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TwitterElon Musk: The billionaire set out his aims for taking over the...

Elon Musk: The billionaire set out his aims for taking over the social media platform

Elon Musk says he has lined up $46.5 billion in financing to buy Twitter, putting pressure on the company’s board to negotiate a deal.

Elon Musk claims that he is buying Twitter to “help humanity” as the billionaire set out his aims for taking over the social media platform.

The billionaire tweeted a statement explaining his reasons for purchasing the social media site, saying he believed it was “important for the future of civilisation to have a common digital town square”.

The entrepreneur has until Friday to complete a $44bn (£38bn) takeover of Twitter or risk going to trial.

The tweet addressed to Twitter’s advertisers states that he has “acquired” the firm. However, there has been no official confirmation that the deal has been completed.

‘Chief Twit’

“I didn’t do it to make money,” he said of the pending acquisition. “I did it to try to help humanity, whom I love. And I do so with humility, recognising that failure in pursuing this goal, despite our best efforts, is a very real possibility”.

Friday’s deadline to close the deal was ordered by the Delaware Chancery Court in early October. It is the latest step in an epic battle during which Musk signed an April deal to acquire Twitter, then tried to back out of it, leading Twitter to sue the Tesla CEO to force him to conclude the deal.

If the two sides don’t meet the Friday deadline, the next step could be a November trial that would likely lead to a judge forcing Musk to complete the deal.

In his latest tweet, Mr Musk set out some of his goals for the company, saying that Twitter must be “warm and welcoming for all”.

He wrote that he wanted “civilization to have a common digital town square” but he denies the platform will take an anything-goes approach.

The BBC is not responsible for the content of external sites. View original tweet on Twitter

“Twitter cannot become a free-for-all hellscape where anything can be said with no consequences!” He also said the platform must adhere to the laws of the land.

Mr Musk has said the social media site needs significant changes.

It was not clear whether Mr Musk met Twitter executives Wednesday when he made his trip with the sink but he listed his location as the Twitter headquarters in San Francisco on the social media platform.

When Mr Musk first revealed plans to buy Twitter, he said he wanted to clean up spam accounts on the platform and preserve it as a venue for free speech.

But Mr Musk, the world’s richest man and a prolific Twitter user known for his impulsive style, baulked at the purchase just a few weeks later, citing concerns that the number of fake accounts on the platform was higher than Twitter claimed.

Twitter executives denied the accusations, arguing that Mr Musk wanted out because he was worried about the price.

Elon Musk
IMAGE SOURCE,ELON MUSK Image caption, Elon Musk arrives at Twitter’s headquarters with a kitchen sink

The company eventually filed a lawsuit to hold him to the deal, and Mr Musk revived his takeover plans on the condition that legal proceedings were paused.

The deal must be completed by 28 October, or he will face trial over the contract. “I’m excited about the Twitter situation,” Mr Musk recently said during a call to discuss Tesla’s financial results. Mr Musk is electric car maker’s chief executive.

“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,” he added.

The Washington Post reported last week that Musk told prospective investors that he plans to cut three quarters of Twitter’s 7,500 workers when he becomes owner of the company. The newspaper cited documents and unnamed sources familiar with the deliberation.

One of Musk’s biggest obstacles to closing the deal was keeping in place the financing pledged roughly six months ago.

In July, Musk abruptly reversed course, announcing that he was abandoning his bid to buy Twitter. His stated reason: Twitter hadn’t been straightforward about its problem with fake accounts he dubbed “spam bots.” Twitter sued, and two weeks before a 5-day trial was scheduled to begin, Musk changed his mind again, saying that he wanted to complete the deal after all.

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fatima khan
fatima khanhttps://myelectricsparks.com/fatima-khan/
A brand new writer in the fields, Fatima has been taken under my electric spark's RGB- rich and ensures she doesn't engage in excessive snark on the website. It's unclear what command and Conquer are; however, she can talk for hours about the odd rhythm games, hardware, product reviews, and MMOs that were popular in the 2000s. Fatima has been creating various announcements, previews, and other content while here, but particularly enjoys writing regarding Products' latest news in the market she's currently addicted to. She is likely talking to an additional blogger with her current obsession right now.

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