A recap of Elon Musk buying Twitter, sacking several staff, and other recent news and events. Twitter users communicate with 140-character “tweets” Twitter users follow their favorite celebrities and news sites to meet new acquaintances, learn about intriguing subjects, and get breaking news. At the 2007 South by Southwest Interactive conference, more than 60,000 tweets were exchanged. The Twitter crew used the event to start expanding their user base.
Since Twitter’s origins are in short message service (SMS) texting, the first 140-character restriction was not set by Twitter but by cell carriers. Twitter is a service that tries to provide easy-to-skim content for our tech-heavy, short-attention-span world. Because of this, the restriction was kept even when the service grew into a full-fledged web platform.
Over the last decade and a half, Twitter’s popularity has skyrocketed. Its goal is the rapid dissemination of information, which may or may not be significant.
Elon Musk Taking over Twitter
After months of haggling, litigation, verbal mudslinging, and a near-miss of a full-fledged trial, Elon Musk finally purchased Twitter. According to three sources familiar with the matter, Mr Musk finalized the $44 billion agreement to buy the social networking site in October 2022. During the same time, he fired at least four high-ranking Twitter officials. Shortly after taking over, Musk visited Twitter’s headquarters in San Francisco to talk business with engineers and ad executives.
After months of turmoil and legal battles as Musk changed his mind about purchasing the firm, the transaction has finally closed, leaving Twitter’s future in doubt. As a self-proclaimed “free speech absolutist,” Musk has said he wants to “lift the permanent ban” of former President Donald J. Trump from the service and make the social media platform more open to all kinds of discussion.
Musk’s freewheeling attitude toward Twitter speech may compound long-simmering concerns about poisonous material and disinformation, damaging global political conversations. Brazil’s presidential election and the US midterms will be early barometers. Even before Musk bought it, Twitter announced it would ban false statements regarding elections and voting.
Why did Elon Musk Buy Twitter?
Musk claimed he intended to push Twitter to promote free expression. “Twitter has become the de facto town square,” he said in a 2022 TED interview, so it’s necessary that people “feel they can talk freely within the law.”
In a letter to Twitter advertisers, he said he wanted the site to be a secure place “where individuals with diverse opinions may communicate without turning violent.”
Musk posts company news, memes, and his thoughts on social, political, and cultural issues on Twitter.
Actions adopted by Elon Musk after purchasing Twitter
Musk has stated that he will reverse the permanent ban on former President Donald Trump, calling it “foolish in the extreme.” January 6, 2021, a rebellion at the United States Capitol led to Trump’s exclusion. Permanent prohibitions, according to Musk, might divide opinions.
Due to his public stance on expanding “free speech,” many people believe that Musk will relax Twitter’s current guidelines on removing violent, hateful, and otherwise offensive material from the platform. Twitter’s employees and social media experts are worried that Musk could weaken the platform’s security measures.
Insiders and observers worry that the changes will cause Twitter to lean toward the political right. Musk has said he plans to “stick close to” the rules set by the country that hosts Twitter. It should be legal unless the people want it banned, he said in a tweet back in May.
Musk warned potential sponsors that Twitter “obviously cannot become a free-for-all hellscape, where anything can be said with no consequences!” in his letter to the company’s investors. Musk has also suggested that businesses and governments should have to pay for access to Twitter’s best features through subscription services.
Elon Musk Workforce change strategy
Regardless of who owns Twitter, massive layoffs are coming, which will affect the platform’s ability to manage inflammatory content and prevent data security catastrophes. Elon Musk told investors he would lay off 75% of Twitter’s 7,500 staff, or slightly over 2,000 people.
According to corporate documents and talks with business insiders, Twitter’s management aims to slash payroll by $800 million by the end of next year, resulting in the departure of almost a quarter of the workforce. The corporation intended to eliminate most of its infrastructure, including its 200 million daily visitors and data centers.
Never-before-revealed details about the severity of the layoffs provide context for Twitter’s eagerness to sell to Musk. Even though Musk is hostile, his $44 billion offer is a golden ticket for the struggling company. It lets company leaders avoid embarrassing statements that could hurt morale and complicate fighting fake news, hate speech, and spam.
Edwin Chen, the former Twitter data scientist in charge of spam and health analytics and current CEO of Surge AI, said millions of users would experience the effects fast. He agreed with Musk that Twitter had too many personnel but termed Musk’s budget cutbacks “unimaginable,” claiming they would put users in danger of hacking and inappropriate material.
Recent firing on Twitter
Twitter Inc. has fired off more than 90% of its India workforce due to global reductions imposed by new owner Elon Musk, leaving the business dangerously understaffed in engineering and product development in a potential new market. Before the layoffs, the firm had just over 200 workers in India, according to unnamed sources.
Twitter, Meta Platforms Inc., and Google depend on India’s large population and potential for new internet users as a growth opportunity. The companies must also deal with stricter content rules that aim to rein in internet titans.
One estimate says that 70% of the jobs lost in India were in product development and engineering teams with global responsibilities. According to the sources, jobs were cut across departments, including public affairs, marketing, and corporate communications. On a worldwide scale, San Francisco, California-based Twitter laid off approximately half its staff or around 3,700 people.
India’s political discourse on Twitter is heated, with rival parties often accusing each other of spreading false information. Narendra Modi has 84 million Twitter followers. Given that the country has over 100 languages, it’s unclear how Twitter plans to control the conversation with its downsized employees. According to a Bloomberg News article, the firm still employs around 3,700 people worldwide. Musk is putting the remaining staff under extreme stress to achieve the new targets, with some even sleeping at work.
Twitter Stock
Since Musk intends to take Twitter private, lawyers believe trading will stop immediately after that paperwork is submitted to the NYSE.
Stockholders will receive $54.20 per share after the paperwork is processed. Lawyers say deregistering stock after a merger is quick and easy, so Musk’s team shouldn’t worry.
Takeaway
Twitter may adopt extremism, create new products, and remain there once the controversy dies. Musk has a high tolerance for public mockery and seems to prefer being the focus of it. To the experts’ amazement, his company may be able to operate on the border of profitability while continuing to grow and attract new customers.
