What will Elon Musk do with Twitter? Billionaire secures multi-billion pound takeover

Elon Musk is a ‘disruptor’ says Zuby during Twitter discussion

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US tech tycoon, Elon Musk, completed a takeover worth $44bn (£34.5bn) on Monday after making a shock bid less than two weeks ago. The 50-year-old has vowed to unlock the “tremendous potential” that Twitter has during his ownership. So, what will Mr Musk do with Twitter?

What will Elon Musk do with Twitter?

Announcing the deal Mr Musk said in a statement: “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.

“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 spambots, and authenticating all humans.”

In recent weeks he has called for a series of changes to the platform such as relaxing its content restrictions to eradicating fake accounts.

Last March he asked his followers to reply to a Twitter poll where he asked: “Free speech is essential to a functioning democracy.

“Do you believe Twitter rigorously adheres to this principle?”

Mr Musk has touted the idea of an “edit button” as a potential change for Twitter.

Other suggestions include disclosing Twitter’s algorithm to the public while he’s also said the company’s board of directors wouldn’t receive a salary should he take over.

He tweeted: “Board salary will be $0 if my bid succeeds, so that’s ~$3M/year (approximately £2,354,385) saved right there.”

Meanwhile, spectators are interested to see whether Mr Musk could reinstate ex-US President Donald Trump on the platform after he was permanently removed in January 2021.

Though he hasn’t yet explicitly addressed Mr Trump’s suspension he has made the case for platform “timeouts” rather than “permanent bans.”

Only several weeks ago it was revealed that Mr Musk had become the majority shareholder of Twitter with a 9.2 percent stake.

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He was then invited to join Twitter’s board but turned down the offer before launching a surprise bid for the company on April 14.

A so-called “poison pill” was put in place by Twitter to ward off any interest from Mr Musk.

The mechanism would have created difficulties for him if he attempted to increase his stake in the company.

But Twitter’s stance shifted after Mr Musk revealed more financial details – he secured $25.5bn (approximately £20.01bn) of financing for the deal and will take a $21bn (approximately £16.48bn) stake in the business.

At present, it’s not clear as to who will take charge of the new company, which is currently led by Parag Agrawal.

Who is Elon Musk?

According to Forbes Magazine, Mr Musk is the world’s richest man with an estimated net worth of $273.6bn (approximately £214.72bn).

He runs the electric vehicle maker Tesla and owns the aerospace firm SpaceX.

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