The Twitter and Elon Musk saga has come to an end with the acquisition closure, making Musk the sole owner of the now privatey-held company... Or it's the new era of Twitter, wherein the first major change is the CEO & CFO being laid off. Here are the major changes that have already unfurled after the transfer of ownership being concluded.
It's the dawn of the new period, in which according to Elon Musk, the new owner, "the bird is freed."
Musk also has critical plans for advertising on the platform and his statement "low relevancy ads are spam and high relevancy ads are content" coupled with "Twitter aspires to be the most respected advertising platform in the world" gives a gist about his vision for the integral business revenue source for the company.
There have been several speculations about why Twitter was bought by Elon Musk, that have been surfacing. A few of them include controlling free speech, making more money and sustaining his billionaire status, and also to ban ex-girlfriend Grimes from the platform.
Earlier Musk had mentioned buying Twitter would accelerate the development of app 'X', described as the everything app, a multi-purpose utility platform with social elements. In the recent statement, it was mentioned to be an important step to the "future civilization" to have a "common digital town square.
"I did it to try to help humanity, whom I love", said Musk. Well, the objective of the acquisition being fulfilled is a tale time will tell, but the acquisition process itself had some dramatic twists and turns for Musk to become the Chief Twit.
It started with the billionaire defining the platform as a global network enabling free speech for millions of users and proposing a deal to ensure the integrity of Twitter is maintained.
The original price that the buyout was staked was 54.20 USD per share, but after agreeing on the deal, Elon Musk discontinued the acquisition citing the reason that the platform failed to provide information on spam and fake accounts and provided an inflated number for the daily active user base. Twitter failed to provide the data and information, after two months of repeated requests, according to the motion filed by Skadden, Arps, Slate, Meagher & Flom LLP on behalf of Musk.
Musk then filed a motion with SEC to terminate the Merger Agreement and abandon the transaction contemplated and sent out the formal notice. Twitter appointed a US-based law firm Wachtell, Lipton, Rosen & Katz LLP, to sue Musk and get the transaction completed.
After receiving the legal notice from Musk announcing the discontinuation of the acquisition agreement, Twitter responded with a legal notice declaring that they would enforce Musk to conclude the agreement on decided terms. Wachtell, Lipton, Rosen & Katz, the law firm representing Twitter, sent a letter to Musk that mentioned, “Mr. Musk and the other Musk Parties have knowingly, intentionally, willfully, and materially breached the Agreement other Musk Parties’ purported termination is invalid and wrongful”.
After a few more scenarios of back and forth between the two parties, and a few interventions by the SEC, as per a recent announcement by Twitter, the platform received a letter from the Musk parties filed with SEC, sent with an intent to close the deal at the original price.
Leading to the conclusion of Musk buying the company. Here are the major changes that have already unfurled after the transfer of ownership being concluded.
The initiation of Elon Musk owning Twitter experienced drastic changes in the new dawn of the company with CEO Parag Agrawal, CFO Ned Segal and Legal, Public Policy, and Trust & Safety Lead at Twitter, Vijaya Gadde being fired, according to multiple reports. Top executives were fired including the whole team of data engineers, and plans to cut jobs of more employees have been surfacing.
Content Moderation Policies
Twitter will be revamping content moderation on the platform to facilitate free speech, and diverse opinions on the platform, according to multiple statements from Musk. The company will be forming a content moderation council, and no major changes or decisions will be made until the council is formed, and convened, including account reinstatements. He has also highlighted currently no changes have been made to content moderation.
The Comeback Of Vine
Elon Musk ran a poll on Twitter asking users for their opinions on bringing back Vine, citing his interest in bringing back the once widely popular app. For the unacquainted, vine is a short-video platform that enabled users to create 6-seconder looping video clips. It was acquired by Twitter before its official release in 2013. Given the popularity of short-format videos, and Musk's interest, Vine may make a comeback and possibly as a section on Twitter itself, as the company has increased efforts on video, with the recent development launching new video products.