Elsa Sc S mentions a cynical career
Musk’s Twitter saga is now widely recognised to be a cynical entrepreneur who became filthy rich getting a licence to tinker with crucial businesses putting them in peril. He is quite obviously fond of publicity and indulges in activities that often arouse controversy. In the latest eye-catching episode this South African-born tech billionaire Elon Musk has announced that he will step down as Twitter CEO due to the pressure of Tesla stockholders in the latest chapter of Musk’s year-long adventure with the social media platform. Musk, who did a Twitter poll on whether he should resign or not as Twitter CEO, said he would step down as soon he found someone “foolish enough to take the job”.
Musk’s social media rollercoaster adventure began back in April when he proposed to buy Twitter for a price that, according to an official statement, was 38% above the company stock value. Twitter’s 11-member board had met with Elon Musk and approved on 25 April the Tesla founder’s acquisition of the social media platform. Tesla declared at the time that Twitter has tremendous potential and that he looked forward to working with the company and the community of users to unlock it. At the time he highlighted that 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. He conveyed his intention that he will uphold the right to free speech and will ensure that no action is taken to impede it.
Musk stated his desire to make Twitter go private, meaning that the company would no longer take part in the stock market. The billionaire argued this would prevent the social media platform from being at the mercy of its market value. This was quite a statement and aroused the doubts of skeptics who were of the opinion that public platform like Twitter should not be left to the whims of a wayward individual who has hardly any knowledge of managing an institution that Musk planned to take over.
The problem started when Musk first refused to go on with the buyout, claiming that the social media platform did not share important data, such as the number of fake accounts on Twitter. He publicly declared that the presence of bots at Twitter is extremely harmful for the platform and it was essential to get the organisation rid of this nuisance. Twitter sued Elon Musk for not fulfilling his 44 billion acquisition on 12 July and accused the South African billionaire of bad faith and hypocrisy. The Tesla founder retaliates by suing Twitter, accusing the social media company of fraud.
As the date approached what The New York Times dubbed potentially the most dramatic legal battle in Silicon Valley history, Musk relented and accepted to buy Twitter. Among the first acts of Elon Musk as the owner of Twitter is firing CEO among other key executives. Musk also let go over half of Twitter employees, including staff who were in charge of managing content and detaining hate speech on the platform. Trump also launched Twitter Blue, charging accounts for having the blue check mark verification. For the next few days, buyers of Twitter Blue were impersonating real-life Twitter profiles of celebrities, politicians, and institutions, throwing the social media platform into chaos.
Musk was condemned by the United Nations and the European Union over Twitter’s decision to suspend some investigative journalists looking into the social media platform. The UN highlighted that media freedom was not a toy. Many analysts are of the opinion that Musk is having something of a buyer’s remorse with his latest acquisition and his ownership has suppressed Twitter business and fears are expressed that more problems are waiting in the wings. TW