There is aggressive concern over the plans by the world richest man Elon Musk to take over Twitter in a deal industry players say he is overpaying the company.
Musk, with 80 million followers on Twitter, and always post short write up on the website, is promising to transform the social media platforms but journalists say the man is intolerant.
Even though the board of Twitter agreed a $44bn (£34.5bn) takeover from the world richest man, Musk has blocked several of his critics on social media platforms including journalists.
Many who think Musk is overpaying Twitter in the deal are working hard to unravel “tremendous potential” the billionaire said he want to unlock on Twitter.
According to Forbes Magazine, Elon Musk, the world richest man, has an estimated net worth of $273.6bn.
His wealth comes from electric vehicle maker Tesla, a company he runs, he also leads the aerospace firm SpaceX and also control the cryptocurrency market of recent.
Experts say Musk has been behind up and down stability of the crypto markets.
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said in a statement announcing the deal as quoted by the BBC.
“I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans,” Musk added in a deal industry players say he is paying too much for the Twitter deal.
Last year, Twitter banned former US President Donald Trump, citing the risk of “incitement of violence”.
“A lot of people are going to be super unhappy with West Coast high tech as the de facto arbiter of free speech,” Musk was quoted to have said in response.
White House spokesperson Jen Psaki said on the planned takeover: “No matter who owns or runs Twitter, the president has long been concerned about the power of large social media platforms.”
“It is an extraordinary development in the world of social media,” said Twitter, MP Julian Knight, chairman of the UK’s Digital, Culture, Media and Sport Committee.
“It will be interesting to see how a privately owned Twitter (run by a man who is an absolutist over free speech) will react to global moves to regulate.”
Social media platform Twitter was founded in 2004. By the end of 2021, the company made $5bn in revenue with 217 million daily users.
The chairman of Twitter’s board, Bret Taylor, said the deal with the world richest man Musk is “the best path forward for Twitter’s stockholders”.