Musk and Twitter: the fight to improve social media
After asking his followers about Twitter´s speech principles, Musk bought 73.5M shares of Twitter (9.2% of the company). Also, Twitter announced that Musk would be appointed to its 11-person board for a term that expires in 2024. He said he hoped to “make significant improvements” by improving director Parag Agrawal and co-founder Jack Dorsey’s ideas.
In the beginning, the new acquisition meant Twitter $2.9 billion of new financing, and the market capitalization increased by another $9 billion. Musk’s companies made it so well in the stock market that investors are disposed to pay more for those shares because of its outlook.
Finally, Musk offered to buy the company for $43 billion, sending the following letter to Bret Taylor, chairman of Twitter’s board:
At first, twitter´s board was reluctant, but finally, they accepted the offer.
Here are the top strategies that Musk has over Twitter
1. Decentralization
Button to edit tweets and feeds. To enhance their experience, Twitter’s algorithm could be available (open source algorithms). Users could customize their social media feed and leverage coders' work worldwide.
Musk has already dabbled in decentralizing technologies. In 2015, Musk founded an artificial intelligence lab called OpenAI. He later parted ways with the company, but this experience could help Twitter decentralize its algorithm.
Investors expect Musk´s team could improve its own project called Bluesky, a new social media infrastructure that would give users control over their data and allow them to move across platforms.
2. Free media
Users are looking for free speech media. Musk has criticized Twitter for moderating its platform too restrictively.
Musk proposes to give power over which type of posts they see in their feed. That empowers users to be their moderators and establishes rules about what kinds of speech are acceptable. There won’t be more exaggerated moderation from Twitter, and users could trust Twitter.
Also, he wants to sell a verification status for each profile. That extra price would free users from the corporation´s bots and create a new income for Twitter.
Link to Musks offer:
https://www.sec.gov/Archives/edgar/data/0001418091/000110465922045641/tm2212748d1_sc13da.htm
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