Why Elon Musk Wants To Re-Buy Twitter

in last April Elon Muskcame to the fore with a news that shocked the whole world. The richest person in the world, founder of SpaceX, Tesla, Neuralink and The Boring Company, He made an offer to buy Twitter.

But after this offer, there was almost chaos, Twitter and Elon Musk got into each other, and finally Musk He withdrew his offer. While Twitter and Elon Musk were sued after these events, there was another surprise development last night and Elon Musk decided to buy Twitter. offered again. Moreover, he said that he would pay the same amount ($44 billion) again in this offer. But why did Elon Musk bid again for Twitter?

Let’s remember what happened first:

Although Elon Musk’s desire to take over Twitter came as a surprise in April actually it wasn’t like that. Musk has been building this plan for a long time, according to the new court documents, which we will elaborate on shortly. In those messages, Musk complained about freedom of speech and content moderation decisions. Also, Musk said in an April TED interview, “An inclusive arena for freedom of speech“He was saying what he wanted. However, let’s recall the events between Musk and Twitter in chronological order:

• January 31: Musk started buying Twitter shares. By mid-March, Musk’s stake in the company had reached 5%.
• March 26: Musk announced that he is ‘seriously’ considering creating an alternative to Twitter. He also stated that he questions whether Twitter harms democracy. In this process, Musk was reaching Twitter co-founder Jack Dorsey and Twitter board members with private messages and conversations.
• March 27: Musk is in talks with the Twitter CEO and board of directors to join the board. In these talks, Musk also talked about turning Twitter into a private company or establishing a rival platform to Twitter.
• April 4: It has been officially announced that Elon Musk owns approximately $3 billion worth of Twitter shares. Thus, Musk became the largest shareholder of Twitter with a 9% share.
• 5 April: Musk was offered to join the Twitter board, provided he owned no more than 14.9% of the company’s stock. “It has become clear to us that he will add great value to our board,” Twitter CEO Parag Agrawal said. made a share.
• 11 April: Twitter CEO announced that Musk has given up on joining the board of directors.
• 14 April: Twitter announced that Musk has offered to buy the company for approximately $44 billion.
• April 15: The Twitter board decided to activate the ‘poison pill’ defense against Musk’s offer.
• April 21: Musk raised $45.5 billion in financing to buy Twitter. Twitter’s board came under pressure.
• April 25: Twitter has accepted Elon Musk’s $44 billion offer. Musk stated that he will privatize Twitter and that the platform currently does not respect freedom of expression.
• April 29: Musk sold $8.5 billion worth of Tesla shares to finance the acquisition of Twitter.
• 5th of May: Musk had begun to collect funds from the world-famous rich to provide financing. The fund raised reached $7 billion.
• 10 May: Musk announced that he will lift the ban on Donald Trump. This was a sign that he would bring ‘free speech’ to the platform.
• May 13: Musk announced that the deal to buy Twitter has been suspended. He shared the reason why Twitter needed to ‘exactly’ detect the number of fake accounts on the platform.
• June 6: Musk threatened to cancel the $44 billion deal, accusing Twitter of refusing to provide him with information about fake accounts.
• 8 July: After the bot account discussions, Elon Musk canceled the Twitter offer due to ‘not providing enough information about the number of fake accounts’.
• July 12: Twitter filed a lawsuit against Musk to force Musk to complete the deal.
• 19 July: The Delaware judge announced that the legal dispute between Musk and Twitter will be brought to trial in October.
• 30 July: Elon Musk has filed a lawsuit against Twitter.
• August 23: Twitter’s former head of security has claimed that the company misinformed regulators about its weak cybersecurity defenses and its negligence in an attempt to root out fake accounts that spread disinformation. This Twitter informant was Peiter “Mudge” Zatko.
• October 4: Musk resubmitted his original bid to buy Twitter for 44 billion. But this time there was a new condition in the deal (We’ll talk about it in a moment).

After all this chaos, why did Elon Musk decide to buy Twitter again? The answer may be hidden from August 23 to October 4:

Twitter’s former head of security in documents submitted to the judge on August 23 Peiter “Mudge” Zatkopresented some evidence to prove Twitter wrong against Elon Musk. Before Zatko presents this evidence He also swore that he had not contacted Elon Musk or any of his team. But the real mess is before Zatko’s statement. It was an e-mail.

The email in question was sent to Alex Spiro, attorney at Quinn Emanuel, the law firm representing Musk, on May 6, was sent from an anonymous ProtonMail account. This anonymous person, who describes himself as the “leader and former manager of the teams in Twitter’s Trust & Security/Content Moderation division”, said that the Musk team is working with another platform. through “alternative safe routes” He claimed that he had contacted him and requested information about Twitter.

With the emergence of this email, Twitter said that Musk’s close contacts messages, print documents, and all other digital communications. demanded. The Musk team, on the other hand, opposed this request with the argument that “additional discovery is irrelevant to the case.” But the judge in the Twitter-Musk case Chancellor Kathaleen McCormickMusk denied his team’s request.

With this decision, the judge will determine Twitter, Musk or Musk’s team’s communications, other than e-mails. Right to search with 15 search terms presented. Thus, previously unknown communications of Musk and the Musk team would also come to light. In other words, secret files and correspondence could be exposed.

Musk’s repurchase decision also showed that he anticipated his possible defeat:

Judge McCormick to present ‘additional documents’ to Elon Musk’s team until Friday, October 7th He had given time. Alex Spiro, the recipient of the anonymous e-mail, also explained what he did after the e-mail. on the 5th of Octoberthat is, he was going to explain the day we wrote this article.

But just as Spiro’s testimony day approaches, A last-minute move came from Elon Musk. What a coincidence, right? Musk stated in his official letter to the SEC that he will continue the offer to buy Twitter in the same way. But in order for this purchase to continue, he set the following condition:

• “If the Court (Chancery Court) adjourns the hearing and all other proceedings related thereto, pending the suspension or additional decision of the Court”

So what about the case then? According to experts, it will continue:

According to many legal experts, the lawsuit between Musk and Twitter will not be stopped and will continue despite Musk’s demand and expectation. After the evaluation with all the evidence, the hearing will take place on October 17th. Of course, this will not happen. but we’ll be able to find out today (October 5) or in the coming days.

Elon Musk actually announced the main purpose of his acquisition of Twitter in the first hours of October 5th:

Elon Musk, ‘is he establishing his own social media platform?’ actually answered his question with this tweet. Musk tweeted, “buy twitter, ‘is an accelerator for building X, the ‘everything app’.” used the phrases.

Musk has said in the past weeks, “If the Twitter deal doesn’t happen, have you thought about creating your own social platform?” to the question only “x.com” he replied. This domain name was founded by Elon Musk in 1999 to provide online banking service. The domain name was transferred back to Elon Musk from PayPal in 2017.

So, what will Elon Musk do if he buys Twitter?

It is very difficult to predict Musk’s plans right now. But if we look at the current posts of Musk, the most controversial name of today, We can clearly see that there is a plan to establish a separate social media platform. However, it is not possible to say what role Twitter will play in the establishment of this platform.

It is still not clear where the process between Elon Musk and Twitter will lead. Although the case will end at some point or the purchase will take place, it is likely Not all of our questions will be answered anytime soon.