Elon Musk has stopped describing himself on his Twitter profile as a “perfume seller”. Now he has become Chief Twit, that is, chief Twit or chief tweeter. With 110.1 million followers, he already had some of that, but now he’s on his way to becoming the owner. The change in his social media account is the latest indication that he is set to close on a $44 billion purchase of the company. The deadline to do so and avoid going to trial ends this Friday. Musk also appeared at the company’s headquarters in San Francisco on Wednesday and this Thursday he tweeted that he buys the company “for the future of civilization.”
This time, therefore, it seems that there will be no surprises. The richest man in the world, billionaire founder of PayPal, Tesla and SpaceX, among other companies, has been turning around and changing his mind continuously since he announced his entry into the capital of Twitter last April. When it was his turn to give a statement in the preliminary proceedings of the trial for breach of contract, Musk surprised by announcing that he was accepting the operation again. Even so, it has taken him three weeks to obtain the financing and to negotiate the agreement that puts an end to the saga of the most controversial corporate operation in recent times.
“The reason I bought Twitter”, He has written this Thursday in a message addressed to advertisers that he has tweeted, “It’s because I think it’s important for the future of civilization to have a digital common square where a wide range of beliefs can be discussed in a healthy way without resorting to violence.” He says that he wants to flee from polarization and that there is a risk that the extreme right and extreme left each have their networks separately and that he wants to contribute to coexistence. “This is the reason I bought Twitter. I didn’t buy it because it was easy. I haven’t done it to make more money. I have done it to try to help humanity, which I love, ”he adds, practically taking the operation for granted, although it has not yet been officially closed.
This Wednesday, Musk visited the company’s offices in San Francisco and uploaded a video to the network loading a sink. “Entering Twitter HQ – let that sink in!” (“entering Twitter headquarters, take it in!”), he wrote, making a play on words with the term sink (sink). “Met a lot of cool people on Twitter today,” has put in another message.
In addition, the tycoon is preparing to address the workforce this Friday, according to a message sent by a directive to the employees and which has been published by the Bloomberg agency. “Elon is in the San Francisco office this week meeting with people, walking the halls and continuing to immerse himself in the important work you all do,” wrote Leslie Berland, head of marketing, in the note. “For everyone, this is just the beginning of many meetings and conversations with Elon, and you will all hear from him directly on Friday,” he added.
For Twitter workers, the arrival of Musk is a cause for concern, after it has been known that he has sent the message to investors that he plans to cut the workforce by 75%, which is now about 7,500 employees. Musk also wants to multiply revenue and explore subscription avenues. Among the potential victims are those who work in content moderation, since Musk wants to be much more lax because he proclaims himself “an absolutist of freedom of expression.” That, however, can mean that disinformation, fake news and hate messages proliferate. For example, the businessman is in favor of reinstating former President Donald Trump, who is now spreading his hoaxes on his own network, Truth Social. It is not clear that he wants to return to Twitter, since that would be a fatal wound for his alternative network.
Musk’s plans aim to turn Twitter into some kind of all-in-one app. “The purchase of Twitter is an accelerator to create X, the application for everything”, he was the first tweet of the tycoon after returning to the plan to buy the social network for 44,000 million dollars. In the past, the businessman has shown his admiration for the Chinese application WeChat, which evolved from a messaging service to a multinational platform with means of payment, electronic commerce, health, subscription management and all kinds of services, almost essential for the daily life in China.
This week it has transpired that Musk and his team were meeting with the banks to finance the operation and that in those meetings they had conveyed that the purchase was going ahead and that their forecast was to close it within the deadline. Some of the investors who allied with Musk for the acquisition are also preparing the funds that they have to disburse. The transfers have already been launched to settle the operation, as advanced this Wednesday The Wall Street Journal. Twitter’s share price has approached the $54.20 per share that shareholders will receive.
The purchase is closed (except for a major last-minute surprise) at a time when advertising is weak and the economy is deteriorating, as the results of Meta, the Facebook group, whose profit has fallen by half in the last trimester. In addition, the rise in interest rates makes the operation more expensive. Musk, however, had everything to lose in case of going to trial, so he has preferred to go ahead without going to that extreme.