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Musk explains why he bought Twitter

Musk issued a statement explaining his decision to purchase the popular microblogging service.
| Cryptopress
Updated: November 9, 2022

CryptoPress

Elon Musk released a statement detailing his reasons for acquiring social networking giant Twitter, and he has much more on his mind than just the possibility of cryptocurrency features being added to the site.

Musk said that the “future of civilization” is his key purpose for buying the company. Instead of dividing into “far right and far left echo chambers,” he said the goal is to maintain a “shared digital plaza” where individuals with diverse views can discuss without resorting to violence.

“There have been a lot of rumors about why I bought Twitter and what I thought about advertising.” “This is the reason I bought Twitter. I didn’t do it to increase my income. I did it to help humanity, which I love,” he wrote.

The billionaire believes that mainstream media has continually catered to these extremes in pursuit of profit, thus creating an atmosphere devoid of discourse. 

Musk added that he had no intention of turning Twitter into a “freedom hell” without “sanctions” and that users’ experiences would remain customizable based on the type of material they want to consume.

Since announcing the acquisition, one of Musk’s main goals for Twitter has been to reduce spam. Bot spam is especially popular in the cryptocurrency world, where scammers often assume the identity of influential figures, such as Elon Musk, to attract investment.

Musk has contemplated deploying blockchain-based solutions to combat these problems. 

The billionaire considered charging users a small fee to register messages on the blockchain, making spam more expensive. 

What has Musk done since taking over Twitter?

When Musk took over, he immediately threw out the company’s senior brass and got rid of the board of directors, allowing him to become Twitter’s only director.

Due to daily losses of more than $4 million, Twitter has laid off 3,700 people, or half of its staff.

Has tweeted that activist organizations are “trying to destroy free speech in America” and are responsible for Twitter’s “huge decline in income” since he purchased the company.

After many users changed their account names to “Elon Musk” to protest his plans to charge $8 per month for the blue checkmark indicating the service has verified an account owner’s identity, Twitter announced it would permanently suspend accounts “engaging in impersonation without clearly specifying ‘parody.'”

But that’s not all: according to reports, Musk also sacked the senior executives of Twitter “for cause” to avoid paying their golden parachute severance bonuses.

Managers allegedly told those who were spared the ax to put in 12 hour days, seven days a week until they had completed Musk’s requested upgrade of Twitter’s authentication system. According to the same article, Musk reportedly invited around 50 workers at Tesla, Inc. (TSLA), the creator of electric automobiles, to evaluate the software code for Twitter.

© 2022 Cryptopress. For informational purposes only, not offered as advice of any kind.

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