As the $44 billion acquisition of the micro-blogging site finally closed on the deadline provided by a Delaware court, a filing with the US Securities and Exchange Commission has been filed.
According to it, Twitter’s stock will be delisted from the New York Stock Exchange on November 8. The move is in line with Musk’s promise to shareholders to take the company private once he acquires it. The social media company will likely form a new board and a new team of executives after the current members dissolve.
The closing of the deal, which followed months of drama and legal challenges as Elon Musk changed his mind about buying the company, sets Twitter on an uncertain course. Musk, a self-described “free speech absolutist,” has said that he wants to make the social media platform a more freewheeling place for all types of commentary and that he would “reverse the permanent ban” of former President Donald J. Trump from the service.
Musk’s open approach to speech on Twitter could exacerbate long simmering issues of toxic content and misinformation, affecting political debates around the world. Early tests will come within days, when Brazil elects its president and American voters go to the polls on Nov. 8 for the midterm elections. Twitter said it would prohibit misleading claims about voting and the outcome of elections, but that was before Musk’s acquisition.
The Takeover Prompts Discussion
The takeover has prompted discussion among Twitter users over what the platform will look like under Elon Musk’s ownership.
There are fears that more lenient free speech policies would mean people banned for hate speech or disinformation may be invited back to the platform. As well as Mr Trump, that could include political extremists, QAnon loyalists and Covid-19 deniers.
Earlier this week, Musk said that he doesn’t want the platform to become an echo chamber for hate and division. “Twitter obviously cannot become a free-for-all hell-scape, where anything can be said with no consequences!” he tweeted.
