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Kaya Biz: What Elon Musk’s offer to buy Twitter for $43 billion, will mean for the platform

Kaya 959 Reporter

It was a massive week in the world of social media as Elon Musk attempted to acquire one of the biggest social media platforms in the world.

Elon Musk stated on April 4th, 2022 that he has purchased 9.1% of Twitter.

Musk later offered to buy Twitter Inc. for $43 billion, slamming the company’s management and claiming to be the only person who can unlock the “extraordinary potential” of the platform used by more than 200 million people every day.

Kaya Biz with Gugulethu Mfuphi spoke to Bataung Qhotsokoane, Tech Expert & Columnist at iAfrikan.com about what this will mean for the platform.

LISTEN TO THE FULL CONVERSATION HERE

Qhotsokoane argues that Elon’s offer to purchase Twitter is closely aligned with the growth of his cash cow (Tesla), which uses Twitter as its main marketing platform.

“Twitter’s market valuation is $ 37 billion, so clearly he’s got enough bank to buy the company. He made an offer to buy per share at $54 dollars per share, which amounts to the $43 billion which he offered. This means this is an extra 6 billion he is offering the stakeholders, and that is really tempting.”

“However, we need to understand this purchase, or rather offer to purchase Twitter, not outside the context of Tesla. We need to understand, that the bulk of Elon’s wealth is still in Tesla. It’s important to understand that the strategy that Elon has in terms of Twitter is closely aligned with Tesla.” says Qhotsokoane.

Also Read: Zandile Gumede says she will comply with ANC’s step aside policy

Musk finally speaks out about his offer to purchase Twitter

Elon Musk sat down with Chris Anderson, the head of TED, for an interview this week, and for the first time revealed why he wanted to buy the platform.

He said he wanted Twitter to open up its algorithm. 

“One of the things that I believe Twitter should do is open-source the algorithm,” Musk said.

“Any changes to people’s tweets — if they’re emphasized or de-emphasized — that action should be made apparent … so there’s there’s no sort of behind-the-scenes manipulation, either algorithmically or manually,” he said.

WATCH THE FULL INTERVIEW HERE:

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