Social media history was made on October 27, 2022 when business magnate and investor, Elon Musk, purchased Twitter for 44 billion dollars, giving him the controlling stake, an unprecedented position for a company of this scale. Furthermore, this takeover ranks as the third largest tech-sector acquisition of all time. While this acquisition has garnered ambivalent reactions, it has dramatically altered the capabilities of social media, cybersecurity, and foreign investment
Many believe that Musk’s takeover of Twitter will reduce the cybersecurity of the United States. Opponents of the purchase believe that the Tesla co-founder’s business ties with China will lead the social media site to compromise the data and safety of Twitter users. Due to these concerns, the Committee on Foreign Investment in the United States (CFIUS) will be conducting a thorough investigation on the domestic welfare of the United States in terms of cybersecurity due to this purchase.
Moreover, due to the enormity of this acquisition, the Biden administration is also actively involved in enforcing the interests of American security in this deal. There is discussion that President Biden may advise minority foreign equity holders to sell their shares to parties that do not hold a national security threat. While the deal has already gone through, CFIUS holds the right to retract the acquisition if it is called for.
Looking at Twitter itself, Elon Musk has made some dramatic changes on the company’s board of executives: firing the top four executives, including the chief executive and chief financial officer. Furthermore, the company is predicted to experience a makeover with Musk meeting at Twitter’s headquarters with engineers and ad executives.
The future of social media is at an exciting precipice, with Musk’s acquisition leading the way in promoting change in the worlds of social media, global commerce, and national security.
This article originally appeared in The Stinger.