What is Elon Musk’s relationship with Twitter?

Musk has more than 83 million followers on the site and uses his profile to share memes, updates on his company’s space ambitions and, frequently, jokes about weed. Earlier this month, the billionaire confirmed he had bought more than 9 percent of the company, making him its largest shareholder. His investment announcement came days after he publicly questioned the company’s commitment to free speech and suggested he might start his own social platform. His involvement was met with a mix of reactions. Some inside Twitter worried that Musk may push Twitter in a libertarian direction, away from blocking or restricting accounts that cause social harm, according to people familiar with internal conversations who spoke to The Washington Post on the condition of anonymity to describe sensitive matters. Some Republican members of Congress hailed Musk’s influence , seeing it as a way to end so-called tech censorship. Twitter swiftly announced that Musk would join the board of the company , and Musk said that he looked forward to making “significant improvements” to Twitter. But just days later, Twitter said Musk would no longer join the board, offering no clear explanation for the turnabout. Twitter CEO Parag Agrawal announced the news, saying “I believe this is for the best.” Agrawal has been chief executive of Twitter since late last year, after co-founder Jack Dorsey stepped down.

How will Elon Musk pay for Twitter?

Musk said he had secured loans from banks for about $25.5 billion. He’d pay the rest, he said in an SEC filing, with an equity commitment of $21 billion. That presumably means the entrepreneur would use parts of his stake in electric car company Tesla, though he didn’t spell out his equity plan. Musk is worth about $270 billion, according to Forbes, but much of his money is tied up in Tesla stock. Musk regularly uses his Tesla stake as collateral for loans. But the risk this plan potentially provides to Tesla, which has beat market expectations, has concerned some investors. “You’re giving away caviar to buy a hot dog on the street in New York City,” Wedbush Securities analyst Dan Ives after Musk’s financing plan was released.

How did Elon Musk make his money?

Let’s back up. Musk is the CEO of both electric car company Tesla and space exploration company SpaceX. He also co-founded payments company PayPal and is a cryptocurrency enthusiast. He is considered the richest person in the world — worth about $260 billion according to the Bloomberg Billionaires Index , or $270 billion according to Forbes. Known for his brash and sometimes controversial presence, Musk has spurned the role of a traditional, buttoned-up CEO. He regularly tweets references to “69” and “420” and officially changed his title at Tesla last year to become the “Technoking of Tesla.” He knocked heads with California regulators in the early months of the coronavirus pandemic by defiantly reopening Tesla’s plant while the county was still under orders to shelter in place. He has also had several run-ins with the Securities and Exchange Commission, including the time that he tweeted that he had “funding secured” to take Tesla private. He settled with the agency for $20 million in 2018 and agreed to step down as chairman of the electric car company. Musk has a large, devoted online fan base that believes him to be a visionary and fiercely defends him against criticism.

Why is Elon Musk buying Twitter?

Musk has said he wants to promote free and open speech on the platform. “Well, I think it’s very important for there to be an inclusive arena for free speech,” Musk said in a live TED interview shortly after announcing his bid. “Twitter has become kind of the de facto town square, so it’s just really important that people have both the reality and the perception that they are able to speak freely within the bounds of the law.” Musk wrote in a letter to Twitter board chair Bret Taylor that he wants to take the company private to unlock its “extraordinary potential.” He said he believes the company can be the “platform for free speech around the globe.” “However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form,” he wrote, according to a copy of the letter in an SEC filing. “Twitter needs to be transformed as a private company.” Twitter, like most major social media companies, has grappled with how best to moderate content online — attempting to walk the line between protecting users and promoting free expression. Musk posted a Twitter poll in late March, after he had acquired more than a 5 percent stake in the company but before he announced it, asking if people thought Twitter “rigorously adheres” to the principle of free speech. After the majority of voters chose “no,” Musk asked if a new platform was needed. It appears he decided to buy the existing platform instead.

Is Elon Musk still tweeting?

Yes. On the day Twitter announced it had accepted the bid, he posted a picture of his quote from the news release with the text “Yesss!!!” and heart and rocket emoji. Musk also tweeted before the offer was accepted that it would be “utterly indefensible not to put this offer to a shareholder vote.” He also previously shared a bit more about his plans for the company, including posting “If our twitter bid succeeds, we will defeat the spam bots or die trying!” Faiz Siddiqui contributed to this report.

Technology

Elon Musk’s Twitter takeover, explained

He is buying the company for about $44 billion

By Rachel Lerman

Updated April 25, 2022 at 4:53 p.m. EDT|Published April 14, 2022 at 1:18 p.m. EDT

Billionaire Elon Musk has made a bid to buy Twitter. (Brendan Smialowski/AFP/Getty Images)

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6 min

Elon Musk, the world’s richest person, will buy social media site Twitter for about $44 billion after weeks of back-and-forth with the company.

Musk offered to buy Twitter for $54.20 per share, and the company agreed more than a week after he first launched his hostile takeover bid. The billionaire said he believes the company has the “potential to be the platform for free speech around the globe.”

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Twitter’s board appeared to reconsider the offer after first taking steps to avoid it when Musk said he has secured $46.5 billion in financing to acquire Twitter.

Musk is best known for being an electric car innovator and space enthusiast, so how did we get to this point?

Elon Musk launches hostile takeover bid for Twitter

Elon Musk and Twitter

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