The echoes of the world’s richest person, Elon Musk’s acquisition of social media giant Twitter, continue. Many issues continue to be talked about all over the world every day, from how Musk will manage Twitter to how he will pay.
The official takeover of Twitter by Elon Musk will take a few more months. However, since the first day, both Musk’s statements and comments about what kind of platform Twitter will be in the coming period continue to be on the agenda.
Finally, the news was reflected on how Elon Musk will pay the approximately $44 billion amount that he bought Twitter, within the scope of the agreement he made with the banks. According to the news of Reuters News Agency today, Musk, in his assurance to banks, presented a projection that he will cut the fees paid to the members of the Twitter company board of directors and that he will generate income from Twitter with the subscription system. Another claim that has been spoken in the markets is that Musk will reduce the number of personnel on Twitter and reduce costs in this way. However, there has been no explanation yet from Musk or Twitter about these claims. Musk will make about $13 billion of the $44 billion payment with loans from banks, while the rest will be made from his own personal accounts. On the other hand, the news that the electric car company Tesla, owned by Musk, sold 4.5 billion dollars of shares in bulk, was also reflected in the agencies today.
On the other hand, after hearing the news of Musk’s acquisition of Twitter, both Twitter and Tesla shareholders filed lawsuits against Musk. One of the Twitter shareholders sued Elon Musk on the grounds that he had late announced that he had originally bought 9 percent of Twitter and suffered losses in this way. According to the rules, share purchases above 5 percent must be reported to the public within 10 days. In the lawsuit in question, it is stated that Musk has purchased more than 5 percent of the shares, while he should have announced until March 14, he did not announce it until April 4th.
A lawsuit against Musk, the CEO of the Tesla company, also came from Tesla shareholders. Shareholders have filed a lawsuit against Musk on the grounds that Musk has responsibilities as CEO of Tesla, that his first priority should be the management of the Tesla company, but this will be disrupted once he takes over Twitter. Tesla shares have dropped nearly 20 percent since April 4, when Musk announced his acquisition of Twitter.
What will the subscription system be like?
Musk had previously signaled that he would develop Twitter’s subscription system, Twitter Blue, which is already in practice in certain countries. You can subscribe to Twitter Blue for around $3 per month in the US. The current subscription offers the possibility to edit or delete a message within a certain period of time before posting it. In addition, Blue members have the opportunity to change the Twitter logo that appears on the screen, while providing easier and faster access to some news.
Elon Musk, especially focusing on the feature of making changes on the written messages, asked users to share their opinions on this issue before. Musk also stated that subscribers should not see ads on Twitter. Currently, Blue members continue to see ads on their Twitter pages.
How will freedom to Twitter affect Musk’s business relations?
Another issue that Musk has focused on from the first day is the claim that he will make Twitter a freer platform. However, there is still much debate on this issue. On the one hand, it is mentioned that the limit of freedoms reached disturbing dimensions and Twitter lost users, on the other hand, it is discussed how Musk will implement it against China, where his investments are located.
China is known for applying censorship and restrictions on social media apps. Tesla car company owned by Musk also has a factory in China. Therefore, it is also a matter of discussion how Elon Musk, who has commercial relations with China, will develop an attitude towards China, which imposes restrictions on Twitter. Experts state that it will not be a surprise if there will be problems between Musk and Beijing administration in the near future due to Twitter applications. It is reminded that Apple, the technology manufacturer producing in China, had to remove some programs from its list in the online Applestore application store in China.
However, not only China, but also various countries that censor and restrict Twitter from time to time or continuously for various reasons, and how their business relations with Musk in other fields will be affected by this is a matter of curiosity. Musk currently owns SpaceX, which carries satellites and astronauts into space, as well as Tesla.