Twitter’s New Ownership – Padilla POV 

Co-authored by Kim Foster, Padilla director, social media, channels.

You’re probably aware by now that Elon Musk, the richest person in the world, has succeeded in his quest to purchase Twitter for $44 billion with plans to take it private. That’s quite a premium given that Twitter generates roughly $3.7 billion in annual revenue and only recently started turning a modest profit. Musk clearly has a vision, and like the rest of the industry, we’re riveted as we read into every statement he makes and hint he drops.   

He has made no secret of his feelings that the social network is spinning toward obsoletion, asking in a recent tweet to his 83M+ followers if Twitter is “dying.” An unapologetic free-speech absolutist, Musk has said he sees Twitter as a “digital town square.” His stated goal is to bolster free speech on the platform and “unlock its extraordinary potential” (though he hasn’t really provided any details). This is where we begin to raise our eyebrows as we contemplate the implications. A few of the things we’re watching: 

Whether you agree with Musk’s motives or not, it’s an extremely significant moment in the history and evolution of social media, and it’ll be fascinating to watch it unfold. There may be more questions than answers at this point, but we’ll be reading the news, talking to our contacts within the company and keeping an eye on the competitive landscape.     

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