Acquisition of Twitter by Elon Musk

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Template:Use American English Template:Use mdy dates Template:Infobox acquisition Template:Elon Musk series An acquisition of American social media company Twitter, Inc. by business magnate Elon Musk was concluded on October 27, 2022. Musk began buying shares in the company in January 2022, eventually becoming the company's largest shareholder in April with a 9.1 percent ownership stake. Twitter then invited Musk to join its board of directors, which Musk at first accepted before subsequently declining. On April 14, he made an unsolicited offer to purchase the company for $43 billion, which Twitter responded with a "poison pill" strategy to resist a hostile takeover. On April 25, Twitter's board of directors unanimously accepted Musk's buyout offer of $44 billion, with the company set to be taken private. Musk stated that he planned to introduce new features to the platform, make its algorithms open-sourced, combat spambot accounts, and promote free speech.

Musk announced his intention to terminate the agreement in July, asserting that Twitter had breached their agreement by refusing to crack down on spambot accounts. The company filed a lawsuit against Musk in the Delaware Court of Chancery shortly thereafter, with a trial scheduled for the week of October 17. Weeks before the trial was set to begin, Musk reversed course, announcing that he would move forward with the acquisition. The deal was closed on October 27, with Musk immediately becoming Twitter's new owner and CEO. He also fired several top executives, including previous CEO Parag Agrawal. Twitter shares stopped trading on the New York Stock Exchange the following day. Musk has since proposed several reforms to Twitter, including the creation of a "content moderation council" to handle free speech.

Reception to the buyout has been mixed, with praise going to Musk's planned reforms and vision for the company, but criticism over fears of a potential rise in misinformation, disinformation, harassment, and hate speech on the platform. Reactions to the acquisition have been mixed, and former and present Twitter employees have voiced concerns about Musk's intentions.

Prelude

Background

Template:Multiple image Template:See also Business magnate Elon Musk published his first tweet on his personal Twitter account in June 2010,[1] and had more than 80 million followers by April 2022.[2] In 2017, in response to a tweet suggesting Musk buy Twitter Inc., he replied, "How much is it?"[3] On March 24, 2022, Musk began tweeting statements critical of Twitter,[4] polling his followers on whether the company adhered to the principle that "free speech is essential to a functioning democracy".[5] Days later, he discussed the future of social media with Twitter co-founder and former CEO Jack Dorsey and explored the possibility of joining Twitter's board of directors with private equity firm Silver Lake co-CEO Egon Durban. He relayed this idea to Twitter board chair Bret Taylor as well as CEO Parag Agrawal, proposing to either take the company private or start a rival social media platform.[6] Dorsey texted Musk in response that he hoped Twitter could become open-sourced and that he had unsuccessfully pushed for Musk's induction into Twitter's board a year prior, which had prompted his departure from his role as CEO.[7]

Early developments

Musk had begun to buy Twitter shares on January 31, 2022.[4] On April 4, Musk announced that he had acquired 9.2 percent of Twitter's stock for $2.64 billion,[8] making him the company's largest shareholder.[9] Following the announcement, Twitter's stock experienced its largest intraday surge since the company's initial public offering (IPO) in 2013, rising by as much as 27 percent.[10] The next day, Twitter invited Musk to join the company's board,[11] which Musk accepted.[12] This had previously been recommended to the board by Twitter's Nominating and Corporate Governance Committee three days prior, with board members raising concerns with potentially "adverse impacts on stockholder value".[6] The position would have prohibited Musk from going beyond a 14.9 percent ownership stake,[13] and his ability to speak publicly about the company would have been limited. Musk phoned Dorsey the same day, who declined Musk's offer for him to remain on the board.[6]

On April 11, before Musk's appointment was set to take effect, Musk reversed his decision to join the board after publishing several tweets critical of the company,[14] informing the board of his intention to make an offer to privatize Twitter. On April 12, Twitter's board convened with lawyers and financial advisors to deliberate over the ramifications of such a deal as well as their options,[6] while company shareholder Marc Bain Rasella sued Musk for allegedly manipulating the company's stock price and violating Securities and Exchange Commission (SEC) rules.[15]

Buyout offer

Takeover bid

Template:Tweet On April 14, Musk made an unsolicited and non-binding offer to purchase the company for $43 billion, or $54.20 per share, and take it private.[16] The bid was described as a hostile takeover attempt,[17][18] with the company responding that the board would "carefully review the proposal".[19] In a TED interview, Musk stated that he had aspirations for Twitter to become a "platform for free speech around the globe", calling free speech a "societal imperative for a functioning democracy" and insisting that he had not made the offer to increase his wealth.[20][21] According to critics, he showed little interest in fighting government censorship around the world, instead showing most concern at Twitter's moderation policies.[22] The price of $54.20 per share is believed to be a reference to 420, a slang term in cannabis culture for marijuana consumption.[23]

On April 15, Twitter's board of directors announced a "poison pill" strategy, which would allow shareholders to purchase additional stock in the event a hostile takeover should occur; the plan will expire on April 14, 2023.[24] On April 17, Taylor was urged by Twitter's largest institutional shareholders to "seriously consider" the offer.[6] On April 20, Musk disclosed that he had secured financing provided by a group of banks led by Morgan Stanley, Bank of America, Barclays, MUFG, Société Générale, Mizuho Bank, and BNP Paribas, for a potential tender offer to acquire the company.[25][26] The funding included $7 billion of senior secured bank loans; $6 billion in subordinated debt; $6.25 billion in bank loans to Musk personally, secured by $62.5 billion of his Tesla stock; $20 billion in cash equity from Musk, to be provided by sales of Tesla stock and other assets; and $7.1 billion in equity from 19 independent investors.[27][28][29]

The initially proposed $13 billion in money borrowed by Twitter is equivalent to seven times the company's 2022 projected operating cash flow; some banks found that multiple too risky and opted to participate only in the $12.5 billion margin loan to Musk.[30] The debt is estimated to cost Twitter approximately $1 billion in annual interest and fees.[25] Two days after announcing his bid, Musk registered three holding companies under the name "X Holdings" in preparation for his takeover.[31] Tesla shares fell 12 percent on the day after the acquisition was announced, amid smaller declines in the broader markets. Musk incurred a $21 billion paper loss that day. Within three days after Twitter agreed to be acquired, Musk had sold $8.5 billion of his Tesla shares.[32][33]

Acquisition announcement

On April 23, Musk informed Taylor that his offer was "best and final", urging him to accept in a letter sent the following day.[6] Multiple outlets subsequently reported that Twitter was in final negotiations to accept Musk's offer,[34][35] with a deal expected to be reached by the next day.[36] However, Reuters cautioned that the deal could still fall apart at the last minute.[37] On April 25, following reports that Twitter was poised to accept Musk's offer, Twitter shares rose by 5 percent.[38] Twitter advisors Goldman Sachs and JPMorgan Chase both approved of the deal, deeming it fair from a financial perspective.[6] Twitter's board publicly and unanimously accepted the buyout offer on April 25 for $44 billion, and Twitter was to become a private company once the transaction was completed sometime in 2022.[39][40] Negotiations of the sale with Musk were led by the board's transaction committee, composed of Taylor, Martha Lane Fox, and Patrick Pichette.[41] The deal would require shareholder and regulatory approval before it can be finalized,[42] though analysts believed it was unlikely to be challenged by regulators.[43] Musk was barred from disparaging the company or its employees before the transaction closed, which he has not honored.[44] The agreement also stipulated that if Musk backed out of the acquisition, he would be required to pay Twitter a $1 billion breakup fee.[45] Agrawal was set to receive $39 million from the buyout, while Dorsey would receive $978 million.[46] Musk had privately selected a new CEO to replace Agrawal upon completion of the acquisition,[30] though he was expected to serve as interim CEO in the months after its completion.[47] Tesla's stock sank by more than $125 billion the next market day, causing Musk to lose approximately $30 billion of his net worth.[48][49]

After the acceptance was announced, Musk stated that his first plan is to make the algorithm that ranks tweets in the content feed open-sourced, in order to increase transparency. He has also stated his intention to remove spambots and "authenticate all real humans".[50] He suggested that he might convert Twitter's San Francisco headquarters into a homeless shelter.[51][52] Musk does not have confidence in Twitter's corporate management,[53] and has told banks that he has considered slashing executive and board pay.[30] He published tweets critical of decisions made by Twitter executives such as Vijaya Gadde;[54] Twitter users then harassed the executives using racist and sexist language.[55][56] Former Twitter CEO Dick Costolo denounced Musk's criticism, while Agrawal stated that he was proud of Twitter employees "despite the noise" around the company.[54] On April 28, Twitter reassured advertising agencies that their work would not be seen next to offensive material.[57] Musk had also discussed with bankers with the ideas of cutting jobs and costs, encouraging influencers to be creative, and adding subscription services to Twitter.[58][59]

On May 4, Musk was summoned by the Digital, Culture, Media and Sport Committee to discuss the effect of his buyout on free speech and "online harms".[60] Musk further secured $7.1 billion in funding the next day, including from Oracle Corporation co-founder Larry Ellison, Saudi prince Al Waleed bin Talal Al Saud, venture capital firms Andreessen Horowitz and Sequoia Capital, along with sovereign wealth fund Qatar Holding.[61][62] The equity infusion reduced his original $12.5 billion personal bank loan to $6.25 billion and his required cash equity contribution from $21 billion to just under $20 billion.[29][63] On May 11, The Wall Street Journal reported that the SEC and Federal Trade Commission (FTC) had opened investigations into events leading to the acquisition.[64] The next day, Agrawal dismissed Twitter general manager Kayvon Beykpour and revenue product lead Bruce Falck.[65]

Attempted termination

Alleged hold

On May 13, Musk stated that the deal had been put "on hold" following reports that 5 percent of Twitter's daily active users were spam accounts,[66] causing Twitter shares to drop more than 10 percent.[67] Musk clarified that he remained committed to the acquisition,[68] and Agrawal stated that he expected the deal to close.[69] In response to a May 16 Twitter thread by Agrawal stating that an external review into the platform's users was impractical, Musk tweeted out a poop emoji.[70] The following day, Musk reiterated that the acquisition could not "move forward" until Twitter could prove the aforementioned reports false,[71][72] proceeding to urge the SEC to investigate Twitter's daily user numbers.[73] The same day, Twitter filed new documents with the SEC, including a detailed timeline of Musk's purchase,[6] and affirmed they would "enforce the merger agreement" regardless of Musk's actions.[74] On May 25, Musk abandoned plans to partially fund the deal through margin loans against Tesla stock, instead opting to pledge an additional $6.25 billion in equity financing.[75][76] Dorsey departed from Twitter's board the same day,[77] while Twitter investor William Heresniak filed a class-action lawsuit against Musk, alleging that he had violated corporate laws in California by manipulating the market.[78] The lawsuit further declared that Musk was not permitted by the acquisition contract to place the deal on hold, and that Musk's misleading statements had contributed to declining Twitter stock prices.[79][80]

Former Twitter security chief Peiter Zatko claimed that the company had misled the public on its privacy and security woes.

On June 3, the acquisition was cleared by U.S. antitrust review.[81] In an email sent by Musk's attorney to Twitter three days later, Musk threatened to terminate his agreement with Twitter due to the company's refusal to comply with his request for data pertaining to its userbase.[82][83] Twitter responded that they would continue to cooperate with Musk to ensure that the transaction was closed in accordance with their agreement.[84] On June 8, Twitter's board complied with Musk's demands, agreeing to provide him with a "firehose" data stream of tweets.[85][86] A week later, the SEC asked Agrawal to provide information on how Twitter estimated its number of spam accounts, to which the company obliged; the SEC concluded its inquiry on July 27.[87][88] Musk attended an all-hands meeting on June 16 to answer questions from Twitter employees,[89] discussing Twitter's content moderation policy, freedom of speech, potential layoffs, remote work, and "the cosmic nature of Twitter".[90][91][92] Musk also expressed his desire for Twitter to reach one billion active users,[93] and pledged his commitment to advertising as a source of revenue for Twitter.[94]

In a complaint filed by Whistleblower Aid with the SEC, U.S. Justice Department, and FTC on July 6, former Twitter security officer Peiter Zatko accused several Twitter executives, including Agrawal and certain board members, of making false or misleading statements about privacy, security, and content moderation on the platform in violation of the Federal Trade Commission Act of 1914 and SEC disclosure rules. These included misrepresentations to Musk made during the course of the acquisition bid, with the complaint specifically calling Agrawal's May 16 thread deceptive.[95][96][97] In a July 7 conference call, Twitter revealed that over one million spam accounts were removed daily, and reiterated that it was impossible to externally determine the exact number of these accounts as it would involve private user data.[98] That same day, The Washington Post reported that the deal was "in peril" amid a slowdown in discussions on funding.[99]

Attempted withdrawal by Musk

On July 8, Musk announced his intention to terminate the proposed acquisition, claiming in a regulatory filing that Twitter was in "material breach" of several parts of the agreement by refusing to comply with Musk's requests for spambot account data and dismissing high-ranking employees.[100][101] In response, Taylor pledged to pursue legal action against Musk at the Delaware Court of Chancery with the goal of completing the acquisition,[102][103] with the ensuing lawsuit once again overseen by the Twitter board's transaction committee.[41] Twitter's stock sank by 7 percent after the news, dropping by a further 11 percent the next day.[104] On July 10, Twitter hired the law firm Wachtell, Lipton, Rosen & Katz to represent its case, including "key lawyers" William Savitt and Leo Strine,[105] along with Potter Anderson & Corroon, Ballard Spahr, Kobre & Kim, and Wilson Sonsini Goodrich & Rosati.[106] Musk again employed the services of Quinn Emanuel Urquhart & Sullivan after previously doing so for Unsworth v. Musk and SEC v. Musk,[105] including his personal lawyer Alex Spiro, as well as Skadden, Arps, Slate, Meagher & Flom.[107]

Twitter formally launched its lawsuit against Musk at the Delaware Court of Chancery on July 12,[107] with Musk tweeting in response, "Oh the irony lol".[108] Twitter requested that the trial be held from September 19 through September 22,[109] before the deal's originally scheduled "drop dead" date on October 24.[110] Musk's legal team rejected this, asking for the trial to be held from February 13 through February 22, 2023.[111] On July 19, judge Kathaleen McCormick ruled that the trial would last for five days in October,[112][113] with Twitter seeking an October 10 start date.[114] During its quarterly earnings investor call on July 22, Twitter cited the "chaos" caused by the proposal as the primary factor for its decline in revenue.[115] In a letter to McCormick on July 26, Musk's lawyers complained that Twitter had hindered them from commencing the discovery process and requested an October 17 start date,[114] which McCormick granted three days later with a duration of five days.[116]

In a tweet on August 6, Musk challenged Agrawal to a public debate on Twitter's spambot accounts, before polling his followers on whether they believed that less than 5 percent of Twitter accounts were "fake/spam".[117] On August 10, Musk sold 7.92 million Tesla shares worth a total of $6.9 billion as backup should he lose the lawsuit, despite previously stating he would no longer sell Tesla stock.[118] The next week, McCormick ordered Twitter to produce documents from Beykpour, which Musk's team had requested along with files from 22 other Twitter employees and 41 "custodians".[119] Shortly thereafter, Musk subpoenaed Dorsey.[120] Other businessmen and investors subpoenaed include Marc Andreessen, Ellison, David Sacks, and Joe Lonsdale, while Twitter and Musk also subpoenaed Goldman Sachs, Morgan Stanley, JPMorgan Chase, Andreessen Horowitz, Sequoia Capital, Salesforce, Mastercard, and more. Sacks and Lonsdale were both irritated that they were being subpoenaed, with the former filing a motion to void the subpoena later rejected by McCormick. In total, lawyers for Twitter issued over 84 subpoenas, while Musk's lawyers issued more than 36.[106]

Facing increasing pressure from Musk, Twitter announced that it would combine its health team, tasked with preventing non-consensual nudity and child sexual exploitation on the platform, with its anti-spam team.[121] McCormick rejected much of Musk's team's "absurdly broad" request for data pertaining to all of Twitter's users, but ordered the company to produce data from 9,000 accounts it previously audit sampled.[122] Musk filed a "termination letter" with the SEC on August 29, citing Zatko's claims as evidence Twitter breached their contract,[123][124] before asking McCormick to delay the trial by a few weeks.[125] McCormick rejected the request,[126] and Musk's team sent a third termination letter to Twitter.[127] On September 13, Zatko testified before the Senate Judiciary Committee,[128][129][130] while Twitter shareholders voted in favor of the acquisition.[131][132] Musk privately offered to purchase Twitter at the reduced prices of $31 billion and $39.6 billion, both of which the company rejected.[133][134]

Revival and closure

Revitalization of bid

On October 3, Musk's legal team informed Twitter that Musk had changed his mind and decided to move forward with his proposed acquisition at the originally agreed-upon price of $54.20 per share, on the condition that Twitter drop its lawsuit.[135] The reason for this reversal was attributed to concerns from Musk's team that they would not be able to prove that there was a material adverse effect justifying a break from contract. Musk and Agrawal's depositions were originally scheduled for October 6 and 10, respectively.[136] Musk stated that his purchase of Twitter was part of his ambition to create an "everything app" called X, which will offer many different services.[137] In response, McCormick asked both sides to propose to her how they should proceed. Twitter shares surged by 23 percent as a result of Musk's announcement.[136] Neither Twitter nor Musk responded to McCormick's request, prompting her to announce that the trial would go forward as planned.[138]

On October 6, McCormick agreed to a request by Musk to postpone the trial to October 28 so Musk could finalize his debt financing for the acquisition, adding that the trial would be rescheduled to November if the deal did not close by then.[139][140] A week later, it was revealed that Musk was being investigated by the U.S. government for his conduct in the proposed buyout.[141][142] Musk later stated that he believed Twitter's long-term value would exceed the price of $54.20 per share, which he considered an overpayment.[143] On October 20, The Washington Post reported that Musk intended to terminate 75 percent of Twitter's staff, and that Twitter executives were keen on selling the company to Musk so they could mitigate their planned payroll and infrastructure cuts.[144][145] In an open letter, Twitter employees condemned Musk's intentions and warned of negative consequences on the future of Twitter.[146][147] Bloomberg News and the Post further reported that officials in the U.S. Biden administration were considering a national security review of Musk's proposed acquisition and other ventures via the Committee on Foreign Investment (CFIUS),[148][149] with the possibility of President Joe Biden blocking the purchase if need be.[150] The White House has refuted those reports.[151][152]

By October 21, both parties' bankers and lawyers were set to complete the paperwork for the acquisition by the end of the month, with the deal expected to close by then.[153][154] The banks funding the acquisition will hold the $13 billion worth of debt incurred as opposed to selling it.[155][156] In a video call with banks who helped Musk fund the acquisition, Musk assured them he would complete the buyout by the deadline.[157] Musk made a trip to Twitter's headquarters on October 26, tweeting a video of him carrying a kitchen sink at the site's lobby and changing his Twitter bio to "Chief Twit".[158][159][160] Musk also told Twitter employees that while layoffs were still likely to happen, he did not intend to do so at the scale the Post had previously reported.[161] The next day, Musk wrote an open letter to advertisers quelling their fears that Twitter would become a "free-for-all hellscape", reiterating that his motives for the purchase were not based on greed, but instead a desire to create "a common digital town square".[162] He then asked Tesla engineers to meet with Twitter's product managers in order to assess the platform's codebase,[163] which will be frozen until November 1.[164]

Completion of purchase

Template:Tweet

In the afternoon of October 27, Musk and Twitter closed the deal. Musk immediately became Twitter's new owner, promptly firing Agrawal, chief financial officer (CFO) Ned Segal, Gadde, and general counsel Sean Edgett,[165][166][167] with the executives escorted out of the company's headquarters by security.[168] Agrawal received a "golden parachute" sum of $38.7 million, Segal $25.4 million, and Gadde $12.5 million.[169][170] Musk assumed the position of CEO,[171] merging the company with X Holdings and dissolving Twitter's board of directors.[172] Musk uses the title "Chief Twit" to refer to his position as CEO.[173] A "war room" was established at Twitter, with Musk meeting with Spiro, Sacks, and others to discuss his next steps.[174] Twitter employees were not formally informed of the change in management,[175] with Musk originally said to be planning a town hall meeting with employees but ultimately not doing so.[165][176] The next day, Twitter shares ceased trading in accordance with Musk's pledge to take the company private;[177][178][179] the company's stock ticker will be delisted from the New York Stock Exchange (NYSE) on November 8.[180]

Post-acquisition

The Twitter website's homepage, which previously displayed a prompt to sign up for an account, was redirected to the Explore page per Musk's unilateral request.[181] Musk also announced the creation of a "content moderation council" with diversified viewpoints to determine how the platform would handle free speech, and declared a moratorium in "major content decisions or account reinstatements" until then.[182] He previously signaled his intention to do away with lifetime account suspensions and unban those suspended for "minor [or] dubious reasons".[171][183][184] Later, he expressed interest in suggestions from Twitter users to divide the platform into "strands" or allow users to select different versions of Twitter akin to movie ratings.[184] The New York Times reported on October 29 that Musk had ordered company-wide layoffs, instructing managers to compile lists of employees to be dismissed.[185]

The next day, Twitter confirmed in an SEC filing that Musk was now the "sole director" of the company following the board's dissolution.[186]

On 1 November 2022 Musk announced that Twitter's Blue Tick check mark could now be bought by the public for $8 a month. Prior to Musk's acquisition of Twitter the tick had been free to confirmed high profile users.[187]

Reactions

Takeover bid

Following Musk's induction to Twitter's board of directors on April 5, Agrawal wrote that he believed Musk's appointment would bring long-term value to the company, while Dorsey wrote that Musk "cares deeply about our world and Twitter's role in it".[12] Dorsey privately relayed his appreciation to Musk for his commitment, texting that he trusted Musk.[7] On April 11, Agrawal stated that he believed Musk's withdrawal from the board was "for the best", noting that the company would "remain open to his input".[14]

Musk's offer to take over Twitter was met with both praise and criticism.[188] On April 14, Twitter employees expressed concern with Musk's views on free speech.[189][190] Media outlets expressed concerns that his proposed changes to Twitter would result in an increase in disinformation and online harassment.[188][191] Jim Cramer of CNBC opined that the Twitter board would have "no choice" but to reject Musk's offer due to potential personal liability faced by the board members.[192] On April 19, the National Urban League urged Twitter to turn down Musk's takeover bid, warning of potentially negative consequences on users' civil rights.[193]

Conservative and Republican commentators and politicians in the U.S. who believed Twitter discriminated against right-wing speech expressed enthusiasm for Musk's proposed changes.[188][194] On April 22, U.S. House Republicans demanded that Twitter's board preserve all records pertaining to Musk's takeover proposal, which sets the stage for a potential congressional probe following the 2022 midterms.[195] Jimmy Patronis, the Chief Financial Officer of Florida, praised Musk's offer and was critical of Twitter's "poison pill" strategy.[196] According to a poll conducted by Harvard University's Center for American Political Studies (CAPS) and the Harris Poll, 57 percent of American voters approved of Musk's purchase of Twitter.[197]

Acquisition announcement

Agrawal applauded the purchase and assured employees that no layoffs were planned at that time.[198][199] He also led an all-hands meeting on April 29 to address concerns raised by employees.[200] Dorsey endorsed the sale, saying that "taking [Twitter] back from Wall Street is the correct first step" and that he trusted Musk to be the owner of the company.[201] Twitter general counsel Vijaya Gadde allegedly cried during a meeting about the announcement and was subjected to online trolling.[202] Musk's June 17 meeting with employees was generally negatively received by participants, who found Musk's statements "incoherent" and "uninspiring".[203] Musk was repeatedly derided and mocked by Twitter employees on their internal Slack channels after the deal was brokered.[136]

Republican lawmakers in the U.S. Congress such as Jim Jordan, Yvette Herrell, Marsha Blackburn, and Ted Cruz praised the deal, calling it a restoration of free speech. Meanwhile, Democratic lawmakers such as Pramila Jayapal, Jesús García, Marie Newman, Mark Pocan, and Elizabeth Warren criticized Musk and the buyout.[204][205] In June, Texas attorney general Ken Paxton launched an investigation into whether Twitter had misled authorities on its number of spambot accounts, alluding to prior claims made by Musk.[206] Former U.S. President Donald Trump expressed approval with the deal but stated that he would not rejoin the platform, even if he is unbanned, due to his preference for his own social media platform, Truth Social;[207] Musk later indicated his intention to reverse Twitter's ban on Trump.[208] Mexican President Lopez Obrador stated that he hoped Musk would rid Twitter of "the corruption that's there, manipulation with bots".[209] Federal Communications Commission (FCC) commissioner Brendan Carr responded to calls for the agency to block the purchase by saying that it has no authority to do so, calling such requests "absurd".[210] Thierry Breton, the European Commissioner for Internal Market, emphasized that "any company operating in Europe needs to comply with [their] rules", while the European Union (EU) announced that new online rules will "overhaul" the digital market and Tech Giants.[211]

By April 27, 30,000 new users had joined the decentralized network of servers running open-source Mastodon software.[212] Conservative Twitter accounts experienced a significant increase in followers, while liberal ones experienced a slight decrease;[213] additionally, many left-leaning users left the platform following the buyout.[214] LGBTQ+ users and activists expressed apprehension about the deal based on tweets by Musk mocking transgender people, fearing that the re-platforming of suspended Twitter accounts would lead to a rise in online harassment and hate speech.[215][216] On June 3, a group of political advocacy groups which included the Center for Countering Digital Hate, GLAAD, and MediaJustice initiated a campaign to block the proposal by calling for a review of the deal by the government and a boycott of the platform by advertisers.[217]

Henrik Fisker, co-founder of electric vehicle maker Fisker Inc. and a rival of Musk's, left Twitter shortly after the acquisition announcement.[218] Amazon founder Jeff Bezos questioned whether Tesla's business interest in China would give the Chinese government leverage over Twitter via Musk, before answering that it would "probably not".[219][220] Microsoft co-founder Bill Gates questioned if Musk would allow the spread of public health misinformation, including vaccine misinformation.[221] Wikipedia co-founder Jimmy Wales speculated that Twitter could either thrive or fall within five years under Musk's supervision.[222] Bitcoin investor Roger Ver and Coinbase CEO Brian Armstrong welcomed the buyout, citing the potential for reduction of perceived censorship on Twitter.[223] Google and Alphabet CEO Sundar Pichai said that he hoped Twitter would improve over time due to its importance to society,[224] while Facebook and Meta Platforms founder and CEO Mark Zuckerberg expressed confusion and uncertainty over the proposed buyout.[225]

Attempted termination

Edgett instructed employees not to share commentary on the purported cancellation; nonetheless, several Twitter employees posted humorous messages making light of the situation.[226] Tesla shares rose 2.11 percent in the hours after Musk's announcement.[227] Trump criticized Musk and called the acquisition "rotten",[228] to which Musk rebuffed by saying it was "time for Trump to hang up his hat [and] sail into the sunset".[229] These initial comments resulted in a longer online feud between Trump and Musk.[230] With the exception of Trump, most conservatives sided with Musk. Former White House chief strategist Steve Bannon attacked Twitter for allegedly lying about the prevalence of its spambot accounts, while Turning Point USA CEO Charlie Kirk mused that Musk may have been seeking to "expose" Twitter the whole time.[231] In an email sent to Twitter's employees in response to Zatko's complaint, Agrawal sharply rejected the claims and called them a "false narrative".[232]

Revival and closure

Trump responded approvingly of the purchase after the deal was closed, saying that he was pleased Twitter was "in sane hands", rather than what he termed "radical left lunatics".[182][233] Other Republican politicians, including Dan Crenshaw, Darrell Issa,[234] Marjorie Taylor Greene,[183] Marsha Blackburn,[174] Anthony Sabatini, Amy Kremer,[235] Lauren Boebert, Dick Black,[236] Cruz,[237] and Jordan applauded the purchase as well. Democrat Amy Klobuchar voiced her distrust of Musk and called for tighter government regulation of the platform.[238] Dmitry Medvedev, deputy chairman of the Security Council of Russia and former President of Russia, was pleased with the news, stating that he hoped Twitter would eliminate "political bias and ideological dictatorship". Breton again emphasized that Twitter was bound by the EU's laws,[239] alluding to the recently-passed Digital Services Act.[184]

Internally, Twitter employees expressed concern that Musk would lay off employees before they receive their compensation payments,[170] among other messages criticizing Musk and voicing solidarity with each other.[236] Women's rights activist Seyi Akiwowo tweeted her disappointment with Gadde's dismissal, while children's rights activist Beeban Kidron said that Musk's newfound power would not result in more free speech.[184] Podcaster Joe Rogan praised Musk for his aspirations,[238] while right-wing Twitter account Libs of TikTok rejoiced over the news of the purchase.[237] Media personality Stew Peters, who had been blocked from Twitter for months, attempted to circumvent the block after the purchase using a new account, which was later suspended.[236] Margarita Simonyan, editor-in-chief of the Russian state-controlled RT broadcasting service, demanded that Musk lift her Twitter suspension.[176] Technology investor Jason Calacanis, who was cited in several of Musk's private texts filed at the Delaware Court of Chancery, jokingly expressed a desire to become Twitter's "Chief Meme Officer", while Bin Talal Al Saud congratulated Musk on the purchase.[236] Tesla rival General Motors announced it would temporarily stop paid advertising on Twitter,[239] while Meta's Oversight Board invited Twitter to discuss its plans with them.[184] Alt-tech social media platform Parler welcomed Musk's purchase, while alt-tech platform Gettr was more skeptical, believing Twitter was "fundamentally broken".[240] On 31 October 2022, US Senator Chris Murphy called on the federal government to investigate national security concerns raised by Saudi Arabia's role in Musk's takeover of Twitter. Saudi Arabian Prince Alwaleed bin Talal helped Musk finance his purchase of Twitter by rolling over his $1.9 billion stake in the company. The move made Saudi entities the second-largest shareholder in Twitter, behind only Musk himself.[241]

Online reception to Musk's completion of the purchase was mixed.[242] According to Memetica, a digital investigations company, several far-right figures experienced a significant increase in followers after the deal was finalized, while many progressives experienced a significant decrease, although it is unclear if Musk's takeover drove the changes in followers.[243] Multiple celebrities in the entertainment industry announced their departure from the platform,[244] while some left-wing influencers such as John Pavlovitz and Rob Reiner urged fellow leftists to remain on Twitter for the time being.[243][244] The Network Contagion Research Institute (NCRI) observed a 500 percent spike in the use of the racial slur "nigger" in the 12 hours after Musk completed the acquisition, while The Washington Post noted an increase in pro-Nazi, misogynistic, and anti-LGBT tweets.[176] Basketball player LeBron James expressed concern over the NCRI's report, condemning "unfit people saying hate speech is free speech".[245] Twitter responded by saying that the accounts using racial slurs were part of a "trolling campaign" and would be banned summarily.[246]

The New York Post editorial board congratulated Musk's purchase, saying that it will undermine progressives' "digital 'safe space' echo chamber".[247] Conversely The Guardian noted that Mastodon with its numerous leftist instances experienced a increase of 70,000 new subscribers from the Twitter diaspora.[248]

Critical analysis

Takeover bid and acquisition announcement

Elizabeth Lopatto of The Verge predicted that a Musk takeover would lead to a mass employee exodus and a possible reinstatement of Trump's Twitter account.[249] After the acquisition announcement, Alex Werpin of The Hollywood Reporter warned of widespread repercussions.[250] Greg Bensinger of The New York Times alleged that Musk's acquisition was "about controlling a megaphone" rather than free speech,[251] while Elizabeth Dwoskin of The Washington Post remarked that Musk's free speech vision for Twitter was viewed by technologists as "outdated" and impractical.[252] Equity analyst Angelo Zino believed that Twitter's decision may have stemmed from its realization that alternative bidders would be unlikely to emerge due to social media companies' declining asset prices.[53] Kevin D. Williamson of National Review likened Musk's purchase of Twitter to the Donald Trump 2016 presidential campaign, labeling it a publicity stunt.[253] The editors of the publication wished Musk well in his quest to promote free speech on Twitter.[254] Analysts noted that the involvement of foreign entities as independent investors could cause the transaction to face national security scrutiny by the CFIUS.[255][256] Paul R. La Monica of CNN Business suggested that Tesla's declining stock price indicated that Wall Street investors were doubtful on whether Musk's purchase would go through,[257] while associate professor Brian Quinn of Boston College Law School noted that it would be difficult for Musk to arbitrarily pull out of the deal due to the contractual doctrines of fair dealing and good faith.[258] Proprietary trader Dennis Dick opined that Musk's spambot claims were tactics by him to lower the price of the purchase.[259]

Kate Klonick, a law professor at St. John's University, argued that to allow "all free speech" to exist on Twitter would open the door to the spread of pornography and hate speech.[260] Bill George, a senior fellow at Harvard Business School and former CEO of Medtronic, argued that Musk's purchase of Twitter would harm both society and Musk himself.[261] Don Pittis of CBC News noted the controversy associated with the wealthy gaining control of media platforms.[262] Paris Marx of American socialist magazine Jacobin dismissed Musk's proclamations that he sought to protect free speech as an "example of his hubris".[263] Left-leaning media watchdog Media Matters for America and think tank Australian Strategic Policy Institute suggested that China could use its influence to extract political concessions or manipulate Twitter due to Musk's ties to the country.[264][265] Analyst Mike Proulx of Forrester Research cautioned that other companies may leave Twitter if Musk loosens its moderation policies.[266] Joan Donovan, research director at Harvard's Shorenstein Center on Media, Politics and Public Policy, stated that the lack of moderation on Twitter would lead to online harassment.[267] American Civil Liberties Union (ACLU) executive director Anthony D. Romero warned of the potential danger of Musk wielding excessive power.[268] Bonnie Kristian of Christianity Today felt that the purchase would only "add to the confusion" surrounding the contentious debate on free speech.[269] Matt Pressman of CleanTechnica believed that Musk's purchase would benefit Tesla because owners of the company's cars often engaged on the platform.[270] Lindsey Bakes of Deseret News wrote that Musk could integrate cryptocurrency within Twitter.[271]

Brendan O'Neill of Spiked observed that Musk's purchase of Twitter and the resulting backlash represented a "battle for control of the Internet",[272] while David Auerbach of UnHerd saw the purchase as indicative of a "major flashpoint" in the transition of society to "a more decentralized, chaotic, and devolved world".[273] Robby Soave of the American libertarian magazine Reason postulated that Musk's purchase would not threaten Twitter or democracy, suggesting that those "overstating" the importance of the platform were "Musk's critics in progressive and mainstream media",[274] with James McElroy of The American Conservative further arguing that many journalists' condemnation of the acquisition was motivated by "professional anxiety", since the Internet allows anyone to be an "amateur journalist".[275] Rich Lowry of Politico said that liberal politicians' strong reaction toward Musk's purchase was an indication that the company's existing policies had "political consequences".[276] Business InsiderTemplate:'s Ben Gilbert called the purchase the latest "battleground" in the culture war between Democrats and Republicans.[277] Michael Hiltzik of The Seattle Times commented that Musk's impact on Twitter would depend on his policies and how he chooses to implement them.[278] J. Robert McClure III of American conservative magazine Washington Examiner and Ben Shapiro of American conservative news website The Daily Signal said that the negative reaction to Musk's purchase was rooted in an opposition to the idea of free speech.[279][280] Corbin K. Barthold of conservative public policy magazine City Journal believed it would be difficult but "worth the struggle" to end censorship on Twitter,[281] while Peter van Buren of The Spectator World opined that Musk should simply take Twitter offline.[282]

Attempted termination

Following Musk's announcement that he intended to terminate the agreement, legal experts generally agreed it would be difficult for him to do so.[283] Law professor James Park of the University of California, Los Angeles found Musk's spambot argument weak and doubted it was material, while Case Western Reserve University business law professor Anat Alon-Beck observed that Twitter was compelled to enforce the merger so as to disprove Musk's allegations. Professor Jennifer Grygiel of Syracuse University mused that Musk may reverse course and revisit the deal.[284] Tulane University Law School associate dean for faculty research Ann Lipton and mergers and acquisitions expert Julian Klymochko both expressed doubts that Musk could prove there was a material adverse effect.[285][286]

Felix Salmon of Axios noted that a clause in the contract opened the door for a judge to grant specific performance and order Musk to move forward with the deal.[287] CNBC's Jonathan Vanian described Musk's withdrawal as the product of months of buyer's remorse,[288] while his colleague Alex Sherman observed that paying the stipulated breakup fee would not relieve Musk of compensations or sanctions.[289] Writing for The Wall Street Journal, Holman W. Jenkins Jr. questioned whether Musk had proposed the acquisition "out of mouth momentum or excessive enjoyment of the limelight or for some mysterious reason that causes an onlooker to throw up his hands".[290] Various news publications believed that Zatko's complaint provided potential evidence in Musk's favor,[291][292][293] though Bloomberg News columnist Matt Levine argued that the complaint confirmed Twitter's monetizable daily active users counts do not include spambots.[294]

Revival and closure

Greg Varallo of the Bernstein Litowitz Berger & Grossmann law firm observed that if Musk fails to secure funding and close the acquisition, he could be barred from claiming that he can terminate the acquisition as per the legal doctrine of judicial estoppel.[295] New York University's Center for Social Media and Politics executive director Zeve Sanderson cautioned that if Musk does lay off 75 percent of Twitter's workforce, it would make it more difficult for the company to moderate its content. Professor David Kaye of the University of California, Irvine School of Law and Professor Eric Goldman of the Santa Clara University School of Law concurred, warning of a potential increase in misinformation and harassment on the platform. However, they noted that the layoffs could still be mitigated through an increase in automated content moderation.[296]

Conservative commentators celebrated the purchase's closure. Shapiro wrote that he hoped other social media platforms would implement Musk's proposals,[183][237] political commentator Matt Walsh saw the purchase as an opportunity to rally opposition against the "trans agenda",[176] and political columnist Benny Johnson called on Musk to reverse the suspensions of several prominent conservatives.[183] SpikedTemplate:'s O'Neill claimed that liberals' negative reaction to the closure reflected their fear of freedom and liberty,[297] and Washington ExaminerTemplate:'s Christopher Tremoglie disapproved of Musk's idea for a moderation council as continued censorship.[298] Lauren Hirsch of The New York Times observed that Musk would face financial challenges in owning Twitter, including the company's difficulty in turning a profit.[299] Richard Waters of the Financial Times echoed Hirsch's sentiments, adding that that it would difficult for Musk to allow the right amount of free speech on the platform.[300] Kate Ferguson of Deutsche Welle viewed Musk as unreliable and therefore unfit to operate Twitter,[301] and Hamilton Nolan of The Guardian felt the purchase was an attempt by Musk to "control the conversation".[302] Barbara Ortutay, Tom Krisher and Matt O'Brien of the Associated Press noted Musk's contradictory and vague messages in the past regarding his vision for Twitter.[303] while Ben Burgis of Jacobin criticized liberals' technocratic views and their downplaying of the importance of free speech in response to the purchase, though he remarked that Musk had a history of suppressing his critics.[304] New York University's Center for Business and Human Rights deputy director Paul M. Barrett speculated that a moderation council under Musk would face skepticism due to Musk's "erratic and imperious" behavior in the past.[176] Alex Stamos of Stanford University's Center for International Security and Cooperation questioned how Musk would respond to foreign governments attempting to influence Twitter's userbase.[176]

Media Matters for America president Angela Carusone warned that Musk's leadership would lead to an increase in disinformation, conspiracy theories, and harassment on Twitter.[305] Literary group PEN America opined that the 2022 U.S. midterm elections in November would serve as a test as to whether Musk would allow disinformation to spread rapidly on the platform,[306] while American left-wing activist coalition Stop the Deal warned of real-world consequences if a rise in hate speech occurs on Twitter.[176][239] Anti-Defamation League CEO Jonathan Greenblatt said he was "cautiously optimistic" about the purchase, but expressed concerns over a potential rise in hate speech.[305] Fight for the Future director Evan Greer appreciated Musk's idea for a moderation council, but noted that Musk had supreme authority on any decisions made.[174] Eliot Higgins of Bellingcat believed that Musk's attempts to promote free speech would backfire under increased government regulation.[234] LGBTQ+ advocacy group Human Rights Campaign voiced concern at Twitter's new ownership and argued that Twitter has the responsibility to stop its platform from turning into a "dangerous media environment".[176]

References

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  153. ↑ Twitter, Musk Talks Warm Up as Buyout Closing Deadline Nears. Bloomberg News(October 21, 2022). Retrieved October 27, 2022.
  154. ↑ Elon Musk claims he has acquired Twitter 'to help humanity'. The Guardian(October 27, 2022). Retrieved October 28, 2022.
  155. ↑ Elon Musk's Revived Twitter Deal Could Saddle Banks With Big Losses. The Wall Street Journal(October 6, 2022). Retrieved October 27, 2022.
  156. ↑ Elon Musk's Twitter Takeover Debt to Be Held by Banks Amid Turbulent Markets. The Wall Street Journal(October 21, 2022). Retrieved October 27, 2022.
  157. ↑ Musk Tells Bankers He Plans to Close Twitter Deal on Friday. Bloomberg News(October 25, 2022). Retrieved October 26, 2022.
  158. ↑ Elon Musk Visits Twitter as $44 Billion Deal Nears Completion. The New York Times(October 26, 2022). Retrieved October 30, 2022.
  159. ↑ Elon Musk shows up at Twitter HQ carrying kitchen sink as he closes in on $44bn purchase. The Independent(October 26, 2022). Retrieved October 27, 2022.
  160. ↑ Twitter deal: Why 'Chief Twit' Elon Musk brought along a sink on his visit to Twitter headquarters. USA Today(October 26, 2022). Retrieved October 27, 2022.
  161. ↑ Musk Tells Twitter Staff He Doesn't Plan to Cut 75% Of Jobs. Bloomberg News(October 26, 2022). Retrieved October 27, 2022.
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  164. ↑ Twitter's employees await their fate under Elon Musk, Heath, Alex. The Verge(October 27, 2022). Retrieved October 28, 2022.
  165. ↑ 165.0 165.1 Top Twitter executives fired as Elon Musk takeover begins. The Washington Post(October 27, 2022). Retrieved October 28, 2022.
  166. ↑ Elon Musk has taken control of Twitter and fired its top executives. CNN Business(October 27, 2022). Retrieved October 28, 2022.
  167. ↑ Elon Musk now in charge of Twitter, CEO and CFO have left, sources say, Vanian, Jonathan. CNBC(October 27, 2022). Retrieved October 28, 2022.
  168. ↑ Twitter is now an Elon Musk company, Lopatto, Elizabeth. The Verge(October 27, 2022). Retrieved October 28, 2022.
  169. ↑ Sometimes it pays to get fired. Twitter's top executives stand to make a total of $88 million between them if Elon Musk ousts them. Here's the payday for each executive., Hays, Kali. Business Insider(October 27, 2022). Retrieved October 28, 2022.
  170. ↑ 170.0 170.1 Elon Musk Faces Another Big Decision at Twitter. The New York Times(October 28, 2022). Retrieved October 28, 2022.
  171. ↑ 171.0 171.1 Musk plans to end lifetime Twitter bans. The Hill(October 28, 2022). Retrieved October 28, 2022.
  172. ↑ How Twitter Will Change as a Private Company. The New York Times(October 28, 2022). Retrieved October 28, 2022.
  173. ↑ Elon Musk is the CEO of Twitter, Lawler, Richard. The Verge(October 31, 2022). Retrieved November 1, 2022.
  174. ↑ 174.0 174.1 174.2 Elon Musk Starts Putting His Imprint on Twitter. The New York Times(October 28, 2022). Retrieved October 29, 2022.
  175. ↑ Twitter confirms completion of Elon Musk's $44 billion acquisition deal. CNN Business(October 28, 2022). Retrieved October 28, 2022.
  176. ↑ 176.0 176.1 176.2 176.3 176.4 176.5 176.6 176.7 Racist tweets quickly surface after Musk closes Twitter deal. The Washington Post(October 28, 2022). Retrieved October 29, 2022.
  177. ↑ Twitter shares to be suspended on NYSE as Musk nears takeover. Reuters(October 27, 2022). Retrieved October 28, 2022.
  178. ↑ Elon Musk now owns Twitter. As the $44 billion takeover closes, the turnaround begins: Reports. USA Today(October 27, 2022). Retrieved October 28, 2022.
  179. ↑ Elon Musk's Twitter ownership starts with firings, uncertainty. Reuters(October 28, 2022). Retrieved October 28, 2022.
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  183. ↑ 183.0 183.1 183.2 183.3 Twitter's first full day under Elon Musk is here, and the mood has already shifted. NBC News(October 28, 2022). Retrieved October 29, 2022.
  184. ↑ 184.0 184.1 184.2 184.3 184.4 Twitter could split into strands allowing users to stage rows, Elon Musk says. The Guardian(October 29, 2022). Retrieved October 29, 2022.
  185. ↑ Elon Musk reportedly ordered company-wide layoffs at Twitter, Roth, Emma. The Verge(October 29, 2022). Retrieved October 30, 2022.
  186. ↑ Elon Musk named sole director of Twitter, dissolves board. The Hill(October 31, 2022). Retrieved November 1, 2022.
  187. ↑ Elon Musk says $8 monthly fee for Twitter blue tick. BBC News(November 2022).
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  193. ↑ Elon Musk buying Twitter could have 'grave implications' for civil rights, says Urban League, Palmer, Annie. CNBC(April 19, 2022). Retrieved April 24, 2022.
  194. ↑ An Elon Musk takeover is Twitter's worst nightmare. Here's what happens next., Cox, Kate. Protocol(April 14, 2022). Retrieved April 24, 2022.
  195. ↑ House Republicans demand Twitter's board preserve all records about Musk's bid to buy the company, Feiner, Lauren. CNBC(April 22, 2022). Retrieved April 24, 2022.
  196. ↑ Florida pension leader praises Musk's Twitter bid, criticizes poison pill, Kerber, Ross. Reuters(April 21, 2022). Retrieved April 25, 2022.
  197. ↑ More than half of voters approve of Musk buying Twitter: poll. The Hill(April 25, 2022). Retrieved April 25, 2022.
  198. ↑ Twitter accepts buyout, giving Elon Musk total control of the company. The Verge(April 25, 2022). Retrieved April 25, 2022.
  199. ↑ Twitter CEO tells employees no layoffs planned 'at this time' following Elon Musk buyout. The Verge(April 25, 2022). Retrieved April 25, 2022.
  200. ↑ Twitter employees grill CEO Parag Agrawal over fears of post-Musk exodus. The Guardian(April 29, 2022). Retrieved April 29, 2022.
  201. ↑ Jack Dorsey says 'Elon is the singular solution I trust' for Twitter's future, Lopatto, Elizabeth. The Verge(April 25, 2022). Retrieved April 26, 2022.
  202. ↑ An Indian-born female Twitter executive received a barrage of abuse following a Musk tweet, Bhattacharya, Ananya. Quartz(April 27, 2022). Retrieved April 30, 2022.
  203. ↑ Elon Musk's plan is to run Twitter off the top of his head, Newton, Casey. The Verge(June 17, 2022). Retrieved August 6, 2022.
  204. ↑ Republicans praise Musk's Twitter acquisition; Democrats skeptical. The Hill(April 25, 2022). Retrieved April 25, 2022.
  205. ↑ Elizabeth Warren says Elon Musk's purchase of Twitter is 'dangerous for our democracy'. Business Insider(May 25, 2022). Retrieved May 21, 2022.
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  208. ↑ Elon Musk says he would reverse Twitter's permanent Trump ban, Knutson, Jacob. Axios(May 10, 2022). Retrieved May 10, 2022.
  209. ↑ Mexico President Hopes Musk 'Cleans Up' Twitter. Politiko(April 27, 2022). Retrieved April 30, 2022.
  210. ↑ Republican FCC Commissioner Won't Stand in Way of Musk Twitter Buy, Slisco, Aila. Newsweek(April 27, 2022). Retrieved April 28, 2022.
  211. ↑ Elon Musk warned he must protect Twitter users. BBC News(April 26, 2022). Retrieved April 26, 2022.
  212. ↑ After Musk's Twitter takeover, an open-source alternative is 'exploding', Bell, Karissa. Engadget(April 27, 2022). Retrieved April 27, 2022.
  213. ↑ Conservative Twitter accounts got boost in followers after Musk acquisition, data shows, Faife, Corin. The Verge(April 27, 2022). Retrieved April 28, 2022.
  214. ↑ Left-leaning users leave Twitter in protest at Musk takeover. The Guardian(April 28, 2022). Retrieved April 29, 2022.
  215. ↑ Some trans Twitter users say platform under Elon Musk would be 'terrifying', Yurcaba, Jo. NBC News(April 27, 2022). Retrieved April 29, 2022.
  216. ↑ LGBTQ+ Twitter users contemplate exit amid Elon Musk takeover. The Hill(April 25, 2022). Retrieved April 26, 2022.
  217. ↑ Musk's Twitter deal faces backlash from advocacy groups that are seeking to block it, Feiner, Lauren. CNBC(June 3, 2022). Retrieved June 3, 2022.
  218. ↑ Fisker CEO's Twitter Account Disappears After Musk Acquisition, O'Kane, Sean. Bloomberg News(April 25, 2022). Retrieved April 26, 2022.
  219. ↑ Jeff Bezos Takes Aim at Musk's Twitter Deal With China Jibe Vlad Savov, Savov, Vlad. Bloomberg News(April 25, 2022). Retrieved April 26, 2022.
  220. ↑ Bezos asks if Musk's Twitter deal will signal change in China content policy. Reuters(April 26, 2022). Retrieved April 26, 2022.
  221. ↑ Bill Gates doubts Musk's Twitter buy, Fung, Brian. CTV News(May 5, 2022). Retrieved May 5, 2022.
  222. ↑ Wikipedia Founder Jimmy Wales Says Twitter 'Could Be Dead In Five Years' Under Elon Musk's Leadership, Wood, Tom. LADbible(May 17, 2022). Retrieved May 28, 2022.
  223. ↑ 'Bitcoin Jesus' Returns to Twitter in Latest Endorsement of Musk, Kharif, Olga. Bloomberg News(April 29, 2022). Retrieved May 2, 2022.
  224. ↑ Google boss Sundar Pichai on what he expects from Twitter under Elon Musk. The Financial Express(May 13, 2022). Retrieved October 16, 2022.
  225. ↑ Even Mark Zuckerberg is confused as to what's going on in the Elon Musk-Twitter saga, Kay, Grace. Business Insider(October 12, 2022). Retrieved October 16, 2022.
  226. ↑ Twitter tells employees not to tweet about Elon Musk deal. The Verge(July 8, 2022). Retrieved July 9, 2022.
  227. ↑ Tesla Shares Edge Higher After Musk Walks Away From Twitter Deal, Hull, Dana. Bloomberg News(July 8, 2022). Retrieved July 9, 2022.
  228. ↑ Trump Lashes Out at Elon Musk and 'Rotten' Twitter Deal, Savov, Vlad. Bloomberg News(July 10, 2022). Retrieved July 10, 2022.
  229. ↑ Elon Musk says it's time for Donald Trump to 'sail into the sunset' after getting ripped at Trump rally. USA Today(July 12, 2022). Retrieved July 30, 2022.
  230. ↑ The Donald Trump–Elon Musk Feud: A Complete History, Hartmann, Margaret. Intelligencer(2022-07-13). Retrieved 2022-07-16.
  231. ↑ Elon Musk's Twitter battle ignites the right's online agitators, Kelly, Makena. The Verge(July 12, 2022). Retrieved July 30, 2022.
  232. ↑ Damning claims about Twitter's bots and security lapses are 'a false narrative,' says CEO, Lawler, Richard. The Verge(August 23, 2022). Retrieved August 26, 2022.
  233. ↑ Trump says Twitter in 'sane hands,' but doesn't commit to going back. The Hill(October 28, 2022). Retrieved October 28, 2022.
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  236. ↑ 236.0 236.1 236.2 236.3 Twitter Reacts to Twitter Acquisition, Leffer, Lauren. Gizmodo(October 28, 2022). Retrieved October 31, 2022.
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  242. ↑ Elon Musk's Twitter takeover has mixed response: 'What could possibly go wrong?', Blasi, Weston. MarketWatch(October 28, 2022). Retrieved October 30, 2022.
  243. ↑ 243.0 243.1 Some far-right accounts on Twitter saw surge in new followers, researchers say.. The New York Times(October 28, 2022). Retrieved October 29, 2022.
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  247. ↑ Elon Musk is bringing reality to the liberal Fantasyland of Twitter. New York Post(2022-10-28). Retrieved 2022-11-01.
  248. ↑ Mastodon gained 70,000 users after Musk’s Twitter takeover. I joined them. the Guardian(November 2, 2022).
  249. ↑ Elon Musk Has Money to Buy Twitter — Now What?, Lopatto, Elizabeth. The Verge(April 22, 2022). Retrieved April 24, 2022.
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  252. ↑ Elon Musk wants a free speech utopia. Technologists clap back.. The Washington Post(April 18, 2022). Retrieved April 24, 2022.
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  255. ↑ Analysis: Musk's new Twitter funding could draw TikTok-like U.S. scrutiny, Wang, Eccho. Reuters(May 6, 2022). Retrieved May 9, 2022.
  256. ↑ Musk's Twitter deal could face national security probe into foreign investors, Brodkin, Jon. Ars Technica(May 6, 2022). Retrieved May 30, 2022.
  257. ↑ Tesla's stock slide raises doubts about Elon Musk's Twitter purchase, La Monica, Paul R.. CNN Business(May 11, 2022). Retrieved May 18, 2022.
  258. ↑ What are Elon Musk's options in the Twitter takeover deal?. The Guardian(May 17, 2022). Retrieved June 6, 2022.
  259. ↑ Musk threatens to tear up Twitter deal over 'material breach', Balu, Nivedita. Reuters(June 6, 2022). Retrieved June 6, 2022.
  260. ↑ What would happen to free speech if Elon Musk bought Twitter?, Fadel, Leila. NPR(April 15, 2022). Retrieved April 25, 2022.
  261. ↑ Harvard expert: The Twitter deal could be bad for Elon Musk—and for the rest of us, Constantino, Annika Kim. CNBC(October 12, 2022). Retrieved October 14, 2022.
  262. ↑ Will Elon Musk follow the old adage that media freedom is only for those who own the media?, Pittis, Don. CBC News(April 28, 2022). Retrieved April 28, 2022.
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  264. ↑ Musk's Ties to China Could Create Headaches for Twitter. The New York Times(April 29, 2022). Retrieved April 29, 2022.
  265. ↑ China Looms Large Over Twitter's Future Under Elon Musk. The Wall Street Journal(April 26, 2022). Retrieved April 27, 2022.
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  268. ↑ ACLU Comment on Elon Musk and Twitter Deal, Romero, Anthony D.. American Civil Liberties Union(April 25, 2022). Retrieved May 21, 2022.
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  271. ↑ Elon Musk is a crypto fan. What does that mean for Twitter?. Deseret News(April 28, 2022). Retrieved April 29, 2022.
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  277. ↑ Elon Musk buying Twitter is the latest battleground in America's ongoing culture wars, Gilbert, Ben. Business Insider(April 27, 2022). Retrieved October 21, 2022.
  278. ↑ Twitter, Elon Musk and free-speech absolutism. The Seattle Times(May 1, 2022). Retrieved June 5, 2022.
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  285. ↑ Analysis:Twitter has legal edge in deal dispute with Musk, Hals, Tom. Reuters(July 9, 2022). Retrieved July 9, 2022.
  286. ↑ Exclusive: Musk's Material Adverse Effect Not 'An Option For Him Walking Away': Merger Expert Tells Benzinga What's Next, Katje, Chris. Yahoo! Finance(July 9, 2022). Retrieved July 10, 2022.
  287. ↑ The merger term that could decide Twitter vs. Musk, Salmon, Felix. Axios(July 9, 2022). Retrieved July 9, 2022.
  288. ↑ Elon Musk has been expressing buyer's remorse over Twitter for months, Vanian, Jonathan. CNBC(July 8, 2022). Retrieved July 9, 2022.
  289. ↑ Elon Musk can't just walk away from Twitter deal by paying $1 billion, Serman, Alex. CNBC(May 13, 2022). Retrieved July 17, 2022.
  290. ↑ Elon Musk's Narrow Twitter Escape. The Wall Street Journal(July 15, 2022). Retrieved July 16, 2022.
  291. ↑ Whistle-Blower Spam Claims Pose Challenge for Twitter. The New York Times(August 23, 2022). Retrieved August 25, 2022.
  292. ↑ Twitter whistleblower complaint could help Elon Musk, Primack, Dan. Axios(August 23, 2022). Retrieved August 25, 2022.
  293. ↑ Elon Musk vs Twitter: the weird number at the heart of the drama, Lopatto, Elizabeth. The Verge(August 24, 2022). Retrieved August 25, 2022.
  294. ↑ AMC Goes APE, Levine, Matt. Bloomberg News(August 23, 2022). Retrieved August 28, 2022.
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  300. ↑ Elon Musk has taken on two seriously difficult problems with Twitter. Financial Times(October 30, 2022). Retrieved October 31, 2022.
  301. ↑ Elon Musk and Kanye West unfit to rule social media, Ferguson, Kate. Deutsche Welle(October 28, 2022). Retrieved October 31, 2022.
  302. ↑ Elon Musk's Twitter is going to be a disaster. The Guardian(October 28, 2022). Retrieved October 31, 2022.
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