Elon Musk visits Twitter HQ, changes his bio to ‘Chief Twit’
Elon Musk is known for his out-of-the-box thinking, and his latest move is no different. The billionaire CEO of Tesla and SpaceX paid a visit to Twitter’s headquarters in San Francisco, carrying a sink with him. (Musk posted a video). While it’s unclear what the purpose of the visit was, it certainly generated a lot of buzz on social media.
The Tesla CEO also updated his Twitter profile to “Chief Twit.” He also added his location as Twitter headquarters. While his deadline for the deal looms, it’s uncertain what he has up in his sleeve next. Though the deal’s details remain unclear, many believe that Musk is planning to take Twitter private. If successful, the deal would make Musk one of the most influential figures in social media.
The court has given Musk until Friday to seal the deal and purchase Twitter. If he agrees, it will end the months of chaos going back and forth on acquiring the company or not. He backed out after agreeing to buy it with reasons he actually laid out.
Meeting a lot of cool people at Twitter today!
— Elon Musk (@elonmusk) October 26, 2022
However, despite Musk’s flashy visit to the headquarters, it was still uncertain if the company’s acquisition was already in the works. Twitter also confirmed to the Associated Press that Musk’s video was legitimate, but they refused to give more details.
According to a report this week, Musk has informed the investors involved that he plans to finalize the purchase on Friday’s deadline. However, one of his main hurdles in buying the social media company is securing the funds investors pledged six months ago. Banks such as Bank of America and Morgan Stanley have signed to give him a loan of $12.5 billion to buy Twitter and make it private.
Elon Musk’s Twitter buyout
In late March, his goal of buying Twitter started. Known for his impulsive behavior, he contacted the company’s co-founder Jack Dorsey and other board members. He announced he would acquire shares and showed interest in joining the board. Elon Musk was also vocal about his plans to make Twitter a platform for free speech.
BREAKING: @ElonMusk has a new Twitter Bio pic.twitter.com/JGLY08bdrQ
— Benny Johnson (@bennyjohnson) October 26, 2022
A few weeks later, Musk backed out of the purchase, citing several accusations that Twitter has denied. The company said Musk had struggles with the price; then it filed a lawsuit against him to hold the deal. Musk changed his takeover plans so that the legal proceedings could be on pause.
With this turn of events, investors voiced their doubts that the acquisition would still push through. It is especially considering that the deal comes with a hefty price tag for a company that’s facing struggles to grow its users. Moreover, the deal would still have to finalize by October 28, or Musk will face trial over the buyout contract.
Elon Musk said during a Tesla earnings call, “I’m excited about the Twitter situation. “I think it’s an asset that has just sort of languished for a long time but has incredible potential, although obviously myself and the other investors are overpaying for Twitter right now.”
A beautiful thing about Twitter is how it empowers citizen journalism – people are able to disseminate news without an establishment bias
— Elon Musk (@elonmusk) October 26, 2022
On a side note, Twitter employees show worries amid the news. Musk plans to lay off 75% of the staff once he takes over. In a report by Elizabeth Gafford and Greg Larkin of the Punks and Pinstripes network, nearly 530 employees have left the company in the last three months. It showed a 60% increase in the number of workers who left in the previous quarter.
Larkin said, “The bottom line here is that the uncertainty being generated by the fight between Elon Musk and Twitter is driving a lot of their top talent to other social media platforms. These people have options as to where they can go, and they’re going.”
