Musk buying Twitter to form 'healthy' town square

By Michael Hernandez

WASHINGTON (AA) - Tesla CEO Elon Musk sought to calm advertisers' fears Thursday concerning his looming purchase of Twitter, assuring them that he is purchasing the company with the intent of developing a "healthy" public forum.

Musk has long taken a more hardline approach to free speech, but in a message that appeared to be largely geared toward advertisers, he vowed to continue Twitter's policies of policing various content, including hate speech and threats of violence.

"The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence," Musk wrote, in a voice that seemed to assume the deal had already been completed.

"There is currently great danger that social media will splinter into far right wing and far left wing echo chambers that generate more hate and divide our society," he added.

Musk maintained that he is not looking to make Twitter a "free-for-all hellscape," saying that in addition to ensuring the company is run in compliance with US laws "our platform must be warm and welcoming to all."

Concerns had mounted that should Musk purchase Twitter he would cut back or throw out its efforts to moderate content, particularly hate speech, which would likely leave many advertisers scrambling for the exits along with everyday users.

Addressing advertisers directly, Musk said he believes "that advertising, when done right can delight, entertain and inform you; it can show you a service or product or medical treatment that you never knew existed, but is right for you."

"For this to be true, it is essential to show Twitter users advertising that is as relevant as possible to their needs," he wrote. "Twitter aspires to be the most respected advertising platform in the world that strengthens your brand and grows your enterprise. To everyone who has partnered with us, I thank you. Let us build something extraordinary together."

On Monday, Musk reportedly told bankers who are partially funding the deal that he would have it completed by Friday.

The banks, seven in total, have completed financing preparations for $13 billion they will set up for the deal, and are signing necessary documentation to send Musk the cash, Bloomberg News reported. The cash is slated to be held in escrow Thursday ahead of the agreement's completion, according to Bloomberg, which cited anonymous sources familiar with the matter.

Morgan Stanley has taken on the bulk of the debt with 27%, followed by Bank of America, Barclays and MUFG, which are each assuming about 21%. Three other banks have accounted for the remaining

Twitter shares that have continued to climb in the aftermath of the media report. It is currently at $53.97 per share.

Musk made his original offer to buy Twitter in April but walked it back in July, alleging Twitter violated the original agreement by misrepresenting the number of spam and fake accounts on its platform.

Twitter, in turn, sued Musk to complete the acquisition, accusing the billionaire of using bots as a ploy to walk away from the takeover. Twitter shareholders voted earlier this month in favor of Musk's original agreement.

Legal proceedings have been ongoing in the US state of Delaware where Chancery Court Judge Kathaleen McCormick has given the parties until 5 p.m. Friday to close the deal or face a November trial to decide the outcome.