Have you followed Kim on Twitter? You’ll get information on our latest stories, Kim’s Daily Tech Update, tips on deals and more. Find her at twitter.com/kimkomando. Speaking of Twitter. Elon Musk has been making headlines lately with his activity on the social media site.
He’s been tweeting his disapproval of Twitter’s free speech policies for some time, and earlier this month, it was revealed that he had become a majority shareholder of the platform. Tap or click here for more.
News broke Monday that Twitter officially accepted Musk’s $44 billion offer to buy the social network in a unanimous vote. Sometime later this year, it’ll become a privately-held company. Here are some ways Twitter could change now that Musk is in control.
Here’s the backstory
Earlier this month, Kim predicted that Musk’s actions indicated a hostile takeover at Twitter. He’s done that and more.
According to a press release, Twitter entered into a “definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company.”
The price is a 38% premium over Twitter’s closing stock price on April 1, 2022. This was the last trading day before Musk announced his 9.2% stake in the company.
Potential changes coming to Twitter
The most likely immediate change will be the ouster of Twitter’s board.
Before the buyout, Musk said that if he purchased Twitter, he would oust the board and reveal its past questionable deeds. This includes controversial actions such as banning users, including former President Trump.
In a recent Daily Tech Update podcast, Kim said, “Twitter’s Board of Directors is supposed to be the shareholder’s watchdog. It pays itself almost $3 million a year but owns almost no Twitter stock. It has no skin in the game. Musk says that if he buys Twitter, he will personally own $15 billion in Twitter stock, oust the entire board and reveal its past questionable deeds, including banning users.”
Listen to Kim’s entire thoughts on this topic in this one-minute podcast:
Musk’s entire argument has been about free speech and cutting back on content moderation. One of his tweets reflected this, saying, “I hope that even my worst critics remain on Twitter, because that is what free speech means.”
There are apparently more changes to come. In a recent TED Talk, Musk discusses open-sourcing the Twitter algorithm:
“One of the things I believe Twitter should do is open source the algorithm and make any changes to people’s tweets — you know, if they’re emphasized or de-emphasized — that action should be made apparent so anyone can see that action’s been taken. So there’s no sort of behind-the-scenes manipulation either algorithmically or manually.”
Musk also wants to combat spambots, tweeting last week, “If our twitter bid succeeds, we will defeat the spam bots or die trying!”
Musk also plans to add an edit button, an option available on other social networks like Facebook and Instagram.
The future of Twitter not for you? Here’s how to shut down your account
Want to take a break from Twitter or delete your account ahead of all the impending chaos? We’ll show you how.
Deactivating your account gives you 30 days to take a breather. Once deactivated, your username, display name and profile will no longer be visible on Twitter. If you do not access your account within 30 days, your account will be deleted and your username will be lost.
Here’s how to do it from your desktop:
- Login to Twitter and click on the More icon, then Settings and privacy from the drop-down menu.
- Click on Deactivate your account from the Your Account tab.
- Click Deactivate.
- Enter your password and confirm by clicking the Deactivate account button.
There’s no process to delete your account immediately. You have to deactivate it first, then wait for 30 days.