After months of legal battles between Twitter Inc. and Elon Musk, the world’s richest man agreed to buy the company, hence concluding the matter in business terms before it ended in legal terms in which Elon Musk was predicted to be the losing side. As a quick background summary for our new readers, Elon Musk put a bid on Twitter last summer which he then backed out, claiming that the initial data given to him about “bot accounts” in Twitter was misleading and that in reality, it was much higher.
Some think that the reasoning behind his actions were that Musk owned some Twitter shares, said he was gonna acquire the company after much deliberation with the former executive team of Twitter which led to a substantial increase in the share price, then short sold shares when the share price dipped when he announced that he wasn’t going to go forward with the deal. Besides speculations, Twitter believed that Musk’s actions should not go unpunished and that he can not just walk away from a deal affecting the financials of the company for which it sued Elon Musk.
Fast forward, Musk decided to acquire the company nonetheless, privatising it as he believes that Twitter needs restructuring in order to be able to support free speech, (he unbanned public figures such as Donald Trump Jr, Andrew Tate and Jordan Peterson based on poles). The first actions of the rather authoritative technology magnate was to part ways with the whole executive team, assuming the role himself.
After that, the new CEO cut jobs because he believed that there were redundancies in the company. Moreover, he fired employees that openly criticised him on the platform, causing some eyebrows to rise. Since the acquisition, some major companies have either completely stopped, restricted their usage or threatened to do so, insisting that the company has become unreliable. Even though his status as the “richest man in the world” did not change, Mush lost around 100 billion dollars since the acquisition as the share prices in his other companies such as Tesla has dropped.