Elon Musk Says Twitter Will Not be a 'Free-for-all Hellscape’ for Advertisers

Elon Musk, the soon-to-be "Chief Twit," wrote an open letter on Thursday to address Twitter's advertisers about the bird app's future before his $44 billion acquisition deal is expected to be finalized on Friday, Oct. 28.

Despite his earlier statements to reconsider Twitter's content moderation methods and his support for "free expression," Musk said in the letter that he doesn't want the platform to turn into a "free-for-all-hellscape where anything can be said with no consequences."

"Free Speech for All"

Musk previously stated that he wants to loosen content limitations and that he will lift the permanent bans placed on accounts that have been kicked off the network, such as former President Donald Trump, who was banned from Twitter after violating rules of violent incitement during the Capital Riot on January 6.

His earlier "free speech for all" sentiments for the app drew concerns from activist organizations, alleging that Musk will turn Twitter into a "megaphone to extremists" by reversing measures on banning users who spread hate speech and misinformation.

But more importantly, it has also raised concerns about the platform's core ad sale business since advertisers might be reluctant to have their paid posts alongside controversial tweets.

Hence, Musk's open letter on Thursday may be the billionaire's effort to minimize or put these concerns to rest. CNN noted that in 2021, Twitter's advertising income totaled $4.5 billion, or approximately 89% of its overall revenue.

"In addition to adhering to the laws of the land, our platform must be warm and welcoming to all, where you can choose your desired experience according to your preferences," the richest man in the world wrote in his open letter.

"Fundamentally, Twitter aspires to be the most respected advertising platform in the world that strengthens your brand and grows your enterprise ... Let us build something extraordinary together."

Will Musk Finally Complete the Deal?

The letter is the most recent implication that the billionaire, who has spent months attempting to back out of the agreement, is finally close to completing the acquisition of Twitter.

Musk visited Twitter's San Francisco headquarters on Wednesday and spoke with staff members, reportedly informing them he does not intend to reduce Twitter's workforce by 75%, despite earlier claims.

The New York Stock Exchange website also stated that trading in Twitter shares will be halted on Friday as Musk has until October 28 to complete the deal.

Reuters reported that the lawyers representing the billionaire had given equity investors such as Binance, Sequoia Capital, Qatar Investment Authority, and other firms the necessary paperwork for their financing pledge.

Twitter and the investors now expect that the deal will be completed at the agreed-upon share price of $54.20.

Twitter's shares were up slightly in premarket trade at $53.92 compared to Musk's offer price of $54.20 per share on Thursday.

It is worth noting that the stock price of the social media business has increased by around 65% since it fell to a four-month low in July.

This article is owned by Tech Times

Written by Joaquin Victor Tacla