A week or so ago, it seemed that Elon Musk’s bid for Twitter was a passing whim, a joke made up to troll the media and the tech industry at large.
The billionaire bought a chunk of the company’s stock, was offered and then refused a board seat, and talked about taking Twitter private to grow and become a genuine platform for free speech. Twitter, for its part, readied a “poison pill” defence to fend off his unsolicited bid.
Why would he seriously consider buying Twitter?
But now Twitter has accepted his $44 billion offer that will see him pay $54.20 per share.
On the face of it, it seems like a perfect match. Twitter is the social media platform we love to hate, and the Tesla chief executive is equally polarising.
In the balance
Exactly what Twitter under Elon Musk will look like is still a matter for debate. His own behaviour on Twitter has seen him fall foul of the US stock market regulator, the Securities and Exchange Commission, thanks to tweets about Tesla. Most recently, in between talking about his plans for Twitter, he mocked Bill Gates's physical appearance before saying he was "moving on".
Freedom of speech
Will “fixing” Twitter be a simple matter? Or will it be a gargantuan task that depends not only on the nuances of human nature, but also navigating the different legislation that governs speech in different countries? What counts as protected free speech in the US may not wash in other countries, particularly as more move to make platforms responsible for their users. That could leave Musk’s idea of turning Twitter into a free speech free-for-all in peril.
Donald Trump says he won’t be returning to Twitter under Musk’s ownership. A small blessing.
It will be interesting to see what Twitter looks like free of the demands of the stock market and shareholders who want to see a return on their investment. Mind you, saddling it with the demands of Elon Musk is no guarantee it will be any better.
