(NewsNation) — With Elon Musk’s purchase of Twitter for an estimated $44 billion moving ahead, ideas are coming fast and furious about why he made the deal and what his plans are for the platform, which has yet to turn a profit.
The Twitter board of directors dropped it’s “poison pill” strategy to stave off a takeover and agreed to Musk’s deal Monday.
The deal isn’t final yet. Shareholder approval and regulatory sign-off are still pending, but both are expected in due order, which will leave the world’s richest man in control of one of its most-used social media platforms. The question is: Will Musk turn Twitter into a safe space for open discussion or a cesspool of disinformation, hate speech and bullying?
Wedbush Securities managing director Daniel Ives, pondering the future of Twitter and the wisdom of Musk’s purchase, said, “It’s definitely a risky bet for him.” Of course, we’re talking about the man who launched his own electric car brand and decided to break into private spaceflight, so risky moves are part of his worldview.
“I think there were two issues that really changed the board’s mind to do a U-turn on the Musk bid. One was the financing. Once Musk got line to financing, that really was the clock striking twelve for the board. It put their feet to the fire. And second, was no other bidder coming. Once another bidder did not come, they were at the altar, but no one came. That’s why they ultimately called back Musk,” Ives said.
So far, Musk is standing by his pledge to make the platform a home for free speech, and says that he’s looking to “increase trust” by authenticating all users and purging the site of bots.
With Musk’s emphasis on free speech, many are now wondering if some formerly banned people will be welcome back. Most notable among these is former President Donald Trump, banned for his tweets around the Jan. 6, 2021 riot at the Capitol. Trump, for his part, has stated that he won’t go back to the platform even if welcomed.
Monday night, controversial Fox commentator Tucker Carlson had his account reinstated.
Ronald Hans, co-founder of Tech Talk Media, said, “It’s been a concern, but at this point I believe that he will exercise to the letter the true meaning of free speech, and I believe that’s what many people in the media and outside the media are really looking for.”
Experts say free speech isn’t the only thing to focus on. “Not only is there free speech at play but capitalism, but there’s also management here at play. The three are not always mutually exclusive,” Hans said.
Former Twitter CEO Jack Dorsey said in retrospect that his biggest regret was turning Twitter into a company. However, he said he trusts that Musk will “take it back from Wall Street” and use the platform for good to help the public.
Early reports indicate that not all Twitter employees were delighted with the Musk deal. Many anonymously voiced concern over changes to compensation and the corporate culture. One of the biggest concerns, however, is that many employees felt like they didn’t get straight answers over the last two weeks, while Musk was pursuing the deal.