That is the top of the primary week after Twitter accepted Elon Musk’s $44 billion buyout offer, and one of many strangest tech transactions ever simply retains including new twists. An in depth report from The Wall Street Journal has peeled again a couple of layers on the method that started with Musk accumulating Twitter inventory again in January and what that may imply when he finally closes the deal and turns into its proprietor. Taken with extra data from The Verge contributing editor Casey Newton in Platformer and a brand new report from Reuters, the image begins to turn into clearer.
Reuters is including extra particulars to earlier reviews from Bloomberg and The Washington Post in regards to the concepts Musk pitched to bankers who will mortgage him a number of the cash he wants to purchase Twitter. In line with Reuters’ sources, he advised bankers that he plans to develop revenue-growing options, and one in every of his examples is “charging a payment when a third-party web site desires to cite or embed a tweet from verified people or organizations.”
Because the outlet notes, in some now-deleted tweets from earlier this month, Musk mentioned lowering Twitter’s reliance on promoting to generate income and proposed modifications to the Twitter Blue subscription, reminiscent of banning advertisements. Reuters additionally reviews Musk has reportedly already lined up a brand new CEO to take over from Parag Agrawal and cites a supply saying he received’t make choices on job cuts till he really takes possession of the corporate.
That doesn’t add as much as rather a lot that we now learn about Elon’s plans as soon as he takes over, however in line with Casey Newton’s report in his Platformer newsletter on Twitter’s all-hands assembly early Friday, it might be greater than the corporate’s executives and board members knew earlier than they voted to just accept the buyout provide. Newton writes, “The truth is, Agrawal stated executives hadn’t even seen the plans for the corporate that Musk reportedly shared with bankers.”
However how did we even get right here, proper? The Wall Street Journal has some shade to offer there, citing a “shadow crew” egging on Elon Musk’s bid for Twitter that included his fellow former PayPal exec Peter Thiel (who funded Ted Cruz’s initial primary run for Senate), right-wing blogger Charles C. Johnson (who has previously sued Twitter), and Seth Dillon, the CEO of The Babylon Bee, which the paper describes as a “right-leaning satirical publication modeled after The Onion.” These hyperlinks might clarify issues to anybody confused by a right-wing resurgence of activity on Twitter and statements from figures who’ve had accounts banned from the platform, like Rep. Marjorie Taylor Greene or Donald Trump, about the potential of returning.
Nevertheless, a lot of the article is concentrated on shut hyperlinks connecting Elon Musk to Twitter co-founder and now-former CEO Jack Dorsey, regardless of the latter’s eventual determination to ban Donald Trump from the platform and Musk’s option to characterize himself in a single tweet with the phrase “I put the artwork in fart.” The WSJ reviews that Dorsey, who was on the time CEO of two firms, would often “seem to area out in conferences” whereas messaging Musk.
*it’s additionally loopy and improper that people or firms bear this duty. As I’ve stated earlier than, I don’t consider any everlasting ban (except criminal activity) is true, or must be potential. For this reason we want a protocol that’s resilient to the layers above.
— jack⚡️ (@jack) April 29, 2022
After the article was printed, Dorsey posted a thread of tweets although he “tried taking a break from Twitter lately.” Dorsey stated, “Each determination we made was in the end my duty*. Within the instances we have been improper or went too far, we admitted it and labored to right.”
This sudden impulse to publicly take duty included a tweet in response to a query about Twitter temporarily and confusingly banning links to a New York Post story about President Joe Biden’s son, the place he now says, “once I came upon we took that motion, we reversed it virtually instantly. we must always have additionally reinstated the account with out requiring a delete of the tweet.”
The responsibility-taking additionally arrives two days after Twitter’s potential proprietor / Dorsey’s messaging buddy replied to a tweet criticizing Twitter policy and legal head Vijaya Gadde over the incident, calling the motion “clearly extremely inappropriate,” and tweeted a meme alleging the corporate’s “left wing bias” that featured her face on it. Monetary Occasions correspondent Dave Lee points out that this was adopted by a wave of hateful tweets focusing on Gadde.
For Jack, crucial level seems to be that “I don’t consider any everlasting ban (except criminal activity) is true, or must be potential.” For causes which may be buried deep in a textual content message thread with Elon, Dorsey believes that is the repair Twitter must rapidly study and enhance in ways in which it by no means has earlier than.