Being rich has a lot of perks. One of them, as the richest man on earth, Elon Musk shows, is simply acquiring companies. His most prominent acquisition so far, that just went through anyway, is Twitter at US$ 44 Billion (MYR 191.333 billion*).
Of course, while this is our first report on Elon Musk’s bid to acquiring Twitter, it is not something that has gone quiet. Elon Musk bought over some Twitter shares a few weeks back and has been bidding to acquire the platform entirely ever since. Why? We do not know.
A few weeks back, with his acquisition of Twitter shares, he also promised that Twitter will soon have an ‘edit post’ button. The ‘edit’ button is something Twitter sorely lacks since its inception. While we would appreciate an ‘edit’ function, we have sort of lived with it. An ‘edit’ button will be nice though.
The acquisition that just went through not too long ago today has more questions surrounding it than answers too. One thing that has already been known with the acquisition is that the current CEO, Parag Agrawal will be leaving the company, though there are no mentions of when that will happen. We also know that Elon Musk is big on “free speech within the bounds of the law”, which is still rather vague but could mean less regulations from Twitter’s end. Elon also says that he wants to make Twitter better with new features and open sourcing the algorithms within Twitter.
What does this mean for Twitter?
Nobody knows, really. When the deal went through, there were plenty of speculations on organisational restructuring. Employees at Twitter are still nervous about their jobs or even compensations if they suddenly become unemployed. So far, there are no mentions on a major restructuring in Twitter yet.
In terms of the Twitter platform itself, you could be seeing the return of multiple names that was banned by Twitter for political correctness and other reasons. We said ‘could’, not ‘will’, so even we are taking that with a pinch of salt for now. Still, in favour of Elon Musk’s “free speech” commitment, we are expecting looser regulations from Twitter and less intervention from the platform in plenty of topics, “fake news” included.
Of course, such high-profile acquisition will attract the attention of Wall Street. That led to a 5% spike of Twitter’s share prices before Wall Street had to stop the trade of Twitter’s stocks. Elon Musk is known to turn many things into gold, and we believe that Twitter’s stocks will continue to increase in value at least for the time being.
The current CEO of Twitter says that there are no planned changes at this time, at least before he leaves. He added though that he is unsure about changers in the future ones the deal closes later this year. The deal is expected to take another six months before Elon fully takes control of Twitter. At least for the next six months, there should not be much in terms of change within and on Twitter as a platform.
*Approximately based on exchange rate of US$ 1 = MYR 4.35 as of 26/04/2022 on xe.com