Elon Musk has finally taken control of Twitter. The billionaire entrepreneur bought the company for $45 billion in cash and stock. What does this mean for the future of Twitter?
Twitter has become one of the most important platforms for sharing information around the globe. In addition to its 140 million daily active users, Twitter also boasts more than 300 million monthly active users.
The acquisition will be a huge success if it leads to new features that make Twitter even better. This could include an improved search function or a way to share videos directly from the app.
The deal with Elon Musk and Twitter
Musk is a serial entrepreneur who started his first business at age 12 when he created a computer program called Zip2 which allowed newspapers to send out electronic editions of their paper over the internet. He sold the company for $277 million in 1999.
In 2002, he co-founded PayPal, a digital payment system that would eventually be acquired by eBay for $1.5 billion. It was during this time that Musk began to develop a passion for space travel. He became fascinated with the idea of colonizing Mars and decided to start SpaceX, a private aerospace manufacturer based in California.
In 2004, Tesla Motors was born after Musk purchased the electric car company Aptera for $42 million. At the time, Tesla had just two cars on the road and only 200 employees. Today, Tesla sells about 100,000 vehicles per year.
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In 2008, Musk announced plans to build a tunnel under Los Angeles to connect downtown LA with the suburbs. The project, dubbed “the Boring Company,” aims to cut down commute times.
On April 29, 2018, Musk tweeted that he was considering taking Tesla private at $420 per share. After receiving interest from Saudi Arabia’s sovereign wealth fund, SoftBank Group Corp., and other investors, he later raised the price to $72 per share.
On August 7, 2019, Musk tweeted that he had secured funding for the construction of a hyperloop track between New York City and Washington D.C.
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What does this mean for Twitter?
With the acquisition of Twitter, Musk will now have access to all of the data generated by millions of users. This includes tweets, direct messages, photos, video clips, and location information.
This means that Musk can use Twitter as a platform to promote his businesses. For example, he can tweet links to news articles related to Tesla and SpaceX. Or, he can post updates about upcoming events like the launch of SpaceX’s Falcon Heavy rocket.
This also gives him a chance to interact with followers directly. If they ask questions about his companies, he can answer them right away.
However, this doesn’t mean that Twitter will completely change its focus. The company will still try to keep up with trends and stay relevant.
For instance, the company recently launched Moments, a feature that allows people to curate content into collections. These collections are similar to how Snapchat stories work.
It will be interesting to see what else Twitter rolls out in the coming months.
Business Insider says…
Twitter has agreed to sell itself to tech billionaire Elon Musk for $26bn (£19bn) – but it won’t be easy.
The social network has been struggling since 2016 and lost more than half its value since then.
Musk wants to buy the company because he believes it will help him expand his empire of companies, including Space X and SolarCity.
He has already invested heavily in Twitter. In 2014, he took a stake worth around $40m (£30m).
Musk’s investment was part of a $100m round of financing that valued the company at $10bn (£7.4bn), according to TechCrunch.
But despite those investments, Twitter is still losing money.
Its losses were so bad last year that it needed to raise cash through a bond offering.
And while it has made some progress in recent months, Twitter’s user growth has slowed significantly over the past few years.
So why would someone want to invest in Twitter when it’s not making any money?
Because it could become an important tool for spreading ideas or getting feedback on products. It might even be able to make money again if it focuses on developing new features.
“I think Twitter is going to end up being one of those.” One thing is certain: it won’t be easy for Musk to take control of Twitter.
The company has never really recovered from the departure of co-founder Jack Dorsey. Dorsey left the company in 2008 under pressure from investors who wanted him to cut costs.
Since then, Twitter hasn’t had a CEO. It has only ever had two COOs — Omer Bar-Lev and Dick Costolo. Bar-Lev stepped down in 2015 after less than three years in charge. He was replaced by Costolo, who served until 2017.
Costolo resigned after just 18 months in charge. Musk has now appointed Anthony Noto, former head of engineering at Netflix, as interim chief executive.
Noto will lead the search for a permanent replacement. While Twitter may have struggled financially, it has continued to grow. More than 500 million users access the service every month. That’s double the number of monthly active users it reported in January 2018.
As well as growing its customer base, Twitter has also developed a range of useful tools. For example, it introduced Moment earlier this year. The feature allows people to create collections of tweets about specific topics.
These can include news events, sports games, music festivals, political rallies, and anything else that sparks conversation. It’s similar to Facebook’s Moments tab, which lets people share photos and videos with friends. But unlike Facebook, Twitter doesn’t allow advertisers to target these collections.
The moment is also different from other social media apps like Instagram and Snapchat. They let people send images or short video clips to their followers. Twitter doesn’t offer that kind of functionality. Instead, it encourages people to post longer messages. This means they can add links, pictures, GIFs, and more.
This makes them much easier to read than the brief snippets sent by Snapchat or Instagram. Another way Twitter has tried to attract attention is by introducing new ways to interact with posts.
Last year, it launched Periscope. This live streaming app allowed people to broadcast themselves talking directly into their smartphone cameras. But it didn’t work out so well.
Periscope was shut down last April after just six months. And while Twitter has been trying to find another way to make money, it hasn’t yet found an effective model.
In June, it announced plans to introduce advertising to its platform. However, it later abandoned this plan.
And when asked why Twitter told Business Insider that it needed to focus on improving the user experience first.
“We’re not focused on monetization right now,” said a spokesperson.
“Our mission is to serve our community and provide value to them.”
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