New book explains why Musk bought Twitter. You’ll never guess what his motivation was،
To say that Elon Musk is going through a tough time with his takeover of Twitter would be an understatement. Almost from the moment Musk finalized the $44 billion deal in October 2022, the multi-billionaire was like a struggling fisherman trying to land that massive fish on his line. Most of the problems Musk faced were self-inflicted. He fired employees without realizing how important some were to the day-to-day running of Twitter. He tried various monetization schemes and at one point warned that Twitter could file for bankruptcy.
With all the problems Musk has had with Twitter, including his statements that upset his major advertisers (such as Apple, IBM, Disney, Sony, Warner Bros. Discovery, Lionsgate and Paramount Global) who then fled the platform, what happened ? his reasoning for making the purchase in the first place? The man who runs Tesla and amassed one of the world's largest personal fortunes surely intended to turn Twitter into something other than “X” before buying the company.
According to an upcoming book about the Twitter acquisition called “Battle for the Bird” by Kurt Wagner, which will be released on February 20, Musk's purchase of Twitter may have been inspired by revenge. A Twitter account called @ElonJet was tracking Musk's private jet, and the multibillionaire asked then-Twitter CEO Parag Agrawal to delete the account. Agrawal refused.
Musk removed Twitter name and iconic logo
An excerpt from the book says: “Musk had also unsuccessfully asked Agrawal to delete a Twitter account that followed his private plane; the billionaire began buying Twitter shares shortly after Agrawal rejected his request. » Just days after the deal was struck, Musk said he would not shut down the @ElonJet account because of its “commitment to free speech.” A month later, Musk banned the account.
Saying one thing and then quickly changing your mind became a Musk trait and drove Twitter users crazy early in Musk's reign on the platform, particularly when it came to the blue verification checkmark that Elon hoped to monetize. Based on stock grants awarded to key employees in March 2023, Musk valued Twitter at $20 billion, less than half of what he paid for it, just five months after his purchase of the platform.
Few top executives could afford to buy a social media icon on a whim. Musk reportedly has a long-term goal of turning what is now known as “X” into a super app like China's WeChat, capable of handling instant messaging, mobile payments and social media posting. This is actually not a bad idea. But Musk may not have the temperament to follow through.
