Musk: "Twitter is the Best Advertising Platform"... Trading Suspended Temporarily on US Stock Market on 28th

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] "I hope to become the best advertising platform in the world." Elon Musk, CEO of Tesla, stated this on his Twitter account on the 27th (local time), one day before the completion of the Twitter acquisition deal. This is seen as a kind of love call to advertisers.

On the same day, Musk CEO posted an open letter to advertisers, explaining Twitter's platform policy by saying, "It cannot be a hellish scene of brawls. Our platform must be a warm and welcoming place while complying with the law." He emphasized, "I hope Twitter becomes the best advertising platform in the world that strengthens your brand and grows your business."

This is interpreted as a response to concerns raised by some advertisers that hate content on Twitter may surge in the future, as Musk CEO repeatedly emphasized freedom of expression earlier.

Musk CEO said, "There has been much speculation about why I am buying Twitter and what I think about advertising, and most of it is wrong," adding, "The reason I acquired Twitter is because having a shared digital town square is important for the future of civilization." He also pointed out the growing concerns that current social media cause hatred and social division, adding that Twitter can "discuss in a healthy way without relying on violence across a wide range."

Musk CEO will complete the acquisition deal worth $44 billion (about 62.6 trillion won), purchasing Twitter shares at $54.20 per share according to a court order on the 28th.

Accordingly, the New York Stock Exchange (NYSE) confirmed on the 28th, the day of the acquisition, that trading of Twitter shares will be temporarily suspended in the U.S. stock market to protect investors. The securities authorities can suspend trading of specific stocks within 10 business days for investor protection and public interest under the Securities Exchange Act.

Meanwhile, on the afternoon of the same day in the New York stock market, Twitter's stock price is moving around $53.9, up about 1% from the previous session.