Acquisition of Twitter by Elon Musk

ジャック・ドーシー、創業者

パラグ・アグラワル、CEO

ブレット・テイラー、取締役会長

イーロン・マスクは、Twitter Inc.の買収を提案する前に、ドーシー、アグラワル、テイラーと連絡を取っていた。

実業家のイーロン・マスクは、 2010年6月に自身のTwitterアカウントで最初のツイートを投稿し^{[ 1 ]}、2022年4月までに8000万人以上のフォロワーを獲得した^{[ 2 ]} 。2017年、 Twitter社を買収すべきだというツイートに対し、マスクは「いくらですか？」と返信した^{[ 3 ]。} 2022年3月24日、マスクはTwitterに対する批判をツイートし始め^{[ 4 ]} 、同社が「言論の自由は機能する民主主義に不可欠である」という原則に従っているかどうかについてフォロワーにアンケートを取った^{[ 5 ]} 。数日後、彼はTwitterの共同創業者で元CEOのジャック・ドーシーとソーシャルメディアの将来について話し合い、プライベートエクイティ会社シルバーレイクの共同CEOであるイーゴン・ダーバンと共にTwitterの取締役会に加わる可能性を探った。彼はこのアイデアをTwitterの取締役会長ブレット・テイラーとCEOパラグ・アグラワルに伝え、同社を非公開にするか、競合するソーシャルメディアプラットフォームを立ち上げることを提案した。^{[ 6 ]}ドーシーはマスクにテキストメッセージで返信し、Twitterがオープンソースになることを望んでいること、そして1年前にマスクをTwitterの取締役会に迎え入れるよう働きかけたが失敗に終わり、それがCEOの職を辞任するきっかけとなったことを伝えた。^{[ 7 ]} 

In September 2022, it was revealed that the CEO of Axel Springer, billionaire Mathias Döpfner urged Musk to buy Twitter through a text message exchange dated March 30, 2022.^[8] According to Wall Street Journal, "Before and during Mr. Musk’s breakneck takeover of Twitter, a close-knit group of libertarian-leaning activists and businessmen have been encouraging him to get involved. This group includes the so-called PayPal mafia—former executives at the online payments company who include Mr. Musk, the investor Peter Thiel and entrepreneur David Sacks—as well as ancillary figures like the venture capitalist Steve Jurvetson, an early Tesla investor who once served on the auto maker’s board; and Mr. Musk’s brother, Kimbal, a Tesla board member, according to people familiar with the matter." The WSJ also cited Seth Dillon, the CEO of the Babylon Bee, as a source of influence.^[9]The Nation notes the role of the Saudi government, which had close financial ties with not only Musk, but also other Silicon Valley elites such as Thiel, Ben Horowitz and their companies, Palantir and Andreessen Horowitz, as well as TWG Global (later, Palantir, TWG Global and xAI would form a joint venture).^[10]

Musk began purchasing Twitter stock on January 31, 2022.^[4] On April 4, he announced that he had acquired 9.2 percent of the company's shares totaling $2.64 billion,^[11] making him the company's largest shareholder.^[12] Following the announcement, Twitter's stock experienced its largest intraday surge since the company's initial public offering (IPO) in 2013, rising by as much as 27 percent.^[13] The next day, Twitter invited Musk to join the company's board,^[14] which Musk accepted.^[15] This had been recommended to the board by Twitter's Nominating and Corporate Governance Committee three days earlier, with some board members expressing concern about potential "adverse impacts on stockholder value".^[6] The position would have prohibited Musk from going beyond a 14.9 percent ownership stake and limited his ability to speak publicly about the company.^[16][6] That day, Musk phoned Dorsey, who declined Musk's suggestion for him to remain on the board.^[6]

On April 11, after publishing several tweets critical of the company, Musk announced he had decided not to join the board.^[17] Instead, he informed Twitter that he intended to make an offer to take the company private. On April 12, Twitter's board met with lawyers and financial advisors to deliberate the ramifications of such a deal as well as their options,^[6] while a company shareholder sued Musk for allegedly manipulating the company's stock price and violating Securities and Exchange Commission (SEC) rules.^[18]

 2022年4月14日、マスク氏はツイッターに対し、430億ドル（1株あたり54.20ドル）で同社を買収し、非公開化するという、拘束力のない一方的な提案を行った。 ^{[ 20 ]}この提案は経営陣に対して行われたものの、経営陣が拒否した場合に発行済み株式を買い取るという暗黙の脅迫があったため、敵対的買収の試みと評された。 ^{[ 21 ] [ 22 ]}取締役会は「提案を慎重に検討する」と回答した。^{[ 23 ]}

TEDのインタビューで、マスク氏はTwitterを「世界中の言論の自由のためのプラットフォーム」にすることを目指していると述べ、言論の自由を「機能する民主主義にとっての社会的必須事項」と称賛し、自身の富を増やすために申し出をしたのではないと主張した。^{[ 24 ] [ 25 ]}批評家たちは、彼が政府の検閲と戦うよりもTwitterのモデレーションポリシーを変更することに関心を示していると指摘した。 ^{[ 26 ]}ワシントン・ポストによると、バビロン・ビーなどのアカウントの禁止がマスク氏に買収を開始させるきっかけとなったという。^{[ 27 ]} 1株あたり54.20ドルの価格は、大麻文化におけるマリファナ消費のスラングである420を指していると考えられている。^{[ 28 ]}

On April 15, Twitter's board of directors announced a "poison pill" strategy which would allow shareholders to purchase additional stock in the event of a hostile takeover; the plan expired on April 14, 2023.^[29] On April 17, Taylor was urged by Twitter's largest institutional shareholders to "seriously consider" the offer.^[6] On April 20, Musk disclosed that he had secured financing provided by a group of banks led by Morgan Stanley, Bank of America, Barclays, MUFG, Société Générale, Mizuho Bank, and BNP Paribas, for a potential tender offer to acquire the company.^[30][31] The funding included $7 billion of senior secured bank loans; $6 billion in subordinated debt; $6.25 billion in bank loans to Musk personally, secured by $62.5 billion of his Tesla stock; $20 billion in cash equity from Musk, to be provided by sales of Tesla stock and other assets; and $7.1 billion in equity from 19 independent investors.^[32][33][34]

The initially proposed $13 billion in money borrowed by Twitter was equivalent to seven times the company's 2022 projected operating cash flow; some banks found that multiple too risky and opted to participate only in the $12.5 billion margin loan to Musk.^[35] The debt was estimated to cost Twitter approximately $1 billion in annual interest and fees.^[30] Two days after announcing his bid, Musk registered three holding companies under the name "X Holdings" in preparation for his takeover.^[36] Tesla shares fell 12 percent on the day after the acquisition was announced, amid smaller declines in the broader markets. Musk incurred a $21 billion paper loss that day.^[37]

On April 23, Musk informed Taylor that his offer was "best and final", urging him to accept in a letter sent the following day. He said that Jack accepted the deal and finaled it.^[6] Multiple outlets subsequently reported that Twitter was in final negotiations to accept Musk's offer, with a deal expected to be reached by the next day,^[38][39][40] though Reuters cautioned that the deal could still fall apart.^[41] On April 25, Twitter shares rose by 5 percent following reports that Twitter was poised to accept Musk's offer.^[42] Twitter advisors Goldman Sachs and JPMorgan Chase approved of the deal, deeming it fair from a financial perspective.^[6] Twitter's board publicly and unanimously accepted the buyout offer for $44 billion, and Twitter was to become a private company once the transaction was complete, sometime in 2022.^[43][44] Negotiations with Musk were led by the board's transaction committee, composed of Taylor, Martha Lane Fox, and Patrick Pichette.^[45] The deal would require shareholder and regulatory approval before it could be finalized,^[46] though analysts believed it was unlikely to be challenged by regulators.^[47]

Musk was barred from disparaging the company or its employees when tweeting about the acquisition before the transaction closed.^[48] The agreement also stipulated that if Musk failed to close the acquisition, he would be required to pay Twitter a $1 billion breakup fee.^[49][50] Agrawal was set to receive $39 million from the buyout, while Dorsey would receive $978 million.^[51] Musk had privately selected a new CEO to replace Agrawal upon completion of the acquisition,^[35] though he was expected to serve as interim CEO in the months after its completion.^[52] Tesla's stock sank by more than $125 billion the next market day, causing Musk to lose about $30 billion of his net worth.^[53][54] Within three days after Twitter agreed to be acquired, Musk had sold $8.5 billion of his Tesla shares.^[55]

After the acceptance was announced, Musk said that his first goal would be to make the algorithm that ranks tweets in the content feed open-sourced, in an effort to increase transparency. He has also stated that he intended to remove spambots and "authenticate all real humans",^[56] suggesting that he might convert Twitter's San Francisco headquarters into a homeless shelter.^[57][58] Musk said he lacked confidence in Twitter's corporate management,^[59] telling banks that he had considered reducing executive and board pay.^[35] He published tweets critical of decisions made by Twitter executives such as Vijaya Gadde,^[60] who was subsequently harassed by Twitter users using racist and sexist language.^[61][62] On April 28, Twitter told advertising agencies that their work would not be seen next to offensive material.^[63] Musk also discussed with bankers with the ideas of cutting jobs and costs, encouraging influencers to be creative, and adding subscription services to Twitter.^[64][65]

5月4日、英国下院のデジタル・文化・メディア・スポーツ委員会は、マスク氏を召喚し、買収が言論の自由と「オンライン上の害」に与える影響について協議した。^{[ 66 ]}マスク氏は翌日、オラクル社の共同創業者ラリー・エリソン氏、サウジアラビアの王子アル・ワリード・ビン・タラル・アル・サウド氏、ベンチャーキャピタル企業のアンドリーセン・ホロウィッツとセコイア・キャピタル、そして政府系ファンドのカタール・ホールディングなどから、さらに71億ドルの資金を確保した。^{[ 67 ] [ 68 ]}この株式注入により、当初の125億ドルの個人銀行融資は62億5000万ドルに減額され、必要な現金出資額は210億ドルから200億ドル弱に減額された。^{[ 34 ] [ 69 ]} 5月11日、ウォール・ストリート・ジャーナルは、 SECと連邦取引委員会（FTC）が買収に至る経緯について調査を開始したと報じた。 ^{[ 70 ]}翌日、アグラワルはツイッターのゼネラルマネージャーであるケイボン・ベイクプールと収益プロダクトリーダーのブルース・ファルクを解雇した。^{[ 71 ]}     

 5月13日、マスク氏は、 Twitterのデイリーアクティブユーザーの5％がスパムアカウントであるという報道を受けて、取引を「保留」にしたと明らかにし^{[ 72 ]} 、 Twitterの株価は10％以上下落した^{[ 73 ]} 。マスク氏は買収への取り組みは変わらないと明言し^{[ 74 ]}、アグラワル氏は取引が完了する見込みだと述べた^{[ 75 ]} 。 5月16日のTwitterスレッドで、アグラワル氏がプラットフォームのユーザーに対する外部調査は非現実的だと述べたことに対し、マスク氏はうんちの絵文字をツイートした^{[ 76 ]}。翌日、マスク氏は、Twitterが前述の報道が虚偽であることを証明できるまで買収は「前進できない」と改めて述べ^{[ 77 ] [ 78 ]}、SECにTwitterのデイリーユーザー数を調査するよう促した。^{[ 79 ]}同日、TwitterはSECに新たな文書を提出し、その中にはマスク氏による買収の詳細なタイムラインも含まれていた。^{[ 6 ]}また、マスク氏の行動に関わらず「合併契約を履行する」と明言した。^{[ 80 ]} 5月25日、マスク氏はテスラ株を担保とした信用取引で買収資金の一部を調達する計画を断念し、代わりに62億5000万ドルの追加株式による資金調達を約束した。^{[ 81 ] [ 82 ]}同日、ドーシー氏はTwitterの取締役を辞任し、^{[ 83 ]} Twitterの投資家であるウィリアム・ヘレスニアック氏は、マスク氏が市場操作によってカリフォルニア州の企業法に違反したとして、マスク氏を相手取って集団訴訟を起こした。^{[ 84 ]}訴訟ではさらに、買収契約ではマスク氏が買収を保留することは認められておらず、マスク氏の誤解を招く発言がTwitterの株価下落の一因となったと主張された。^{[ 85 ] [ 86 ]} 

On June 3, the acquisition was cleared by U.S. antitrust review.^[87] In an email sent by Musk's attorney to Twitter three days later, Musk threatened to terminate his agreement with Twitter because the company had refused to give him data pertaining to its users.^[88][89] Twitter responded that they would continue to cooperate with Musk to ensure that the transaction was closed in accordance with their agreement.^[90] On June 8, Twitter's board complied with Musk's demands, agreeing to provide him with a "firehose" data stream of tweets.^[91][92] A week later, the SEC asked Agrawal to provide information on how Twitter estimated its number of spam accounts, to which the company obliged; the SEC concluded its inquiry on July 27.^[93][94] Musk attended an all-hands meeting on June 16 to answer questions from Twitter employees,^[95] discussing Twitter's content moderation policy, freedom of speech, potential layoffs, remote work, and "the cosmic nature of Twitter".^[96][97][98] Musk also expressed his desire for Twitter to reach one billion active users,^[99] and pledged his commitment to advertising as a source of revenue for Twitter.^[100]

In a complaint filed by Whistleblower Aid with the SEC, U.S. Justice Department, and FTC on July 6, former Twitter security officer Peiter Zatko accused several Twitter executives, including Agrawal and certain board members, of making false or misleading statements about privacy, security, and content moderation on the platform in violation of the Federal Trade Commission Act of 1914 and SEC disclosure rules. These included misrepresentations to Musk made during the course of the acquisition bid, with the complaint specifically calling Agrawal's May 16 thread deceptive.^{[101][102][103]} In a July 7 conference call, Twitter revealed that over one million spam accounts were removed daily, and reiterated that it was impossible to externally determine the exact number of these accounts as it would involve private user data.^[104] That same day, The Washington Post reported that the deal was "in peril" amid a slowdown in discussions on funding.^[105]

On July 8, Musk announced his intention to terminate the proposed acquisition, claiming in a regulatory filing that Twitter was in "material breach" of several parts of the agreement by refusing to comply with Musk's requests for spambot account data and dismissing high-ranking employees.^[106][107] In response, Taylor pledged to pursue legal action against Musk at the Delaware Court of Chancery with the goal of completing the acquisition,^[108][109] with the ensuing lawsuit once again overseen by the Twitter board's transaction committee.^[45] Twitter's stock sank by 7 percent after the news, dropping by a further 11 percent the next day.^[110] On July 10, Twitter hired the law firm Wachtell, Lipton, Rosen & Katz to represent its case, including "key lawyers" William Savitt and Leo Strine,^[111] along with Potter Anderson & Corroon, Ballard Spahr, Kobre & Kim, and Wilson Sonsini Goodrich & Rosati.^[112] Musk again employed the services of Quinn Emanuel Urquhart & Sullivan after previously doing so for Unsworth v. Musk and SEC v. Musk,^[111] including his personal lawyer Alex Spiro, as well as Skadden, Arps, Slate, Meagher & Flom.^[113]

Twitter formally launched its lawsuit,Twitter, Inc. v. Elon R. Musk, et al^[114] against Musk at the Delaware Court of Chancery on July 12,^[113] with Musk tweeting in response, "Oh the irony lol".^[115] Twitter requested that the trial be held from September 19 through September 22,^[116] before the deal's originally scheduled "drop dead" date on October 24.^[117] Musk's legal team objected to this, asking for the trial to be held from February 13 through February 22, 2023.^[118] On July 19, judge Kathaleen McCormick ruled that the trial would last for five days in October,^[119][120] with Twitter seeking an October 10 start date.^[121] During its quarterly earnings investor call on July 22, Twitter cited the "chaos" caused by the proposal as the primary factor for its decline in revenue.^[122] In a letter to McCormick on July 26, Musk's lawyers complained that Twitter had hindered them from commencing the discovery process and requested an October 17 start date,^[121] which McCormick granted three days later with a duration of five days.^[123]

8月6日のツイートで、マスク氏はツイッターのスパムボットアカウントについてアグラワル氏に公開討論 を挑み、ツイッターアカウントの5%未満が「偽物/スパム」であると信じているかフォロワーにアンケートを取った。 ^{[ 124 ]} 8月10日、マスク氏は、訴訟に敗訴した場合に備えて、テスラ株を売却しないと以前に述べていたにもかかわらず、 総額69億ドル相当のテスラ株792万株を売却した。 ^{[ 125 ]}翌週、マコーミック氏はツイッターに対し、マスク氏のチームが他のツイッター従業員22人と「保管人」41人のファイルとともに要求していたベイクプール氏の文書を提出するよう命じた。^{[ 126 ]}その後まもなく、マスク氏はドーシー氏に召喚状を送った。^{[ 127 ]}他のビジネスマンや投資家には、マーク・アンドリーセン、エリソン、デビッド・サックス、ジョー・ロンズデールなどが含まれる。また、Twitterとマスクは、ゴールドマン・サックス、モルガン・スタンレー、JPモルガン・チェース、アンドリーセン・ホロウィッツ、セコイア・キャピタル、セールスフォース、マスターカードなどにも召喚状を出した。サックスとロンズデールは召喚状に苛立ち、サックスは召喚状の却下を求める申し立てを行ったが、却下された。合計で、Twitterの弁護士は84通以上の召喚状を発行し、マスクの弁護士は36通以上を発行した。^{[ 112 ]} 

Facing increasing pressure from Musk, Twitter announced that it would combine its health team, tasked with preventing non-consensual nudity and child sexual exploitation on the platform, with its anti-spam team.^[128] McCormick rejected much of Musk's team's "absurdly broad" request for data pertaining to all of Twitter's users, but ordered the company to produce data from 9,000 accounts it previously audit sampled.^[129] Musk filed a "termination letter" with the SEC on August 29, citing Zatko's claims as evidence Twitter breached their contract,^[130][131] before asking McCormick to delay the trial by a few weeks.^[132] McCormick rejected the request,^[133] and Musk's team sent a third termination letter to Twitter.^[134] On September 13, Zatko testified before the Senate Judiciary Committee,^{[135][136][137]} while Twitter shareholders voted in favor of the acquisition.^[138][139] Musk privately offered to purchase Twitter at the reduced prices of $31 billion and $39.6 billion, both of which the company rejected.^[140][141]

On October 3, Musk's legal team informed Twitter that Musk had changed his mind and decided to move forward with his proposed acquisition at the originally agreed-upon price of $54.20 per share, on the condition that Twitter drop its lawsuit.^[142] The reason for this reversal was attributed to concerns from Musk's team that they would not be able to prove that there was a material adverse effect justifying a break from contract. Musk and Agrawal's depositions were originally scheduled for October 6 and 10, respectively.^[143] Musk stated that his purchase of Twitter was part of his ambition to create an "everything app" called X, which would offer many different services.^[144] In response, McCormick asked both sides to propose to her how they should proceed. Twitter shares surged by 23 percent as a result of Musk's announcement.^[143] Neither Twitter nor Musk responded to McCormick's request, prompting her to announce that the trial would go forward as planned.^[145]

On October 6, McCormick agreed to a request by Musk to postpone the trial to October 28 so Musk could finalize his debt financing for the acquisition, adding that the trial would be rescheduled to November if the deal did not close by then.^[146][147] During this time, Musk deposited a $1 billion loan from his company SpaceX, paying back the loan with interest the following month.^[148][149] On October 13, court filings revealed that Musk was being investigated by the U.S. government for his conduct in the proposed buyout.^[150][151] Musk later stated that he believed Twitter's long-term value would exceed the price of $54.20 per share, which he considered an overpayment.^[152] On October 20, The Washington Post reported that Musk intended to terminate 75 percent of Twitter's staff, and that Twitter executives were keen on selling the company to Musk so they could mitigate their planned payroll and infrastructure cuts.^[153][154] In an open letter, Twitter employees condemned Musk's intentions and warned of negative consequences on the future of Twitter.^[155][156]Bloomberg News and the Post further reported that officials in the Biden administration were considering a national security review of Musk's proposed acquisition and other ventures via the Committee on Foreign Investment (CFIUS),^[157][158] with the possibility of U.S. PresidentJoe Biden blocking the purchase if need be;^[159] the White House denied the reports.^[160][161]

By October 21, both parties' bankers and lawyers were set to complete the paperwork for the acquisition by the end of the month, with the deal expected to close by then.^[162][163] The banks funding the acquisition were to hold the $13 billion worth of debt incurred as opposed to selling it.^[164][165] In a video call with banks who helped Musk fund the acquisition, Musk assured them he would complete the buyout by the deadline.^[166] Musk made a trip to Twitter's headquarters on October 26, tweeting a video of him jokingly carrying a kitchen sink at the site's lobby and changing his Twitter bio to "Chief Twit".^{[167][168][169]} Musk also told Twitter employees that while layoffs were still likely to happen, he did not intend to do so at the scale the Post had previously reported.^[170][171] The next day, Musk wrote in an open letter to advertisers that Twitter would not become a "free-for-all hellscape", reiterating that his motives for the purchase were not based on greed but rather a desire to create "a common digital town square".^[172] He then asked Tesla engineers to meet with Twitter's product managers in order to assess the platform's codebase,^[173] which was frozen until November 1.^[174]

In the afternoon of October 27, Musk and Twitter closed the deal, with Musk tweeting "the bird is freed". Musk immediately became Twitter's new owner, summarily firing Agrawal, chief financial officer (CFO) Ned Segal, Gadde, and general counsel Sean Edgett,^{[175][176][177]} with the executives escorted out of the company's headquarters by security.^[178] This move came to the surprise of many involved, who had expected Musk to allow the executives to voluntarily resign; Agrawal had prepared a draft of his resignation letter before his access to his Twitter email account was cut off. According to Walter Isaacson's biography Elon Musk (2023), Musk "meticulously" changed his plans so "he could terminate their employment before their stock options would vest", seeking retribution for Agrawal's handling of the spambot incident.^[179]

Agrawal, Segal, and Gadde were set to receive "golden parachute" sums of $38.7 million, $25.4 million, and $12.5 million, respectively,^[180][181] but The New York Times reported that Musk was unlikely to make the payments because the executives had been dismissed for cause.^[182] According to the Financial Times, Musk's justification for this assertion was that the company had been mismanaged, and the executives were "weighing their legal options over the decision".^[183] Dorsey retained his $1 billion ownership stake,^[184][185] and several other executives departed Twitter in the ensuing days.^{[186][187][188]}

Musk assumed the position of CEO,^[189][190] merging the company with X Holdings and dissolving Twitter's board of directors.^[191] With this merger, Twitter ceased to be an independent company, with X Corp. later created in March 2023 to house the company.^[192][193] Musk uses the title "Chief Twit" to refer to his position as CEO.^[194] A "war room" was established at Twitter, with Musk meeting with Spiro, Sacks, and others to discuss his next steps.^[195] According to The New York Times, the group's two primary objectives were to reduce the size of Twitter's workforce and overhaul the platform's mobile app.^[196] Twitter employees were not formally informed of the change in management,^[197] with Musk originally said to be planning a town hall meeting with employees but ultimately not doing so.^[175][198] The next day, Twitter shares ceased trading in accordance with Musk's pledge to take the company private;^{[199][200][201]} the company's stock ticker was delisted from the New York Stock Exchange (NYSE) on November 8.^[202]

Since becoming owner, Musk has enacted a series of changes, including overhauling Twitter's verification system by requiring new applicants to purchase a Twitter Blue subscription.^[203] Many Twitter staff members were directed to extend their working hours in order to meet Musk's deadlines for his desired changes to the platform.^[204] On November 4, Musk laid off roughly half of Twitter's workforce,^[205][206] and two weeks later, he issued an ultimatum to employees to commit to "extremely hardcore" work in order to realize Musk's vision of "Twitter 2.0", or leave.^[207][208] Hundreds of employees resigned in response.^[209][210] From the layoffs and resignations, the company went from close to 7,500 employees to approximately 1,500,^[211] a reduction of about 80%.

一方、マスク氏は、ジョーダン・ピーターソン、キャシー・グリフィン、バビロン・ビー、ドナルド・トランプなどの以前禁止されていたアカウントを復元し始め、^{[ 212 ] [ 213 ]}極右の人物の要請により反ファシストのアカウントを凍結し、 ^{[ 214 ]}マスク氏をパロディ化したアカウントも凍結した。^{[ 215 ] [ 216 ]}マスク氏はまた、プラットフォームのヘイトスピーチに関するポリシーを緩和し、COVID-19の誤情報を禁止するポリシーを削除したため、^{[ 217 ] [ 218 ]}ヘイトスピーチが増加した。^{[ 219 ]} 12月、マスク氏は、公開されているデータを使用してマスク氏のプライベートジェットをリアルタイムで追跡していたジャック・スウィーニーが運営するTwitterボットアカウント「ElonJet」を禁止したことで反発に直面した。 ^{[ 220 ] [ 221 ]}マスク氏がElonJet事件を取材していた複数のジャーナリストを凍結したことで、これらの抗議は激化した。 ^{[ 222 ] [ 223 ] [ 224 ]}数日後、マスク氏はTwitterで、TwitterのCEOを辞任すべきかどうかをユーザーに尋ねる投票を実施し、^{[ 225 ] [ 226 ]}投票者は賛成の回答をした。^{[ 227 ] [ 228 ]}マスク氏は後任を選んだ後に辞任すると述べ、^{[ 229 ]} 2023年6月にNBCUniversalの広告販売委員長であるリンダ・ヤッカリーノ氏が後任となった。^{[ 230 ]}

マスク氏によるTwitterの買収は、主にライバル企業Meta PlatformsによるTwitterに酷似したソーシャルメディアプラットフォームThreadsの開発につながった。このサービスの開発は2022年11月に始まり、マスク氏とヤッカリーノ氏がTwitterに加えた変更に対する反発が続く中、2023年7月5日にリリースされた。^{[ 231 ] [ 232 ]}これに対し、Twitterは知的財産権侵害でMetaを訴えると脅迫した。^{[ 233 ]}アグラワル氏、シーガル氏、ガッデ氏は2023年4月にTwitterを提訴し、在任中に発生した弁護士費用を同社が支払っていないと主張した。^{[ 234 ]}マコーミック氏は10月に経営陣に有利な判決を下した。^{[ 235 ]}

 6月、X Corp.は、法律事務所が支払った9,000万ドルの報酬の一部を取り戻すため、ワッチェル法律事務所を提訴した。同事務所は、以前のTwitter経営陣との契約では時間単位での請求のみを規定していたにもかかわらず、買収の成功完了時にボーナス報酬を請求したため、「不当利得」にあたると非難した。 ^{[ 236 ] [ 237 ]}この訴訟は失敗に終わった。^{[ 238 ]} 7月、TwitterアプリはXにブランド変更されたが、これは前例のない決定であり、ユーザーの間で混乱を招いた。^{[ 239 ]} 9月、マスク氏は前年のTwitter株購入に関するSECの調査に対し、SECに出頭しなかったため、訴訟を起こされた。 ^{[ 240 ]}ウォール・ストリート・ジャーナルは2023年10月に、マスク氏の買収資金を提供した7つの大手銀行が、マスク氏が経営を引き継いで以来、他の銀行が債務に対する意欲を欠いているため、エクスポージャーを迅速に他の銀行に売却するという標準的な慣行 に従わず、代わりに売却するために債務を少なくとも15％減額する必要があると報じた。 ^{[ 241 ]}

The company's financial outlook improved in 2025, partly due to Musk's close relationship with President Donald Trump and the platform's move away from an advertising-only model toward user subscriptions and artificial intelligence, leading to a revival in investor interest and successful refinancing of the remaining debt. By April 2025, banks had sold off the last of the debt related to the company at about 98 cents on the dollar, in what Bloomberg News described as a remarkable turnaround.^[242] Earlier in March, Musk announced that xAI, the AI company he founded two years earlier, would acquire X in an all-stock transaction for a total enterprise value of $45 billion, a billion more that what he paid in 2022.^[243][244]

In August 2024, court documents revealed the names of the nearly 100 stakeholders who took part in the October 2022 takeover. Shareholders included including Bill Ackman, Saudi Prince Alwaleed bin Talal, Jack Dorsey, venture capital firms Andreessen Horowitz and Sequoia Capital, (which both had joined a recent $6 billion funding round for Musk’s AI startup xAI). Also named were 8VC (led by Palantir co-founder Joe Lonsdale) and Gigafund (co-founded by PayPal Mafia member Luke Nosek and Stephen Oskoui, both also Founders Fund alumni^[245]) — both investors in Musk’s other ventures like The Boring Company — as well as Scott Nolan, a former SpaceX engineer and now partner at Peter Thiel's Founders Fund. Binance, which invested $500 million in Musk's 2022 takeover, and longtime Musk supporter Cathie Wood are also among the names. The filing also includes lesser-known investors like Italian financial firm UnipolSai S.p.A.^[246][247]

Following Musk's induction to Twitter's board of directors on April 5, Agrawal wrote that he believed Musk's appointment would bring long-term value to the company, while Dorsey wrote that Musk "cares deeply about our world and Twitter's role in it".^[15] Dorsey privately relayed his appreciation to Musk for his commitment, texting that he trusted Musk.^[7] On April 11, Agrawal stated that he believed Musk's withdrawal from the board was "for the best", noting that the company would "remain open to his input".^[17]

Musk's offer to take over Twitter was met with both praise and criticism.^[248] On April 14, Twitter employees expressed concern with Musk's views on free speech.^[249][250] Media outlets expressed concerns that his proposed changes to Twitter would result in an increase in disinformation and online harassment.^[248][251]Jim Cramer of CNBC opined that the Twitter board would have "no choice" but to reject Musk's offer due to potential personal liability faced by the board members.^[252] On April 19, the National Urban League urged Twitter to turn down Musk's takeover bid, warning of potentially negative consequences on users' civil rights.^[253]

Conservative and Republican commentators and politicians in the U.S. who believed Twitter discriminated against right-wing speech expressed enthusiasm for Musk's proposed changes.^[248][254] On April 22, U.S. House Republicans demanded that Twitter's board preserve all records pertaining to Musk's takeover proposal, which sets the stage for a potential congressional probe following the 2022 midterms.^[255]Jimmy Patronis, the Chief Financial Officer of Florida, praised Musk's offer and was critical of Twitter's "poison pill" strategy.^[256] According to a poll conducted by Harvard University's Center for American Political Studies (CAPS) and the Harris Poll, 57 percent of American voters approved of Musk's purchase of Twitter.^[257]

Agrawal applauded the purchase and assured employees that no layoffs were planned at that time,^[258][259] adding he was proud of Twitter employees "despite the noise" around the company.^[60] He also led an all-hands meeting on April 29 to address concerns raised by employees.^[260] Dorsey endorsed the sale, saying that "taking [Twitter] back from Wall Street is the correct first step" and that he trusted Musk to be the owner of the company.^[261] Former Twitter CEO Dick Costolo denounced Musk's criticism of the company.^[60] Gadde allegedly cried during a meeting about the announcement and was subjected to online trolling.^[262] Musk's June 17 meeting with employees was generally negatively received by participants, who found Musk's statements "incoherent" and "uninspiring".^[263] Musk was repeatedly derided and mocked by Twitter employees on their internal Slack channels after the deal was brokered.^[143]

ジム・ジョーダン、イベット・ヘレル、マーシャ・ブラックバーン、テッド・クルーズといった米議会の共和党議員は、この取引を称賛し、言論の自由の回復だと述べた。一方、プラミラ・ジャヤパル、ヘスス・ガルシア、マリー・ニューマン、マーク・ポカン、エリザベス・ウォーレンといった民主党議員は、マスクと買収を批判した。^{[ 264 ] [ 265 ]} 6月、テキサス州司法長官ケン・パクストンは、マスクが以前に主張したことを示唆し、Twitterがスパムボットアカウントの数について当局を欺いていたかどうかの調査を開始した。^{[ 266 ]}ドナルド・トランプ前米大統領はこの取引に賛成の意を示したが、自身のソーシャルメディアプラットフォームであるTruth Socialを好むため、たとえアカウント停止が解除されてもTwitterには復帰しないと述べた。^{[ 267 ]}マスクは後に、Twitterによるトランプのアカウント停止を解除する意向を示した。^{[ 268 ]}メキシコのロペス・オブラドール大統領は、マスク氏がツイッターから「そこにある腐敗、ボットによる操作」を一掃してくれることを期待していると述べた。^{[ 269 ]}連邦通信委員会（FCC）のブレンダン・カー委員は、同委員会に買収阻止を求める声に対し、そのような権限はないと述べ、そのような要求を「ばかげている」と呼んだ。^{[ 270 ]}欧州連合（EU）が新たなオンライン規則によってデジタル市場と巨大テクノロジー企業を「改革」すると発表した一方で、欧州域内市場担当委員のティエリー・ブルトン氏は、「欧州で事業を行う企業は、（EUの）規則を遵守する必要がある」と強調した。^{[ 271 ]}

By April 27, 30,000 new users had joined the decentralized network of servers running open-source Mastodon software.^[272] Conservative Twitter accounts experienced a significant increase in followers, while liberal ones experienced a slight decrease;^[273] additionally, thousands of left-leaning users deactivated their accounts following the buyout.^[274] LGBTQ+ users and activists expressed apprehension about the deal based on tweets by Musk mocking transgender people, fearing that the re-platforming of suspended Twitter accounts would lead to a rise in online harassment and hate speech.^[275][276] On June 3, a group of political advocacy groups which included the Center for Countering Digital Hate, GLAAD, and MediaJustice initiated a campaign to block the proposal by calling for a review of the deal by the government and a boycott of the platform by advertisers.^[277]

Henrik Fisker, co-founder of electric vehicle maker Fisker Inc. and a rival of Musk's, left Twitter shortly after the acquisition announcement.^[278]Amazon founder Jeff Bezos questioned whether Tesla's business interest in China would give the Chinese government leverage over Twitter via Musk, before answering that it would "probably not".^[279][280]Microsoft co-founder Bill Gates questioned if Musk would allow the spread of public health misinformation, including vaccine misinformation.^[281]Wikipedia co-founder Jimmy Wales speculated that Twitter could either thrive or fall within five years under Musk's supervision.^[282]Bitcoin investor Roger Ver and Coinbase CEO Brian Armstrong welcomed the buyout, citing the potential for reduction of perceived censorship on Twitter.^[283]Google and Alphabet CEO Sundar Pichai said that he hoped Twitter would improve over time due to its importance to society,^[284] while Facebook and Meta founder and CEO Mark Zuckerberg expressed confusion and uncertainty over the proposed buyout.^[285]

Edgett instructed employees not to share commentary on the purported cancellation; nonetheless, several Twitter employees posted humorous messages making light of the situation.^[286] Tesla shares rose 2.11 percent in the hours after Musk's announcement.^[287] Trump criticized Musk and called the acquisition "rotten",^[288] which led to a protracted feud between the two.^[289][290] With the exception of Trump, most conservatives sided with Musk, with former White House chief strategist Steve Bannon attacking Twitter for allegedly lying about the prevalence of its spambot accounts and Turning Point USA CEO Charlie Kirk musing that Musk may have been seeking to "expose" Twitter the whole time.^[291] In an email sent to Twitter's employees in response to Zatko's complaint, Agrawal sharply rejected the claims and called them a "false narrative".^[292]

Trump responded approvingly of the purchase after the deal was closed, saying that he was pleased Twitter was "in sane hands", rather than what he termed "radical left lunatics".^[293][294] Other Republican politicians, including Dan Crenshaw, Darrell Issa,^[295]Marjorie Taylor Greene,^[296]Marsha Blackburn,^[195]Anthony Sabatini, Amy Kremer,^[297]Lauren Boebert, Dick Black,^[298] Cruz,^[299] and Jordan applauded the purchase as well. Democrat Amy Klobuchar voiced her distrust of Musk and called for tighter government regulation of the platform,^[300] while Democrat Chris Murphy advocated for a federal investigation into the role of Saudi Arabia in the purchase.^[301]Dmitry Medvedev, deputy chairman of the Security Council of Russia and former President of Russia, was pleased with the news, stating that he hoped Twitter would eliminate "political bias and ideological dictatorship". Breton again emphasized that Twitter was bound by the EU's laws,^[302] alluding to the recently passed Digital Services Act.^[303]

社内では、Twitterの従業員は、マスク氏が補償金を受け取る前に従業員を解雇するのではないかと懸念を表明し、マスク氏を批判し、互いに連帯を表明するメッセージを発信した。^{[ 181 ][298]マスク氏が}大規模な人員削減を計画しているかどうかについての相反する報道の中で、多くの従業員がSlack、Discord、LinkedInで不安と恐怖を表明した。^{[ 304 ] [ 305 ]}女性の権利活動家であるセイ・アキウォウォ氏は、ガッデ氏の解雇に失望したとツイートし、子供の権利活動家であるビーバン・キドロン氏は、マスク氏が新たに得た権力が言論の自由の増加にはつながらないと述べた。^{[ 303 ]}ポッドキャスターのジョー・ローガン氏はマスク氏の野心を称賛し、^{[ 300 ]}右派のTwitterアカウントLibs of TikTokは買収のニュースに歓喜した。^{[ 299 ]}数ヶ月間Twitterからブロックされていたメディアパーソナリティのスチュワート・ピーターズは、買収後に新しいアカウントを使用してブロックを回避しようとしたが、そのアカウントは後に停止された。^{[ 298 ]} ロシア国営放送RTの編集長マルガリータ・シモニャンは、マスクにTwitterの停止を解除するよう要求した。^{[ 198 ]}ビン・タラル・アル・サウドはマスクの買収を祝福し、^{[ 298 ]} JPMorgan ChaseのCEOジェイミー・ダイモンはマスクにスパムボットアカウントを根絶するよう促した。^{[ 306 ]}テスラのライバルであるゼネラルモーターズは、Twitterでの有料広告を一時的に停止すると発表した。^{[ 302 ]}広告代理店IPG MediabrandsとOmnicom Media Groupは、マスクの所有権に対する安全性と信頼性の懸念から、クライアントにTwitterでの広告を一時的に停止するよう勧告した。^{[ 307 ] [ 308 ]}アウディ、ベントレー、カールスバーググループ、ゼネラルミルズ、ランボルギーニ、モンデリーズインターナショナル、ポルシェ、ファイザー、REI、フォルクスワーゲングループなど、多くの企業がこれに続いた。^[309][310]Media buying agency GroupM also advised its clients against procuring advertisements from Twitter.^[311] Alt-tech social media platform Parler welcomed Musk's purchase, while alt-tech platform Gettr was more skeptical, believing Twitter was "fundamentally broken".^[312] Similarities have been drawn between the acquisition and the 2022 film Glass Onion: A Knives Out Mystery, with some viewers comparing Musk to the character of Miles Bron, though director Rian Johnson stated that the similarities were purely coincidental.^[313][314]

マスク氏による買収完了に対するオンラインでの反応は賛否両論だった。^{[ 315 ]}デジタル調査会社Memeticaによると、買収完了後、極右の著名人のフォロワーが大幅に増加した一方、多くの進歩派のフォロワーは大幅に減少したが、マスク氏の買収がフォロワーの変化を引き起こしたかどうかは不明である。^{[ 316 ]} Mastodonでは再びサインアップが急増した。^{[ 317 ]}エンターテインメント業界の複数の著名人がプラットフォームからの離脱を発表したが、^{[ 318 ] [ 319 ]}ジョン・パブロヴィッツやロブ・ライナーなどの左派のインフルエンサーは、左派の仲間に当面はTwitterにとどまるよう促した。^{[ 318 ] [ 316 ]}ネットワーク伝染研究所 (NCRI) は、マスク氏が買収を完了してから 12 時間で人種差別的な中傷「ニガー 」の使用が 500% 急増したことを観測し、ワシントン ポストは、親ナチス、女性蔑視、反LGBTQ+ のツイートが増加したことを指摘した。 ^{[ 198 ]}バスケットボール選手のレブロン ジェームズは、NCRI の報告に懸念を表明し、「ヘイトスピーチは言論の自由だと言う不適格な人々」を非難した。^{[ 320 ]} Twitter は、人種差別的な中傷を使用しているアカウントは「荒らしキャンペーン」の一部であり、即座に禁止されると回答した。^{[ 321 ] [ 322 ]}デジタルヘイト対策センターは、マスク氏が Twitter を支配して以来、反黒人、反ゲイ、反トランスジェンダーの中傷が増加したと報告し、反名誉毀損連盟は反ユダヤ主義的なコンテンツが増加したと報告した。^{[ 323 ]}

Anticipating a takeover, Elizabeth Lopatto of The Verge predicted that it would lead to a mass employee exodus and a possible reinstatement of Trump's Twitter account.^[324] After the acquisition announcement, Alex Werpin of The Hollywood Reporter warned of widespread repercussions.^[325] Greg Bensinger of The New York Times argued that Musk's acquisition was "about controlling a megaphone" rather than free speech,^[326] while Elizabeth Dwoskin of The Washington Post remarked that Musk's free speech vision for Twitter was considered by technologists to be outdated and impractical.^[327] Don Pittis of CBC News noted the controversy associated with the wealthy gaining control of media platforms.^[328]Brendan O'Neill of Spiked observed that Musk's purchase of Twitter and the resulting backlash represented a "battle for control of the Internet",^[329] with Business Insider's Ben Gilbert calling the purchase the latest "battleground" in the culture war between Democrats and Republicans.^[330]Michael Hiltzik of The Seattle Times commented that Musk's impact on Twitter would depend on his policies and how he chooses to implement them.^[331] Paul R. La Monica of CNN Business suggested that Tesla's declining stock price indicated that Wall Street investors were doubtful on whether Musk's purchase would go through.^[332]CleanTechnica's Matt Pressman believed that Musk's purchase would benefit Tesla because owners of the company's cars often engaged on the platform,^[333] and Lindsey Bakes of Deseret News wrote that Musk could integrate cryptocurrency within Twitter.^[334]

アメリカの保守系雑誌ナショナル・レビューのケビン・D・ウィリアムソンは、マスクによるツイッター買収をドナルド・トランプの2016年大統領選挙運動になぞらえ、宣伝行為だと評した^{[ 335 ]。}同僚のリッチ・ロウリーは、マスクの買収に対するリベラル派政治家の強い反応は、ツイッターの既存のポリシーが「政治的な影響」を及ぼしていることを示していると述べ^{[ 336 ]}、同誌の編集者はツイッターでの言論の自由の促進を目指すマスクの努力を応援した^{[ 337 ]} 。福音派雑誌クリスチャニティ・トゥデイのボニー・クリスティアンは、この買収は言論の自由をめぐる論争をめぐる「混乱を増す」だけだと感じ^{[ 338 ]、}アメリカの社会主義雑誌ジャコビンのパリス・マルクスは、言論の自由を守ろうとしているというマスクの宣言を「彼の傲慢さの例」として一蹴した。^{[ 339 ]}保守系公共政策雑誌「シティ・ジャーナル」のコービン・K・バートホールド氏は、ツイッターの検閲を終わらせるのは難しいが「苦労する価値はある」と考えており、^{[ 340 ]}一方、「スペクテイター・ワールド」のピーター・ヴァン・ビューレン氏は、マスク氏はツイッターをオフラインにすべきだと主張した。^{[ 341 ]}中道右派ニュースサイト「ザ・ブルワーク」のキャシー・ヤング氏は、マスク氏が計画しているツイッターの改革は「成功しそうにない」と感じており、買収に反対する評論家たちは、これを「左派のソーシャルメディアの偏向」に対する右派の反発と見なしていると指摘した。^{[ 342 ]}アメリカのリバタリアン雑誌Reasonのロビー・ソアベは、マスクの買収はTwitterや民主主義を脅かすものではないと主張し、プラットフォームの重要性を過大評価しているのは「進歩的メディアや主流メディアのマスク批判者」だと示唆した。^{[ 343 ]} The American Conservativeのジェームズ・マッケルロイはさらに、多くのジャーナリストによる買収の非難は「職業上の不安」によるものだと主張した。^{[ 344 ]}

Equity analyst Angelo Zino believed that Twitter's acceptance of Musk's proposal may have stemmed from its realization that alternative bidders would be unlikely to emerge due to social media companies' declining asset prices.^[59]Associate professor Brian Quinn of Boston College Law School noted that it would be difficult for Musk to arbitrarily pull out of the deal due to the contractual doctrines of fair dealing and good faith.^[345]Kate Klonick, a law professor at St. John's University, argued that to allow "all free speech" to exist on Twitter would open the door to the spread of pornography and hate speech.^[346] Similarly, Joan Donovan, research director at Harvard's Shorenstein Center on Media, Politics and Public Policy, stated that the lack of moderation on Twitter would lead to online harassment.^[347]Bill George, a senior fellow at Harvard Business School and former CEO of Medtronic, argued that Musk's purchase of Twitter would harm both society and Musk himself,^[348] while analyst Mike Proulx of Forrester Research cautioned that other companies may leave Twitter if Musk loosens its moderation policies.^[349]Proprietary trader Dennis Dick opined that Musk's spambot claims were tactics by him to lower the price of the purchase.^[350] Analysts noted that the involvement of foreign entities as independent investors could cause the transaction to face national security scrutiny by the CFIUS.^[351][352] Left-leaning media watchdog Media Matters for America and think tank Australian Strategic Policy Institute suggested that China could use its influence to extract political concessions or manipulate Twitter due to Musk's ties to the country.^[353][354]American Civil Liberties Union (ACLU) executive director Anthony D. Romero warned of the potential danger of Musk wielding excessive power.^[355]

マスク氏が契約を解除する意向を発表した後、法律専門家は概して、彼がそうすることは難しいだろうとの見解を示した。^{[ 356 ]}カリフォルニア大学ロサンゼルス校の法学教授ジェームズ・パーク氏は、マスク氏のスパムボットに関する主張は弱く、重要ではないと指摘した。一方、ケース・ウェスタン・リザーブ大学のビジネス法教授アナト・アロン＝ベック氏は、Twitterはマスク氏の主張を否定するために合併を強制せざるを得なかったと指摘した。シラキュース大学のジェニファー・グリギエル教授は、マスク氏が方針転換して取引を見直す可能性があると推測した。^{[ 357 ]}チューレーン大学ロースクールの教員研究担当副学部長アン・リプトン氏と合併買収専門家ジュリアン・クリモチコ氏は、マスク氏が重大な悪影響があったことを証明できるかどうか疑問を呈した。^{[ 358 ] [ 359 ]}

Axiosのフェリックス・サーモン氏は、契約書の条項により、裁判官が特定履行を命じ、マスク氏に取引を進めるよう命じることが可能になったと指摘した。^{[ 360 ]} CNBCのジョナサン・ヴァニアン氏は、マスク氏の撤退は数ヶ月にわたる買い手の後悔の結果だと述べ、^{[ 361 ]}同僚のアレックス・シャーマン氏は、規定の解約金を支払ってもマスク氏が補償や制裁を免れることはないと指摘した。^{[ 362 ]}ウォール・ストリート・ジャーナルに寄稿したホルマン・W・ジェンキンス・ジュニア氏は、マスク氏が買収を提案したのは「勢いに乗って、あるいは注目を浴びることを過剰に楽しんで、あるいは傍観者がお手上げになるような不可解な理由」によるものかと疑問を呈した。^{[ 363 ]}さまざまな報道機関は、ザトコの訴えがマスクに有利な証拠となる可能性があると考えていたが、^{[ 364 ] [ 365 ] [ 366 ]}ブルームバーグニュースのコラムニスト、マット・レヴィンは、この訴えはツイッターの収益化可能なデイリーアクティブユーザー数にスパムボットが含まれていないことを裏付けるものだと主張した。^{[ 367 ]}

Greg Varallo of the Bernstein Litowitz Berger & Grossmann law firm observed that if Musk failed to secure funding and close the acquisition, he could be barred from claiming that he can terminate the acquisition as per the legal doctrine of judicial estoppel.^[368]New York University's Center for Social Media and Politics executive director Zeve Sanderson cautioned that if Musk were to lay off 75 percent of Twitter's workforce, it would make it more difficult for the company to moderate its content. Professor David Kaye of the University of California, Irvine School of Law and Professor Eric Goldman of the Santa Clara University School of Law concurred, warning of a potential increase in misinformation and harassment on the platform. However, they noted that the layoffs could still be mitigated through an increase in automated content moderation.^[369]

Conservative commentators celebrated the purchase's closure.^{[296][299][370]}Fox News host Tucker Carlson argued that Musk's laissez-faire approach to moderation on Twitter would reshape American political discourse.^[370] Shapiro wrote that he hoped other social media platforms would implement Musk's proposals and called on Musk to reverse Peterson's suspension from Twitter.^{[296][299][370]} Political commentator Matt Walsh saw the purchase as an opportunity to rally opposition against the "trans agenda".^[198][370] Political columnist Benny Johnson called on Musk to reverse the suspensions of several prominent conservatives.^[296]Spiked's O'Neill claimed that liberals' negative reaction to the closure reflected their fear of freedom and liberty,^[371] while Washington Examiner's Christopher Tremoglie disapproved of Musk's idea for a moderation council as continued censorship.^[372]

Lauren Hirsch of The New York Times observed that Musk would face financial challenges in owning Twitter, including the company's difficulty in turning a profit.^[373] Richard Waters of the Financial Times echoed Hirsch's sentiments, adding that it would difficult for Musk to allow the right amount of free speech on the platform.^[374] Kate Ferguson of Deutsche Welle viewed Musk as unreliable and therefore unfit to operate Twitter,^[375] and Hamilton Nolan of The Guardian felt the purchase was an attempt by Musk to "control the conversation".^[376] Barbara Ortutay, Tom Krisher and Matt O'Brien of the Associated Press noted Musk's contradictory and vague messages in the past regarding his vision for Twitter,^[377] while Ben Burgis of Jacobin criticized liberals' technocratic views and their downplaying of the importance of free speech in response to the purchase, though he remarked that Musk had a history of suppressing his critics.^[378] Also writing for The New York Times, Kate Conger, Ryan Mac, and Tiffany Hsu noted that Musk's meetings with civil rights activists and his plans for a content moderation council were reminiscent of the actions taken by Zuckerberg following backlash on Facebook's handling of the 2016 U.S. elections.^[379]Politico'sJack Shafer noted that media coverage of Musk's purchase foretold "chaos, greater political oversight, and outright failure."^[380]

マスク氏の著述家であり批評家でもあるエドワード・ニーダーマイヤー氏は、マスク氏の傲慢さゆえにTwitterが失敗する可能性があると主張した。^{[ 380 ]}ジョージ・ワシントン大学ロースクールのジョナサン・ターリー教授など、憲法修正第1条を研究する学者たちは、Twitterのコンテンツモデレーションを緩和するというマスク氏の計画を称賛した。^{[ 306 ]}ニューヨーク大学ビジネス・人権センター副所長のポール・M・バレット氏は、マスク氏の過去の「気まぐれで横柄な」行動のため、マスク氏の下でのモデレーション評議会は懐疑に直面するだろうと推測した。^{[ 198 ]}スタンフォード大学国際安全保障協力センターのアレックス・スタモス氏は、外国政府がTwitterのユーザーベースに影響を与えようとした場合、マスク氏がどのように対応するのか疑問を呈した。^{[ 198 ]}ポッドキャスターのブライス・ポール氏や投資家のキャシー・ウッド氏など、仮想通貨分野の人々は、マスク氏が所有する見込みに興奮を表明した。^{[ 306 ]}

Media Matters for America president Angela Carusone warned that Musk's leadership would lead to an increase in disinformation, conspiracy theories, and harassment on Twitter.^[381] Literary group PEN America opined that the midterm elections in November would serve as a test as to whether Musk would allow disinformation to spread rapidly on the platform,^[382] while American left-wing activist coalition Stop the Deal warned of real-world consequences if a rise in hate speech occurs on Twitter.^[302][198] Over 40 civil rights groups signed an open letter to 20 Twitter advertisers urging them to abandon the platform if Musk lifts its content moderation measures.^[186] Anti-Defamation League CEO Jonathan Greenblatt said he was "cautiously optimistic" about the purchase, but expressed concerns over a potential rise in hate speech.^[381]Fight for the Future director Evan Greer appreciated Musk's idea for a moderation council, but noted that Musk had supreme authority on any decisions made.^[195]Eliot Higgins of Bellingcat believed that Musk's attempts to promote free speech would backfire under increased government regulation.^[295] LGBTQ+ advocacy group Human Rights Campaign voiced concern at Twitter's new ownership and argued that Twitter has the responsibility to stop its platform from turning into a "dangerous media environment".^[198] The Guardian has also suspended submissions to X due to a number of far-right conspiracy theories and posts promoting racism.^[383]

A class action suit was filed against Musk just before he bought Twitter.^[405] On March 20, 2026, the San Francisco, California jury found Musk liable for misleading investors, though they absolved him of some fraud allegations, finding he did not "scheme" to defraud investors.^[406][405] Specifically, Musk was found to have misled shareholders in two tweets, but not in a podcast, as the views he expressed in that were an opinion.^[406][405] Damages have yet to be calculated, but plaintiffs' lawyers estimated them to be $2.5 billion.^[407]