Twitter delisting process begins… Musk Announces ‘My Way Management’
Content policy debate expected… EU warns: ‘Birds fly by our rules’
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(Los Angeles = Yonhap News) Reporter Yoon-seop Jeong = Tesla CEO Elon Musk, the world’s richest man, has taken over a social media power called ‘Twitter’.
Musk wrote to his account on the 28th (local time) after completing the Twitter acquisition, “a bird is released, let’s have fun.”
The bird is a logo that symbolizes Twitter, and it is interpreted as claiming that the things that hindered the company’s development disappeared when he became the owner.
However, the New York Times (NYT) noted that “Twitter has taken an uncertain path after being acquired by Musk, a self-proclaimed absolutist of freedom of expression.”
◇ Twitter is going private… Musk is likely to take over as interim CEO
As previously announced, Musk began the process of converting Twitter into a private company as soon as he took over.
Twitter filed to delist on the New York Stock Exchange (NYSE). As a result, Twitter stock trading has been suspended and the delisting is expected to be completed on November 8, the Associated Press reported.
Going unlisted would eliminate the need for Twitter to disclose quarterly earnings and would also be free of SEC regulations.
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This creates an environment where the owner, Musk, can easily customize Twitter to his liking.
In fact, as soon as Musk took over Twitter, he fired CEO Parag Agrawal, CFO Ned Segal, and Chief Legal Officer Vijaya Gadeh, announcing ‘My Way Management’.
The three men were very critical of Musk when he said he would break his contract over a fake Twitter account.
Musk is expected to take over as interim CEO until he ousts former executives he and his former acquaintances on Twitter, Reuters reported.
◇ Content deregulation is the biggest problem… The EU is already warning Musk
Twitter’s content policy has already become a hot potato as Musk takes power online.
Musk has criticized Twitter’s content controls in the past, stating that it should be cautious about measures such as permanent account bans and tweet deletions, and that it is better to suspend the account.
In particular, former President Donald Trump was kicked out of Twitter for inciting violence during the Capitol invasion in January of last year, but Musk announced in May that he would restore Trump’s account if he took over Twitter.
Because of these previous comments, the market is concerned that Musk will ease restrictions on Twitter content, and that political extremism, hate and violent comments will be rampant on Twitter as a side effect.
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European Union (EU) regulators have already sent Musk a warning.
EU Commissioner Thierry Breton said, “In Europe, birds fly according to our rules,” he said.
India’s Minister of Electronics and Information Technology also issued a statement saying, “No matter who owns the platform, our rules and laws remain the same.”
However, Musk sent a courtship message to advertisers the day before as if aware that changes in content policy could undermine Twitter’s ad business base.
In an open letter, he suggested to advertisers that “Twitter cannot be a hellscape where you can say anything without inference” and that it is the best law-abiding advertising platform.
◇ Super-app ‘X’ concept based on Twitter… Apple and Google expected
With Musk’s acquisition of Twitter, his recent plans to develop great applications are also drawing attention.
On the 4th, Musk announced that he would be developing a new super app called ‘X’ based on Twitter.
“The purchase of Twitter is a catalyst for the creation of ‘X’, an app for everything,” he said, explaining that the development of X could be accelerated by three to five years after the completion of the acquisition of Twitter.
Musk has argued in the past that we need a great app that provides a wide range of functions, such as messaging, payment, online shopping, and remote car calling, and that Twitter should become a social media with many users, such as China’s WeChat and TikTok.
However, experts predicted that Musk’s super app concept would receive strong checks from Silicon Valley tech companies like Apple and Alphabet.
Scott Galloway, a professor of marketing at New York University, said, “There are no super apps in the United States because of high regulatory barriers and many app choices.” “diagnosed.
jamin74@yna.co.kr
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