By David StreitfeldSilicon Valley moguls used to buy yachts and islands. Now they are rich enough, and perhaps arrogant enough, to acquire companies they fancy.
source: Matteo Berton
Forget about the endless drama, the bots, the abrupt reversals, the spectacle, the alleged risk to the Republic and all we hold dear. Here is the most important thing about Elon Musk’s buying Twitter: The moguls have been unleashed.
In the old days, when a tech tycoon wanted to buy something big, he needed a company to do it. Steve Case used AOL to buy Time Warner. Jeff Bezos bought Whole Foods for Amazon. Mark Zuckerberg used Facebook to buy Instagram and WhatsApp and Oculus and on and on. These were corporate deals done for the bottom line, even if they might never have happened without a famous and forceful proprietor.
Mr. Musk’s $44 billion takeover of Twitter, which finally became a reality on Thursday, six months after he agreed to the deal, is different. It is an individual buying something for himself that 240 million people around the world use regularly. While he has other investors, Mr. Musk will have absolute control over the fate of the short-message social media platform.
It’s a difficult deal to evaluate even in an industry built on deals, because this one is so unusual. It came about whimsically, impulsively. But, even by the standards of Silicon Valley, where billions are casually offered for fledging operations — and even by the wallet of Mr. Musk, on most days the richest man in the world — $44 billion is quite a chunk of change.
Buying Twitter is also an overwhelmingly brash action — a belief that a communications platform that has defied all efforts to become seriously profitable, and that has been ensnared in controversy about the limits of speech almost since its founding in 2006, can be easily fixed by one person.
