Musk's $44bn Twitter deal: 'He declined to even go through their books!'
Elon Musk has finally succeeded in buying social media platform Twitter.
The $44 billion deal (around R690 billion) was sealed on Tuesday morning.
Social media was flooded with speculation around how the billionaire entrepreneur will carry through on his pledge to make Twitter a platform for free speech.
"I hope that even my worst critics remain on Twitter, because that is what free speech means" tweeted Musk.
🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6— Elon Musk (@elonmusk) April 25, 2022
So what happens next?
It's difficult to tell says Duncan McLeod, Editor of TechCentral, in conversation with Ray White (in for Bruce Whitfield).
What he's found particularly interesting about this deal, says McLeod, is that that the Tesla boss declined to do any due diligence.
Normally when you do an acquisition of this kind you ask to see the books... You get the accountants and the auditors in and make sure that what you're buying is actually what was advertised!Duncan McLeod, Editor - TechCentral
Musk didn't do that at all. He actually declined to see any of their books beyond what Twitter publishes through the SEC (Securities and Exchange Commission) as part of its listing in New York.Duncan McLeod, Editor - TechCentral
I think he just bought the thing on a whim! I don't think he knows yet what he's going to do with it. Certainly investors are worried that his focus is going to move away from Tesla - the Tesla share price is currently down about 10%...Duncan McLeod, Editor - TechCentral
The SA-born billionaire entrepreneur might run into trouble allowing unfettered free speech with his new acquisiton says McLeod.
It's going to be fascinating to see what he does and whether this promise to turn Twitter into this paragon of free speech is going to be workable or if he's going to run into real world issues which I suspect he will, given that the EU for example has already said 'well wait a minute, you're going to have to comply with EU laws around data and privacy'...Duncan McLeod, Editor - TechCentral
Every country around the world is developing legislation in that regard... Whether this is going to be a free speech free-for-all, I'm not sure about that...Duncan McLeod, Editor - TechCentral
Listen to the conversation on The Money Show:
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