EU warns Elon Musk that Twitter must stick to digital rules – business live

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Twitter, and its users, are facing an uncertain future after Elon Musk secured a momentous deal to take the social media company private.

The world’s richest man has shaken up Silicon Valley with one of the most astounding takeover deals in recent times, with Twitter’s board agreeing to sell the company to Musk.

The deal, worth around $44bn, has been been hailed by Twitter’s critics, often from the conservative side, but criticised by those who fear it could lead to a rise in hate speech and misinformation on the platform.

Related: Jokes, cheers and dire warnings: Twitter reacts to Musk’s takeover

Announcing the deal, Musk said that Twitter has “tremendous potential”, and that he looked forward to working with the company and its users to unlock it

Musk declared:

“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, who has described himself as free speech absolutist, has criticized Twitter’s moderation polities, and called for Twitter’s algorithm to be made public so people can see why certain tweets are prioritised.

Musk’s commitment to free speech (which he recently said meant someone you don’t like being allowed to say something you don’t like) is expected to mean lighter moderation policies, and could mean fewer controls to protect users.

In a Twitter thread last night, Amnesty International warned that it could mean Twitter turns a blind eye to violent and abusive speech.

“We are concerned with any steps that Twitter might take to erode enforcement of the policies and mechanisms designed to protect users.

Twitter’s chief executive, Parag Agrawal, has warned employees on Monday that the future of the social media firm is uncertain.

Speaking at a town hall meeting last night, Agrawal explained:

“Once the deal closes, we don’t know which direction the platform will go.”

The deal, once finalised, could turn the world’s richest person into a new age media baron, owning a platform relied on by millions of people for news and social interaction, and used by politicians, businesses, organisations, celebrities and news networks worldwide.

Democratic senator Elizabeth Warren of Massachusetts has already sounded alarm, warning that the “deal is dangerous for our democracy”, and calling for a wealth tax and strong rules to hold Big Tech to account.

Amazon chief Jeff Bezos has also flagged concerns that Musk’s takeover of Twitter could give China influence over the social media company, given his business interests in China.

Bezos quote-tweeted a tweet higlighting that China was Tesla’s largest market last year, adding:

“Interesting question. Did the Chinese government just gain a bit of leverage over the town square?”

But Bezos then added that the deal could create ‘complexity’ for Tesla in China, rather then censorship.

The US govermnent wouldn’t comment on the deal directly, but voiced wider concerns over social media.

White House spokesperson Jen Psaki told reporters:

“The president has long talked about his concerns about the power of social media platforms, including Twitter and others, to spread misinformation.”

Also coming up today

European stock markets are set for a rebound, after sliding on Monday on fears of new lockdowns in China.

Musk’s deal to buy Twitter helped lift Wall Street last night, with the tech-focused Nasdaq Composite rising 1.3%.

We’ve also got the latest UK public finances this morning, which show that government borrowing more than halved in the latest financial year but remained the third highest on record at nearly £152bn.

The agenda