What are Elon Musk's Plans For Twitter?

Harshit Verma Harshit Verma Anik Banerjee Anik Banerjee
Apr 26, 2022 20 min read
What are Elon Musk's Plans For Twitter?

The world I see around and in fact, the world, which we all see around is mostly glued to a screen. At a point in time, you may develop some sense that this world is covered with more screens than living organisms. There is something that is too addicting about these screens. In fact, we all know what that addicting element is! It is most of a probability, social media.

We live in a society, where we don’t really live in a society, in fact, we live on social media. Jumping from one medium to the other. We might be posting some fun photos on Instagram for a second, choosing captions for the posts on Facebook and then typing out feels on Twitter. Covered with an immense responsibility of maintaining every social media with a good social life has gotten all over us.

In a world where everyone is on social media, It is really important that social media acts as a good and moral form of media. It should be more democratic and should have all the fundamentals of democracy. Like free speech and open for all features with strict guidelines about hate and misconduct which we all witness online. The past five years or maybe ten years have been consumed in this discussion of maintaining social media.

There are influential people involved in this decision and the social mediums we use every day are really getting better every day. This article is about one such social media, and that is Twitter. Twitter is one of the most famous platforms in the world. We will cover how it is changing, and the recent news about Elon Musk buying out the biggest stakeholder in the company and eventually acquiring the company in whole. There were a lot of updates to recollect that involved Twitter until the popular social media platform has been acquired by Musk. So, let us see the events one frame at a time and then ascertain how the company is doing present and where the company is headed. First, let us see who the protagonist of these news were and why he is such a sensation.

Who is Elon Musk?
Reaction to Elon Musk Acquiring a 9.13% Stake in Twitter
Elon Musk Replaced as the largest shareholder of Twitter
Elon Musk Tweet's Analysis
Twitter Edit Button Foray
Elon Musk Not Joining Twitter Board
Has Elon Musk Bought Out Twitter?
The Present State of Twitter
The Expected Future of Twitter

Who is Elon Musk?

You must be living under a rock if you don’t know who Elon Musk is! He is probably the most famous and most sensational entrepreneur and businessman ever known to humanity (At least the twenty-first century). He is smart, he has all the skills to create something in the field of science and technology, and if you look at his Twitter account, he is hilarious.

He is the founder of SpaceX (A space company that builds and launches rockets), Boring Company (A tunnel-making company for better and futuristic transportation), and the all-time great Tesla (A smart car manufacturer). This man has literally made everything that most technologists in the world have mentioned to be impossible in the near future.

Maintaining such big companies and a lot more other companies, Elon Musk comes on the list of richest people in the world, and with a net worth of $266 bn in April 2022, he is the richest among all of them.

Besides, most investors and people in the world love him and trust him. This is Elon Musk, and of course, not to mention that with great powers, comes great responsibilities. He is such an influential person that once he skyrocketed the price of Bitcoin, just by a tweet. He is the mind behind the joke turned crypto, Dogecoin, and behind the “to the moon” phrased meme all over the internet.

The best way to find out about Elon is probably not his Wikipedia, it is his Twitter account. He is the most transparent and his usual self on Twitter, I'm joking. His account is filled with memes, jokes, more burning jokes, facts, and sometimes random wisdom. Not to mention, Twitter seems to be his favourite social media among all the social media in the world, perhaps that is why Musk bought it?

Well, you never know, do you?

The founder of Tesla spends a disproportionate amount of time on this medium. This calls for some recent news, the news about buying Twitter. However, before disclosing the news of Musk buying out Twitter, you need to understand how he bought Twitter because that seems to be a really pertinent question today.

Reaction to Elon Musk Acquiring a 9.13% Stake in Twitter

The news that came off on 4th April 2022, shook Twitter. Not just Twitter but every shareholder of the company. Elon Musk bought 9.13% of the company. The result of this action was that it made him the biggest shareholder of the company among others. This move of buying the biggest stake in the company gave him more power than any other shareholder in the company.

As the news broke out of Elon taking a 9.13% share of the company in his ownership, there were many repercussions. As a man who is a very influential personality in the world, this move was unexpected and uncertain at the same time. In fact, there are multiple instances where Elon proved that he is not predictable at all. He does whatever he feels like doing and with the same stance, he speaks whatever on Twitter he wants to.

As Elon bought 9.13% of the social media giant, there were reactions all over. It is to be noted that Elon’s share in the company then stood at about four times that of Dorsey. Jack Dorsey is the co-founder and one of the key people in starting the company, Elon surpassed Jack with this investment and had more ownership than him.

Another event that occurred after the stakeholding was the jump in the share price of the company. It is to be noted here that the social media giant is a listed company, as it is an enormous firm that requires a listing of its own. As a person who can change the price of bitcoin with just a tweet, we can only guess that buying 9.13% shares in a company as large as Twitter, would imply similar reactions for sure. The shares of Twitter jumped 27% after the news broke out on the fourth of April. This has also been noted as the single biggest jump for the company's shares till then.

Elon Musk didn't write to SEC when his stakes in Twitter went beyond 5%, which was a violation of the US security laws. Therefore, when he disclosed his acquisition of over 9% of Twitter shares via the 13G filing of SEC on April 4, 2022, the shares of the social media platform saw the largest intraday surge in their prices since its 2013 IPO.

With a 9.7% stake in Twitter, Elon was bestowed with powers that can change and alter the decisions of the whole company and thus, the market image of the social media giant. In fact, in some other news, it was also mentioned that Elon was all set to join the board of the company, which would have helped him get the powers of dictating the company. This is one of the prominent privileges that the topmost shareholder of a company get. However, Elon initially delayed the same until it was effective from April 9th.

All of the above repercussions or reactions were just one part of the story and they were the most noticeable changes in the company and the outside. However, there were more reactions and repercussions that were still not revealed to the world then.

Before Elon starts his own sways as the owner of the company, we must see what kind of changes we can expect from him. For this information, we will have to look at his Twitter account. His Twitter account has always been full of useful nuggets of information that can guide us in the direction that this person will be taking Twitter to. Let us have a look at his most recent tweets among the news of him buying the most shares of Twitter.

Elon Musk Replaced as the largest shareholder of Twitter

The story so far has been easy to follow but now there occurred a twist that turned everything. This was another update to the story, the ‘Elon and the hostile takeover of Twitter’ story. Now, before we tell you the story, let us inform you that there are five major shareholders in Twitter. Those five names, according to their shareholdings are Elon Musk, The Vanguard Group, Morgan Stanley, Black Rock and State Street. All these five Investors/Firms make up for all the ownership of Twitter. Collectively, these top five Twitter shareholders own more than 37% of Twitter.

Now that Elon was trying to buy the whole company with some really rash conditions like reconsidering his already biggest shareholding in the company, other investors thought to come up on stage. The Vanguard Group, which is the biggest shareholder, next to Elon decided to come into the picture. Vanguard increased its share in Twitter, which led Elon to bump off his perch. The Vanguard Group, which is an asset management firm, grew its stakes in the social media giant, Twitter to 10.3% of the company. The group then owned 82.4 million shares of Twitter, which made them the highest shareholder in the company, offsetting Elon’s shareholding of 9.13% in the company.

The Vanguard Group overtook Elon Musk as the largest shareholder of Twitter. The move came after Elon tried to take the company into his own hands, rather forcefully. Experts started referring to this as a hostile takeover of Twitter. Soon after Elon’s action, the “Twitter Takeover” hashtag also started to go viral with thousands of Twitter users replying to it and commenting on their views. Vanguard’s move of buying and owning the largest stake in the company came to offset what Elon is up to. According to Elon, who seemed to be a hardcore advocate of free speech, Twitter is not doing enough to promote free speech. Musk wanted to make the company a private company, from a publicly listed company and thought that he can unlock its full potential. One thing is sure, Twitter headquarters had been on fire at that moment.

Elon Musk Tweet's Analysis

Most celebrities do not like controversies. Let me rephrase it, most celebrities try and avoid any sort of controversies whatsoever in the world. Most people in the world love controversies and stories with great spice in them. As opposed to the popular opinion of being controversial, most celebrities in the world try to avoid arguable moments, at least in public.

Elon belongs to that category of influencers or celebrities who absolutely love controversies. Musk is someone who is super transparent and speaks his mind, even in public. He does not really care about what the repercussions will be and how people will react to his ideas. He just does.

His Twitter account reflects what we just mentioned in the last paragraph. He is his honest self on this social media and just tweets without a second thought. That is one reason for the immense following that he has gotten on Twitter.

Soon after the news broke of Elon Musk buying a 9.13% stake in Twitter, he was, as usual, active on his Twitter account. It was the 4th of April when this happened and he has tweeted a lot of things since then. Let us see what he has been up to, by decoding his tweets and polls and pictures. Here it goes:

One of the first things that he posted on Twitter after becoming the major stakeholder in the company, was a meme. He literally posted a meme which is quite a usual post on his Twitter account and fans reacted the same.

Fans blew up the post by hitting the retweet button a million times. The meme showcased Elon Musk smoking weed. Yes, it gets as weird as we speak more about it. Let us link it up here, the tweeted photograph so that you can relate to what we are saying.

Elon Musk tweet after becoming the major shareholder of Twitter
Elon Musk tweet after becoming the major shareholder of Twitter

The photograph is of Elon in a past podcast with the podcaster Joe Rogan. Now it is here to be mentioned that Joe Rogan is a popular podcaster and he has an audience that is huge. As mentioned earlier, Elon is his usual self on Twitter, as the world likes to believe and as seen everywhere on the internet. This event was controversial, and it even affected Tesla’s share.

Going back to the tweet, he shared this image of him smoking weed. The image also entailed a caption on the top of the image that read “Twitter’s next board meeting is gonna be lit”. The post is, NOT GONNA LIE is hilarious. It shows that this person is super chill and raises questions on the future of Twitter as a social media which is becoming more and more transparent.

The next tweet of Elon Musk, which we are going to mention here, was also a hit and had rave responses from people all over the world. This time, Elon commented on the famous issue that Twitter has had for a long time now. The edit button. His tweet was a poll in which he asked his 81 million followers "Do you want an edit button ?" He also cleverly added two typos in his tweet poll, misspelling ‘Yes’ as ‘Yes’ and ‘No’ to ‘on’, which was not a random mistake but a thoughtful mistake. This marks the old debate of Twitter having an edit post button like other social mediums.

Elon Musk Edit Button Tweet
Elon Musk Edit Button Tweet

Parag Agrawal retweeted Elon’s tweet poll and wrote a caption that he wants participants of the poll to choose carefully as this will have implications in the future. Twitter officially mentioned later that they are working on an edit button. Elon’s tweets were famous back then and now, he is the biggest shareholder in the company, which means that he has to decide the powers in his hands.

The next tweet that we want to talk about is another recent tweet after he became the largest stakeholder in the company. This was actually a retweet with a quote that he wrote. He retweeted some tweets that showcased ‘the topmost followed accounts on Twitter.

The original tweet involved mentions of celebrities Obama, Justin Bieber, Taylor Swift, and other celebrities on Twitter. Elon retweeted it by saying, “Most of these top accounts tweet rarely and post very little content”. He also added a question “is Twitter dying”. It mentioned the low popularity of Twitter and super users using this social medium to post less content, as compared with other social mediums like Instagram. This raises questions about the popularity of the social media giant.

Elon Musk Top Accounts Tweet
Elon Musk Top Accounts Tweet

He also added some more replies to his original quoted tweet by mentioning some of the top accounts. He said that top accounts like that of Justin Bieber and Taylor Swift did very little or no posts this last year. This sprung many reactions out from everyone who interacted with the tweet. Thus, taking a toll on Twitter and its largest accounts in terms of follower counts.

In another tweet, Elon Musk wrote, ”Convert Twitter SF HQ to a homeless shelter since no one shows up anyway,”. The tweet was a poll with many participants saying yes to the idea. One of the participants in the poll was none other than the richest person on earth, Jeff Bezos. He agreed to that tweet replying that he and his team at amazon did a similar thing. Jeff and his team did turn one portion of their corporate office at someplace into a homeless shelter.

The tweet about converting twitter headquarters into a homeless shelter came after Elon observed that the employees weren’t coming to the office. So, this poll was an attempt to take a toll on the employees there. However, we feel that folks at Twitter are doing a pretty solid job at their work.

After analysing a lot of tweets from the CEO of Tesla, it’s time to look at the platform and the most famous issue with it. The edit button has been the centre of outrage on this social media for a long time now. Here we will see what it is and how it will be in the future.

Twitter Edit Button Foray

Twitter is a social media that revolves mostly around typed texts. Posts are mostly typed texts that are also limited to some, One hundred and forty characters. This character limit was much shorter in the past and was increased following the huge demand from Twitter users. This is an example where Twitter shows that it takes care of its user demands.

However, there is one more thing that pinches Twitter users. That thing is the absence of an edit button. Twitter has had no edit button since its inception and people are super pissed off from this thing. They have been asking for it for a long time now and Elon entering the scene has been a ray of hope for these people.

In the past, Twitter said that having no edit button inspires people to type responsibly and sensibly. Twitter has also mentioned in a quirky way that “Your typos make it original”. Which is a good escape from the situation. Even before this edit feature was a thing, the issue was fewer characters to tweet. Twitter used to dismiss it by saying that fewer characters for tweeting inspire creativity.

Turns out that the edit button issue is a big issue for all the twitter users and this has to be made a feature on the website and the app. As Elon stepped in the scene with the biggest shareholding in the company, there was hope in the eyes of Twitter users.

In a very recent tweet, Twitter mentioned that “We are working on an edit button”. This tweet, however, was on the first of April, which is known as April fools day. If this is a prank or it is a real thing, we can’t say it in sure terms. Only time will tell if twitter will really be adding an edit button or it was a massive prank. It is not funny however anymore.

Elon Musk Not Joining Twitter Board

This was big news for the world, when everyone was expecting Elon to be joining the board at Twitter, this news came out. Let us see what the article that Parag posted said and try to see what happened here. Parag sent a snapshot of the post that he shared with his team on Twitter. The first line of the article read “Elon Musk has decided not to join our board” and then came the explanations.

He said that the Twitter board and Parag himself discussed many things with Elon Musk, that too face-to-face, with no hierarchy in between. The board of directors at Twitter was super excited about Elon joining the board but they want to be sure about the risks involved in the action. The article mentioned that the company expected Elon to act as a real board member, which simply means that he has to work in the best interest of the company and all the shareholders.

With all these general terms and conditions that every company would expect from a board member, the Twitter board offered Elon a seat happily. This was mentioned in the article. Twitter even announced the same on Tuesday on an official notice that Elon will be appointed as a board member. With some little background check.

All the work was nearly done but the next morning, Elon himself said that he will no longer be joining the Twitter board. Parag mentioned that he believes that this decision is for the best and they have always looked out for shareholder’s input. For the time being, Elon Musk is the largest shareholder, and the owner of the company, and will remain that way, and the company will always be open to his input. This means that the Tesla CEO will not become a part of the board of Twitter but will remain the largest shareholder in the company with all the rights of a shareholder.

Parag also mentioned that the future of Twitter is full of distractions and all the people working at the company will have to prioritise goals and achievements.

All these events on Twitter really define Elon as an unpredictable person who just can’t be predicted. Not to mention that this company, Twitter is his favourite social media space and now he is its biggest shareholder. This is expected that Elon will be good to the board and will not create any sort of ruckus that is not needed there. But again, Elon is unpredictable as always, and saying no to the opportunity of staying on the board of directors, will help Twitter stay focussed on what they are trying to build.

As the news broke out, there was an immediate effect that could be seen with naked eyes. Twitter shares fell down, as the stock exchanges are just a reflection of investors' feelings. It is obvious that investors were hurt by this decision and thus, they started pulling money off their stock and portfolio from Twitter. This was the effect of news and Elon, as mentioned earlier is his usual self and does not really care about controversies. He can just punch a stock with a tweet.

Has Elon Musk Bought Out Twitter?

Yes, you've heard it right! Elon Musk has actually bought out Twitter buy buying 100% stakes in the firm on April 26, 2022.

As we mentioned, this article has to be updated to the latest version of the story. In our research, we found another update and we got to know that Elon wanted to buy the whole company. Not that this was not evident from his actions but this was big news indeed.

Elon Musk asked the board to sell the company to him. As a Twitter admirer and then the biggest shareholder in the company, he said that this company has a lot of potential. A huge potential that was left untapped. He also mentioned that he thought he was the key person that could unlock that potential.

Tesla’s CEO offered the company an offer that seems too good to be true to us. He said that he will buy every share for 54.20 dollars each, which will value the company at a whopping 43 billion dollars. As the news broke out that the world’s richest person is trying to buy the social media giant, the stock markets reacted in a positive manner. Twitter shares jumped up 5.3 percent and stood at 48.2 dollars.

Twitter said that its board would review the proposal and any response would be in the best interests of “all Twitter stockholders.”

It all started on 4th April 2022, when Musk agreed to a deal that would appoint him to the Board of Directors of Twitter on April 4, 2022, while prohibiting him from acquiring more than 14.9% of the company. However, Elon decided to not join the board before his appointment became effective on the 9th of April.

Elon Musk then offered $43 bn on April 13, 2022, to buy out 100% shares in Twitter at $54.20 per share. This was fueled by his desire to take the company private. Musk reportedly said that Twitter will "neither thrive nor serve [its free speech] societal imperative in its current form", adding that it "needs to be transformed as a private company." Though Twitter's board initially adopted a shareholder rights plan, which aimed at making it more expensive than it was possible for any single investor to own more than 15% of the company without permission from the board of Twitter, it later accepted Musk's offer on April 25, 2022. The bid was concluded at $44 bn on the same day and the news rolled out the very next day of Elon Musk's Twitter acquisition via an all-cash deal worth $44 bn.

Twitter wanted all its actions to fall exactly in the place that will help the company and the stakeholders grow. The current scene with Elon looked too unpredictable and unstable to think. The offer that he made was really good but what the board was unable to decide was the fitness of Elon for the role of the most important person in the organisation. If Twitter was bought by Elon, the company will have to do whatever he says as he will have all the controlling rights, thought the board. Elon was surely too unpredictable and uncertain to have the handle for the whole company.

“If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder,” said Musk.

This was really a big reply as recently Elon made public his stake at 9% and not the 9.13% that was previously mentioned, which again angered investors in the company. Elon had too much power which had to be controlled otherwise, this man was expected to buy out Twitter in a hostile manner. We use the word hostile over here because if the company refused to accept Elon's offer, it meant that he will not invest in the company. This directly implied that the stocks will crash, inevitably. This was a situation where the company was taken hostage and what will happen next really looked like a war-like situation between Elon and Twitter. However, all of that ended in the reconciliation of Twitter and Elon Musk, who completed his 100% acquisition of Twitter by acquiring all of its shares, which were valued at $44 bn on April 26, 2022.

The Present State of Twitter

Twitter has been a really famous social media. It is simple to use, has great implications and use cases and people just love it. It is a great platform for sharing news and the most famous thing is, sharing opinions in restrained words. This was a clever idea that worked really well, to build a platform that will allow users to type out their opinions and put them on a social wall that can be accessed from everywhere.

When we compare this social medium with other famous platforms like Instagram, we will notice that this is completely different. Instagram is solely focused on photos and videos (Mostly small). On the other hand, Twitter is a niche website, which can be exactly defined as a microblogging website. It is the words that count here. And of course, even though there are options for photo and video sharing on Twitter, it is heavily verbal and non-central. Instagram is visually appealing, while Twitter works as more of a community place of common ideas and interests.

If we look at Twitter from a business perspective, there is space for that too. Twitter is most commonly used as a community management and customer service platform. Most of the companies in the world operate their community services on Twitter and they are really responsive to queries customers ask. This popular social media platform has now stands acquired by Elon Musk, who can be summed up as the private owner of Twitter.

The Expected Future of Twitter

As the series of events passed its climax and concluded with Elon Musk's acquisition of Twitter, there is surely more to follow. The likely future of Twitter is expected to change in the hands of the colossal entrepreneur and the tech tycoon, Elon Musk. To change is to say at least, if not a drastic change. The first such change was noticeable already, even before Musk acquired Twitter in full, which was the approval of Musk's request for the addition of the ‘Edit button’ on Twitter. We will be taking the word from Twitter that they will be adding the edit button soon, which is already in its testing phase.

Conclusion

Twitter is a famous place to put out opinions and ideas with the aid of words. This is the sole reason that makes it universally famous. Concise wordsmiths love it and are super users of this app. It is not a surprise to hear that Elon loves it too. In a tweet, Elon even mentioned that half of his tweets are from his porcelain throne, which is hilarious and maybe true.

For those wondering, Porcelain throne is a slang term that refers to the toilet seat. This person, who is the CEO of Tesla and a very unpredictable person, is now also the owner of Twitter after buying the largest stake in the company. This sets the hopes of Twitter users to the roof, or we should say to the moon. Elon is unpredictable and is often the centre of controversies. The future is surely unpredictable for Twitter but will be exciting indeed.

As we follow the news more, we get to see that this story is not going to end in a small, tiny tale manner but it is probably the beginning of some big shifts in the biggest companies in the world. As per the latest news, Elon Musk is the owner of Twitter now and the social media giant is now a privately held entity, as of April 26, 2022. The news just came out today and since then, everyone is talking about it. Twitter has flooded already. The story has more twists and turns than a Nolan movie. No one can really tell where this story is going to go next but this game of thrones is getting really unforeseeable and hilarious.

FAQs

Is Elon Musk on the Twitter Board of Directors?

No, Elon Musk was offered to join the Twitter boar but Tesla CEO denied the offer and instead offered to buy out Twitter, which he finally did.

Is Elon Musk active on Twitter?

Yes, Elon Musk is one of the most active people on Twitter and his tweets are quite influential.

Did Elon Musk buy Twitter?

Elon Musk has offered to buy Twitter for $43 billion. As of the recent updates Musk bought out 100% stakes in Twitter for $44 billion in an all-cash deal on April 26, 2022.

When did Elon Musk buy Twitter?

Elon Musk bought out Twitter on April 25, 2022, which was revealed to the public on April 26, 2022.

Is Twitter a public or a privately-owned company?

With Elon Musk as the owner of Twitter, the popular social media platform has now been a privately-held company.  

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