According to Elon Musk, managers in software must write great software. 

Elon Musk belongs to the daily users of Twitter. He has more than 90 million followers and his posts during the last days include information both for SpaceX and the deal concerning the acquisition of Twitter. 

The post he wrote on Friday 13th of May, saying “still committed to acquisition” reached more than 8.000 comments from his followers. Some of the most characteristic comments that we read were those below: “Why? It is not worth it? Twitter is mostly an echo chamber and not as influential as you might think”, “All the reasons you gave for making the deal are still valid”, “Maybe you should fix the stunning devaluation at Tesla first”, “Elon, are you just finding out about the bots now, after your attempt to acquire Twitter? Or have you known about them this entire time?”, “Cool. So, if you are committed, you should have an answer to this, Spaceman: Will there be standards or can anyone say whatever they want on Twitter 2.0?”, and “Well no matter what happens, you have accomplished one thing. You showed the world how corrupt twitter was. You did action while everyone else cried. Thank you for that and I will let the Twitter door hit me on the way out if it doesn’t come to be”. 

However, Musk has already sold $ 4.4 million worth of Tesla stock. It is rumored that the money could potentially cover Musk’s controversial takeover of Twitter, though it’s far from the $ 44 billion spent on the acquisition. However, if he wants to leave the deal to buy the social media platform, he will be asked to pay $ 1 billion, which could justify the sale of the shares. In any case, Musk does not seem willing to make further sales concerning Tesla.


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