Elon Musk, CEO of Tesla and SpaceX, has a claimed net worth of more than $300 billion and has stated that he could technically afford to buy Twitter outright, as well as overhaul the user experience of the main social media network.
Musk told curator Chris Anderson in a TED Talk held at a conference on Thursday that if his offer to buy Twitter was successful, he would consider changing the way the platform handles controversial content by not promoting certain tweets and adding the ability to edit tweets as well as show that edit history.
He also stated that, under his proposed leadership, Twitter should be hesitant to delete items and block accounts, but he would work to support free speech in accordance with the laws of the individual countries.
“A top priority I would have is eliminating the spam and scam bots and the bot armies that are on Twitter. They make the product much worse. If I had a Dogecoin for every crypto scam I saw, we’d have 100 billion Dogecoin.”
According to a filing with the US Securities and Exchange Commission on Wednesday, Musk proposed to buy Twitter’s shares — excluding the roughly 9 percent that he already controls — for $54.20 per share, a 38 percent premium over the stock’s closing price on April 1. Twitter shares were trading at $45.08 at the time of publication, up more than 30% in the previous 30 days.
The Tesla CEO’s possible purchase of the popular social networking platform elicited conflicting reactions. Many praised the action as a step forward for free expression, while others cited Musk’s own somewhat juvenile behavior on Twitter and his enormous riches.
The price of Dogecoin (DOGE) was largely unaffected by Musk’s purchase of Twitter stock as well as his offer to buy the company. Musk was the company’s largest shareholder as of April 4, but he was reportedly surpassed Thursday by Vanguard Group, which increased its holdings to more than 10% of Twitter’s shares.