"If he bought Twitter, Elon Musk would be in a bad situation, because he was not prepared," the former CEO of Reddit asserted.
In a post on Twitter, Yishan Wong, CEO of Reddit from 2012-2014 shared about the reality of operating a social networking platform, and said that Musk knows nothing about Twitter. According to Wong, the world's richest billionaire is outdated and doesn't understand the current Internet culture.
Musk's Internet Vision Is Outdated
The former CEO of Reddit thinks that many Gen X tech moguls, including Elon Musk, grew up in a very different cyber world than they do today.
“For them, the Internet symbolizes freedom, a new land and an ideal place where people can be sublimated. They believe that this platform will help humanity enter an era of brilliant development," Wong wrote on his personal page.
On the other hand, when it comes to social networks like Facebook, Twitter and Reddit, Wong said they are not interested in politics or free speech. Basically, the platform is created so that people can share anything without any consequences to social networks. Therefore, people began to show the dark side of themselves and create a world of social networks, the Internet like today.
Responding to the post by CEO Yishan Wong, Elon Musk only commented that Twitter really needs a longer post feature.
Elon Musk has just offered to buy all of Twitter for $43 billion. In an email to the Twitter board, the world's richest billionaire said the platform "cannot thrive and serve (freedom of speech) in its current state". Musk also echoed this comment in his TED 2022 talk.
In order to prevent billionaire Elon Musk from buying the entire company, Twitter decided to apply a defensive tactic of "poison". This mechanism gives shareholders the right to buy back shares at a lower market price, with the aim of diluting the intended acquirer's shares. In the case of Twitter, the "poison" defense tactic will immediately dilute Musk's stock, making the ambition to buy all of Twitter more difficult.
At TED 2022, Elon Musk revealed he had a backup plan prepared but declined to elaborate.