On Friday evening, during a fundraiser in Chicago, President Joe Biden warned donors of the effects that the November 8 midterms would have in the following years. In an aside, he told them about the dangers that would be brought into the world after Elon Musk bought Twitter. There have been rumblings after the self-described free speech advocate Musk bought Twitter that are not only economical but also damaging as hate speech on the platform has multiplied manifold.
According to a report in Bloomberg, Biden said, “Now what are we all worried about? Elon Musk goes out and buys an outfit that sends and spews lies all across the world.”
The outlet also reported that Biden also said, “There’s no editors anymore.” He added, “There’s no editors. How do we expect kids to be able to understand what is at stake.”
Elon Musk entered Twitter with a kitchen sink, after buying the social media platform for $44 billion. However, will he sink the value of the platform? Some American giants have already suspended paid advertisements temporarily as they assess the situation with a new boss at the helm. Large advertising companies are also asking their clients to suspend advertising on the platform in the current scenario.
Some of the companies who have temporarily suspended paid advertising on Twitter include
General Motors
Volkswagen
Audi
Pfizer
General Mills
Mondelez International and counting.
The new owner has already undertaken the following decisions that might not evoke trust in the company:
He fired all the top executives including the CEO, CFO and other top executives at Twitter. The board consists of only one member–Elon Musk. It must be remembered that he is also the CEO of Tesla, SpaceX, The Boring Company and Neuralink.
As of Friday, he has reportedly fired or laid off about 50 percent of the workforce. Staff have questioned on how content moderation can take place, when the staff are laid off. It is also against labor laws and lawsuits against him have already been filed and more are expected, in the near future.
He has put forth a proposed charge of $8 for a blue tick or verified account on Twitter. This has also created controversy as users have said that verification of accounts has to be done by the company for all and not only as paid subscriptions. He has been criticized for this move by many including Stephen King, a popular American author.
His $44 billion purchase includes share holders from Qatar and Saudi Arabia and could lead to a probe by the Committee on Foreign Investment in the United States (CFIUS).
Jack Dorsey–founder of Twitter apologized to the staff of Twitter for the layoffs and acknowledged that they they might not understand his apology. He has indirectly supported Elon Musk by rolling his Twitter shares amounting to 18 million to Musk’s X Holdings I.
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