Elon Musk says he bought Twitter to ‘help humanity’ not ‘make more money’ | Tech News

Elon Musk has said he bought Twitter to “try to help humanity.”

The billionaire tweeted a statement explaining his reasons for buying the social media site, saying he believes “having a common digital town square is important for the future of civilization”.

Mr. Musk’s long-term bid to buy Twitter According to reports, it has entered the final stage.

The tycoon arrived at the company’s headquarters in San Francisco yesterday carry zinc And changed his resume on the website to “Chief Twit”.

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‘Let it sink in’

In his statement, he said much of the speculation surrounding his motives for the acquisition of the U.S. technology company was “wrong” and he worried that social media would be split into “an echo chamber of the far right and the far left.”

“In their relentless pursuit of clicks, many traditional media outlets have contributed to and pandered to these polarized extremes because they think it’s what brings in the money, but in doing so, they lose the opportunity for dialogue,” he said.

“That’s why I buy Twitter, I don’t do it because it’s easy, I don’t do it to make more money.

I do this to help the human beings I love. I do so with humility, recognizing that despite our best efforts, failing to achieve this is a very real possibility. “

To reassure advertisers, the Tesla owner went on to say that Twitter can’t be a “hellscape where anything can be said without consequences,” adding that he wants to make sure users can customize their experience. Then choose the site according to your own preferences.

The electric car and space travel entrepreneur has committed $46.5bn (£40.15bn) in equity and debt financing to buy Twitter, covering an asking price of $44bn (£37.96bn) and closing costs.

Morgan Stanley and Bank of America, as well as equity investors including U.S. businessman Larry Ellison and Saudi Arabian Prince Alwaleed bin Talal, also contributed to the deal.

Elon Musk’s Twitter deal – what happened, how did we get here, and what’s next?

The bumpy takeover has been in the works since Musk first offered to buy the company in April, after expressing concerns about Twitter’s commitment to free speech.

On Oct. 4, he said he would go ahead with the full offer he made six months earlier, before Twitter threatened to sue him for trying to back out of the deal.

He has previously argued that Twitter wasn’t straightforward about what he said was the company’s problems with fake accounts he called “spam bots.”

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