Elon Musk is buying Twitter, as he said he would.
According to a FoxBusiness.com report, Twitter’s board of directors agreed to Musk’s offer to sell the company for $44 billion. Shareholders in Twitter will be paid $54.20 for each share of the company they own at the time the deal is made official.
Musk has tweeted several times since news of the deal went public. They mainly focused on free speech, a topic Musk has criticized on Twitter and how they control content.
Elon Musk buys Twitter for $44 billion
While the freedom of speech surrounding Twitter may not have much to do with your business directly, today’s development should certainly be of interest to small business owners and entrepreneurs.
Remember these points:Elon Musk is only 50 years old and he is worth $265 billion. Obviously he knows a bit about running a business (SpaceX, Tesla). Small business owners should watch and learn as he makes changes to Twitter. Changes Musk makes to Twitter are likely to affect business owners and brands that do or don’t use the site. Musk’s purchase of Twitter could have a ripple effect on other social media platforms.
Musk has promised Twitter will get new features. Before signing the deal, he gave a sneak peek at certain elements of Twitter that he wants to change:
“I believe that freedom of speech is a social necessity for a functioning democracy,” Musk said. And also: “Speak freely within the bounds of the law.”
Musk had previously expressed his dismay at Twitter content moderators who banned users, most notably former President Donald Trump. He favors “time-outs” rather than prohibitions.
He posted this tweet Monday afternoon:
How will Elon Musk change Twitter for small businesses and brands?
Some small businesses and brands excel on Twitter. Content creators can use the platform to build a loyal following. But in reality, the site as it’s now designed lacks many of the features that draw businesses to sites like Facebook, which can be seen as more of a seller’s platform than Twitter.
By comparison, Facebook and YouTube are giants. Facebook has an estimated 2.8 billion users, and YouTube is quickly closing the gap with 2.3 billion users. WhatsApp has 2 billion users. Instagram has 1 billion users, followed by TikTok with 800 million and Snapchat with 300 million.
Companies and entrepreneurs not on Twitter may want to consider joining or at least pay attention to possible changes Musk is making that could benefit them.
Image: DepositphotosMore in: Twitter
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