On Thursday night, Mr Musk closed his $44 billion deal to buy the social media service, said three people with knowledge of the situation. Immediately after the acquisition, Musk fired 4 top Twitter executives.
The deal to acquire was eventually closed after a simmering legal battle because Mr Musk changed his mind about buying the company which set the company on a path to uncertainty. Mr Musk believes in free speech and would also work on reversing the permanent ban on the former US President, Donald J. Trump, from the service.
“There could be real-world consequences to his leadership,” David Kaye, a law professor at the University of California, Irvine, who worked with the United Nations on issues of free speech, said of Mr Musk’s ownership of Twitter. “To the extent that world leaders see they have this space and it’s unmoderated, they could push to see how far they can go.”
The acquisition has been celebrated by some Republicans, who have argued that Twitter censored conservative viewpoints. Researchers have said Twitter’s rules have been essential to countering online hate speech and disinformation. Some advertisers have worried about allowing their brands to appear alongside controversial tweets.
Elon Musk made a bid worth $44bn for the social media platform, with the aim of turning the spacer into a private company that allows users to use it without unnecessary limitations.
Mr Musk has also promised other sweeping changes at Twitter, including new leadership, job cuts and the pursuit of new ways to make money.
Mr Musk, 51, will be remaking Twitter without having to disclose how it is performing every few months. By taking the company private, he does not have to periodically to shareholders and can make changes to the service away from the public’s prying eyes.
Mr Musk has more than 109 million followers, began accumulating shares in the company this year and stated that he will lift Twitter’s content moderation policies, eliminate spam, add new features and provide more transparency about the algorithms used to promote content.
Mr Musk is ambitious and will transform the app into an “everything app” called X. In presentations to investors about the deal this spring, he said he anticipated that Twitter would reach annual revenue of $26.4 billion and have 931 million users by 2028. The company reported $5.08 billion in revenue last year and had more than 200 million users.
One of the significant changes that the acquisition would bring will be downsizing the current employees to a considerable level.
Advertisers may also be wary of doing business with Mr Musk after he denounced the use of advertising on Twitter and said the company should find a different source of revenue. Some advertisers have also been sceptical about their brands appearing alongside risky content that Mr Musk has said should be allowed on Twitter, while others have preferred to spend money with social networks like Facebook and TikTok.
“Twitter obviously cannot become a free-for-all hellscape, where anything can be said with no consequences,” he wrote. “Twitter aspires to be the most respected advertising platform in the world.”
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