This Thursday, Elon Musk lugged a sink into Twitter headquarters.He posted a video on Twitter which he captioned, “Entering Twitter HQ – let that sink in!”He renamed himself on the social network ad “Chief Twit”. Elon Musk has been founding companies since the dawn of the internet age. He’s grown companies like Tesla, SpaceX and PayPal into the blue chips that they are today. Andy Wu, who teaches business strategy at Harvard Business School said that financially struggling social media company, which he is expected to buy by Friday, needs something more to become a success story .
Wu stated that “Musk has no experience in managing organizational change and there’s definitely an embedded culture at Twitter that he’ll have to change in order to achieve some of his goals.” Musk first offered to buy Twitter in the spring for $54.20 a share, or about $44 billion. Tech stocks have struggled along with the broader market. also read:-Know all sneak and peak inside the TALES OF THE JEDI episodes
Musk openly criticized the company, tried to walk away from the deal, and only changed his mind after a high-profile and expensive legal battle neared trial. At a point, Twitter’s stock lost a quarter of its value.”Myself and other investors are obviously overpaying for Twitter right now,” Musk said on a call with Tesla investors last week.He acknowledged that there was a lot of speculation about why he was buying Twitter after all his wavering.
He wrote in an open letter to Twitter advertisers which stated,”It is important to the future of civilization to have a common digital town square, where a wide range of believes can be debated in a healthy manner, without resorting to violence”. Further he added, “That is why I bought Twitter. I didn’t do it because it would be easy. I didn’t do it to make more money,” acknowledging that failure was a “very real possibility.”He floated big plans for Twitter. He wants to slim it down while getting rid of fake accounts, loosen its rules on what users can say on the platform, and build it into an “everything app.”
Succeeding at even one of these goals would be hard enough.He’s gone through this before and landed like a cat.Tesla was on the edge of insolvency not once, but many times due to manufacturing and logistics problems that piled delays.Elon sunk millions of his own money into the company as it burned through cash and struggled to make deliveries.Back in 2018, he slept on the floor of the Tesla factory to troubleshoot the assembly line and oversee the paint shop.Musk is a genius at persuading the financial markets to back his risky investments.
The biggest contribution he had to Tesla was his ability to sell his vision of the future, more importantly to investors, to raise the billions dollars.That power has gotten Musk into trouble. In Tesla’s struggles, Musk tweeted that he planned to take Tesla private at $420 a share. The stock price soared, the Securities and Exchange Commission to investigatye whether Musk had misled investors.
At the end, Musk gave up his role as chair of Tesla’s board and paid a $20 million fine to settle. While now on Twitter, Musk readily trolls those who disagree with him. His ego is displayed to his 110 million followers throughout the Twitter.While many worry about what sort of social network Twitter will become under Musk, it has never been a healthy company.