Elon Musk Updates: Tesla CEO discloses his 'motivation' behind Twitter buyout

Elon Musk on Thursday took to his official Twitter handle to explain why he bought the microblogging site Twitter, noting that he did not purchase the company "to make more money." "I wanted to reach out personally to share my motivation in acquiring Twitter. There has been much speculation about why I bought Twitter and what I think about advertising. Most of it has been wrong," said the SpaceX and Tesla CEO. 

According to Musk, the motivation behind buying Twitter was for the betterment of the "future of civilization." Musk stated that he wants to provide a  common digital town square, where a wide range of beliefs can be debated in a healthy
manner, without resorting to violence. "There is currently a great danger that social media will splinter into far right wing and far left-wing echo chambers that generate more hate and divide our society," claimed Musk. 

And so, he added, "I didn’t do it because it would be easy. I didn't do it to make more money. I did it to try to help humanity, who I love," the Tesla boss said, according to the statement that he posted on his Twitter handle. " And I do so with humility, recognizing that failure in pursuing this goal, despite our best efforts, is a very real possibility," he continued. 

"Twitter obviously cannot become a free-for-all hellscape, where anything can be said with no consequences," said Tesla CEO. "In addition to adhering to the laws of the land, our platform must be warm and welcoming to all, where you can choose your desired experience according to your preferences, just as you can choose, for example, to see movies or play video games ranging from all ages to mature," he furthermore explained. That is why I bought Twitter," Musk continued. 

Elon Musk had attempted to negotiate a 30 percent discount on his $44bn Twitter deal, according to reports. On 17 October, as the two-day deposition was pending ahead of a trial in Delaware, Musk dispatched a letter to the Twitter board announcing he intended to seal the deal but days before he had attempted to get Twitter to agree to a proposal that would have costed the purchase of the company at about $31billion. 

Rumours are rife that Tesla boss Elon Musk plans to lay off nearly 75% of Twitter’s workforce. According to several reports, Musk has informed investors that as a part of his Twitter purchase he plans to cut nearly 75% of Twitter’s employee base to 7,500 workers. While the reports are unconfirmed, the job cuts that Musk is planning far exceed what Twitter may have planned.

Tesla and SpaceX CEO Elon Musk will likely have to close the Twitter acquisition deal by Friday, October 28, or he risks facing a trial. The deadline was given by a Delaware judge, who asked the microblogging firm Twitter and Elon Musk to work out the term and close the $44 billion deal. San Francisco-based Twitter and a representative for Musk attorney Alex Spiro did not make comments on whether Musk will go ahead with the purchase. 

Elon Musk's Twitter takeover is edging closer to the deadline given by the Chancellor of the Delaware Court of Chancery, Kathaleen St. Jude McCormick to close the deal. Ahead of Elon Musk's takeover, Twitter shares will be suspended from trading on Friday, according to the New York Stock Exchange's website. Tesla CEO Elon Musk visited Tesla Headquarters in San Francisco and changed his profile bio to "Chief Twit".
 

Meme coin dogecoin (DOGE) increased by 16% over the past 24 hours. Coindesk reported. The development comes as Tesla CEO Musk Elon Musk nears the finishing line to complete the deal with Twitter. Notably, Musk has been a supporter of Dogecoin. The deal between Elon Musk and Twitter is supposed to be closed by Friday as the Chancellor of the Delaware Court of Chancery, Kathaleen St. Jude McCormick, gave two sides until October 28 to close the deal.

Elon Musk on Wednesday met with several Twitter employees after making a grand entrance with a sink at the social media firm's headquarters in San Francisco. Employees at Twitter welcomed Musk to the office. Nate Esparza, one of the Twitter employees, posted a picture of Elon Musk on the microblogging site and welcomed him to the office. Esparza said that it was nice to speak with Musk in the perch. Another Twitter employee Noemi Khachian also posted a picture of Musk welcoming him to the office. 

Tesla CEO Elon Musk has praised Twitter for empowering citizen journalism ahead of a court-ordered deadline to close his $44 billion deal for the microblogging site, Taking to his Twitter handle, Musk wrote, "A beautiful thing about Twitter is how it empowers citizen journalism – people are able to disseminate news without an establishment bias."

Employees at Twitter have listed their demands in an open letter for Elon Musk. In the draft letter reviewed by Time Magazine on Monday, employees have raised the demand to be "treated with dignity and to not be treated as mere pawns in a game played by billionaires." The development comes after a report claimed that Musk planned to cut costs by firing as much as 75% of Twitter's staff. The draft of the letter which has not been published yet has said, " “Elon Musk’s plan to lay off 75% of Twitter workers will hurt Twitter’s ability to serve the public conversation."
 

Banks have begun sending $13 billion (₹1,065,070,500,000) in cash to back Elon Musk's takeover of Twitter, The Wall Street Journal reported citing people familiar with the matter. Musk has reportedly sent borrowing notices to the banks that have agreed to give him a debt for buying Twitter. His notice has started the process for banks to begin depositing funds after finalising the details regarding debt contracts.

Robert Anderson, a law professor at Pepperdine University, has said that he expects the deal between Twitter and Elon Musk to close by Friday. Anderson, however, said that he does not see much substance to the video shared by Musk. “I don’t see anything unusual about it, other than that he brought a sink,” AP quoted Anderson as saying. The head of the Delaware Chancery Court Chancellor, Kathaleen St. Jude McCormick, has said that Musk and Twitter have until October 28 to close the deal.

Barely two days ahead of a court-ordered deadline to close his $44 billion deal for the microblogging site, Tesla chief and possibly the next Twitter chief, visited its San Francisco based headquarter on Wednesday. According to a report by CNN, Chief Marketing Officer Leslie Berland informed the Twitter staff about his possible visit on Wednesday. Shortly after the media report went out, billionaire Musk tweeted a video of himself entering Twitter’s office carrying the bowl of a sink, writing, “Entering Twitter HQ – let that sink in!”
 

Musk’s $44 billion deal to take Twitter private faces a Friday deadline, although the video he posted offered no evidence that the acquisition is complete. Twitter and Musk representatives had no comment on that question, although Twitter did confirm that Musk’s video tweet was real. Musk also changed his Twitter profile to refer to himself as “Chief Twit” and his location to Twitter’s San Francisco headquarters.

Elon Musk, in a Twitter post, informed that will he held multiple meetings with the "cool people" of the organisation as he visited its headquarter on Wednesday.

Though Tesla CEO Elon Musk revitalised the takeover offer, the microblogging site believes Musk's arguments were an intended bluff and were meant to delay the court proceedings. Meanwhile, the head of the Delaware Chancery Court Chancellor, Kathaleen St. Jude McCormick, said that Musk and Twitter have until October 28 to close the deal. On the other hand, the microblogging site contested that to proceed with the trial, saying Musk refuses to accept the “contractual obligations” of his April agreement. It described the world's richest man's move to delay the trial as “an invitation to further mischief and delay”.

Nearly two months after Tesla CEO Elon Musk walked away from a $44 billion Twitter acquisition deal, landing him in a legal battle with the microblogging site, he took a U-turn on Tuesday, agreeing to settle the promised deal. Though his promise to complete the deal has given him some time to ponder over his decision, it would be a tough week for the world's richest man as he has left with a few more days to close his earlier bid or to face the legal battle. 

Earlier in June this year, Twitter reportedly agreed to share its full information on spam "bots accounts" -- automated accounts that typically promote scams and misinformation. Confronted with the data Musk walked away from the deal.  Although Twitter claimed it has around 229 million accounts, of which nearly 5 per cent are fake or bots, Musk disputed the claims and asserted that 20 per cent or more accounts are bogus, without contending any evidence. 

The circumstances came after several twists and turn since the very first day when Musk proposed his intention to buy a 100 per cent stake in Twitter. Initially, it was believed that the deal involving the world’s richest man and one of the most influential social media platforms was settled impassively. However, much of the drama has played out on Twitter itself, with Musk raising questions about the fake accounts. He often took to Twitter to lament his decision to acquire the platform.

According to a report by CNN, Elon Musk will address Twitter staff during his upcoming visit to the office on Friday, October 28. This is exactly the same date when the court ordered Musk to finalise the deal, or else warned him to face legal challenges. 

His latest video came hours after he sent his followers a cryptic update by altering his bio on the social media platform. This time, he has changed his bio to "Chief Twit". Although the Oxford Dictionary defines "twit" as "a stupid person", it is not clear why he has given such a tag to himself. It could also be a reference to him finally deciding to take up the top post of the micro-blogging site and seal the $44 billion deal. However, with Musk, you never know.