(Photo by Dimitrios Kambouris/GETTY IMAGES NORTH AMERICA/Getty Images via AFP)

Ten years ago, Mark Zuckerberg bought Instagram for $1 billion. Two years later, in February 2014, Facebook bought WhatsApp for nearly $19 billion. Since the acquisition, both companies have thrived under Facebook, now renamed Meta. And over the years, the company has continued to invest in technological innovations for social media. The platforms continued to be criticized for negative reasons, but they are still popular among users.

Although Twitter is also a part of social media, it could never really have the same impact as Facebook, WhatsApp and Instagram. Twitter was simple and straightforward. It didn’t have many complexities. Yes, many have complained about character limitations and the like, but Twitter has quickly become one of social media’s most powerful communication tools.

Today, almost everyone and everything has a Twitter account. From world leaders and celebrities to movie characters and mainstream brands. The simplicity and spirit of Twitter was in a class of its own.

Twitter’s audience was approximately 290.5 million monthly active users worldwide and is expected to continue growing to over 340 million users by 2024. This number is of course much lower compared to the number of Facebook and WhatsApp users. As of February 2022, Twitter was only banned in China, Iran, Myanmar, North Korea, Russia, Turkmenistan and Uzbekistan.

Yet despite this, many wanted to get their hands on Twitter. And Elon Musk’s $44 billion offer was just too hard to resist. The takeover is expected to be completed within a few months, and Musk is expected to serve as the company’s temporary CEO.

Twitter is not a boring business

(Photo Olivier DOULIERY / AFP)

Since Musk announced his intention to buy Twitter, the world is still in the same situation as before. Yes, it’s a big recovery. But the reality is that this is what it is. Elon Musk has spent US$44 billion on an app that people use to post their thoughts and opinions.

He raised $7.1 billion for his acquisition of Twitter from investors including Oracle founder Larry Ellison and Saudi Prince Alwaleed bin Talal, according to a securities filing. It also listed 18 investors who accepted cash investments, including Ellison ($1 billion), Sequoia Capital ($800 million) and Vy Capital ($700 million). The Saudi prince, who heads conglomerate Kingdom Holding Company, agreed to tender about 35 million Twitter shares worth $1.9 billion to maintain a stake in the company after the acquisition.

As expected, many have made noise about the purchase, with some questioning his intention to actually buy the platform. There were concerns about free speech as well as the toxic culture that could form as a result of the takeover.

If Twitter acquisition closes, company will focus on software engineering, design, infosec and server hardware https://t.co/m2HseK0TXl

— Elon Musk (@elonmusk) May 6, 2022

While it remains to be seen what will actually happen to Twitter, one country hoping for the best outcome from the takeover is Singapore. Twitter’s current chief executive, Parag Agrawal, has already told employees in a recent meeting that their jobs should be safe.

According to a report from Straits timemany Twitter employees in Singapore office weren’t too concerned about possible job cuts. Instead, they were more concerned about compensation packages and stock options that might be available to them in the future.

In January 2022, Twitter announced plans to double the number of engineers in its Singapore office to over 100 by 2023. The additional hires would cover engineering, data science, machine learning, and management some products.

Reports also showed that Twitter had canceled an event to open its new 22,000 square foot extension at its headquarters in Singapore. The new extension is expected to double Twitter’s current office space in Singapore.

For now, many continue to speculate and try to figure out Musk’s actions. But Musk is known for being bold in the industry, as evidenced by his other companies. The takeover certainly won’t mark the end of Twitter, but it could actually be a new start for the company.

Twitter will still be free for casual users, but maybe a small cost for commercial/government users

— Elon Musk (@elonmusk) May 3, 2022

Musk has already hinted at a number of ways he could seek to improve Twitter beyond promoting free speech. This includes charging businesses a “light” fee to use the platform.

And with Singapore’s innovative infrastructure, Musk would likely enhance Twitter’s offerings and even make the Singapore office a prime location for the company. However, all of this is just speculation.

Elon Musk last week also said he aims to increase Twitter’s annual revenue to $26.4 billion by 2028, up from $5 billion last year, a report says. New York Times.

For now, everyone will just have to wait and see what their next move is.