In April 2022, the world's richest person, Elon Musk, asked, "Is Twitter dying?" Five days later, he launched an apparently whimsical bid to buy the social-media platform. It took months of legal wrangling to complete the deal, but on Oct 27, Mr Musk honoured his US$44 billion offer, acquiring a new toy: free speech.
Financially, Mr Musk's acquisition of Twitter was an odd move. Despite its user base of some 200 million -- including politicians, journalists, and celebrities -- Twitter has not turned a profit in eight of the last 10 years. And not only did Mr Musk sink a substantial chunk of his personal wealth into the purchase; he also borrowed $13 billion from a consortium of lenders -- loans that will cost $9 billion in interest payments over the next 7-8 years.
According to Mr Musk, money was never the point. He is seeking to "help humanity" by investing in a public good: the world's digital town square. In fact, Mr Musk has now gained considerable influence over that square. By taking Twitter private, its CEO -- or Chief Twit, as Mr Musk has called himself -- has ensured that he can do as he pleases, with no shareholders to whom he must answer.
