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Musk Takes Over Twitter And Fires CEO — Here’s What It Could Mean For You
The world’s wealthiest man Elon Musk has finally completed his $44 billion deal to take over Twitter late Thursday, according to regulatory filings, and quickly went to work rebuilding the company to his vision, firing executives like CEO Parag Agrawal—this is what may change on the platform, at the company and for Musk and his other ventures.
Here’s What It Could Mean For You
If you own TSLA stock, it could fall under the pressure of Elon Musk’s sales. Wedbush analyst Dan Ives estimated last week that Musk may need to sell another $5 to $10 billion in Tesla stock to finance the deal, adding to the roughly $30 billion he’s already sold this year, and shares of Tesla are down more than 40% since April 4, when Musk disclosed his 9% stake in Twitter, largely due to concerns about Musk’s selloff and the social media firm pulling his attention away from the electric vehicle firm.
If you loved reading Trump on Twitter, now you can do it again. Musk said in May he plans to restore the Twitter account of former President Donald Trump, whom the platform banned in January 2021 “due to the risk of further incitement of violence” following the deadly Capitol riot, though Trump claims he wouldn’t rejoin and will instead remain on his new Truth Social site—Musk has also previously stood by Kanye West, calling the rapper his “friend” before Twitter banned West earlier this month for threatening violence against Jews.
If you actively use Twitter, your experience can change. As Musk has floated several changes to the site, including:
- charging a small fee,
- reducing the number of fake and spam accounts from the site,
- changing the content algorithm to enhance “free speech,”
- loosening its moderation rules
- and adding an edit button for all users.