Overview
This very triumph in recent years has allowed Musk to acquire Twitter, the social media goliath. Although this is not an overnight decision, it was not very public knowledge until January 2022. It started with Musk disclosing in April that he had a 9% stake in the company, making him the largest singular entity to be a shareholder, this soon sparked rumours of his future plans for the social media giant. After a lot of back & forth, some lawsuits, boardroom drama, social media theatrics and the opportune availability of secured financing, Elon Musk was finally able to buy Twitter for $44 Billion ( approx. Rs. 3,372 Billion). The company officials weren’t always on board with the idea of Musk buying it, however, with the viability of secured financing as an option, the doors to Musk’s Twitter opened.
Per Forbes, Elon Musk currently has a net worth of $269.7 Billion. Simple arithmetics would imply that he spent 1/6th of his current net worth to buy Twitter. While he is a 21% shareholder in Tesla, the single largest institutional stakeholder, he has taken a loan against half of that value. With this said, even the remnants that he does own fully amount to a whole lot today. It is primarily owing to Tesla’s focus on reinventing class electronic vehicles, and the high tide of electronic vehicles as a substitute for fuel-powered vehicles the world is currently witnessing. The coinciding of both these elements almost guarantees Tesla’s growth. Tesla is now placed at a higher monetary worth than GM, Volkswagen, Ford and Toyota.
His other endeavours are also promising in their own respective fields. Musk’s organisation SpaceX is currently valued at $74bn. It has recently received significant funds in February 2021 and announced a commercial contract with NASA. The success of this project may bring humongous economical success and open many new avenues for SpaceX. He also owns Neuralink and The Boring Company, both of which are doing seemingly well. He used to own PayPal until some time ago too.
All these combined, the increment in Tesla stocks and the increased private investor transactions in SpaceX allow Elon Musk to take over Twitter with $44 Billion. As the deal is now finalised, the documents of US Security Regulators reveal he would pay $21 Billion by himself, while the remainder would be loaned by Morgan Stanley and other banks. It is said that of the $21 Billion he is to give by himself, some part would be from his monetised stake in Tesla.
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What this means for older adults online
Social media can keep older people connected to family and interests, but accounts and messages are also a way fraudsters reach them. If your parent uses X (Twitter), WhatsApp, Facebook or YouTube, a few habits protect them.
What to do next
1. Use a strong, unique password for each account, and write it somewhere safe at home. 2. Switch on two-step verification with a family member's help. 3. Do not click links in messages that promise money, prizes, free gifts or urgent action. 4. Check before sharing: a post can be fake or edited. Ask a family member if unsure. 5. Keep personal details private: address, bank, Aadhaar and medical details do not belong on a public profile. 6. Treat verified-looking accounts with care, because badges and rules change and impersonation is common. 7. Agree a rule: talk to family before sending money or sharing a one-time password.
See preventing scams and doorstep fraud and tech gadgets for seniors.
Helping a parent get started
Make the text larger, set up one or two trusted apps, and practise a video call. An amplified phone helps with calls; see amplified phones.
When to ask a professional
If a parent has lost money or personal data, call the bank and report it to the national cyber crime helpline (1930) or portal.
Equipment mentioned in this guide
Frequently asked questions
Is social media good for older adults?
It can reduce loneliness and keep families close, when used safely.
What is the most common online risk for seniors?
Scams that ask for money, OTPs or personal details.
How can I make my parent's accounts safer?
Use strong passwords, two-step verification and a trusted family contact.
What should I do if my parent is scammed?
Contact the bank at once and report the fraud to the cyber crime helpline.
Sources and further reading
- Ministry of Home Affairs, India, National Cyber Crime Reporting Portal
- Reserve Bank of India, awareness material on digital fraud
- Federal Trade Commission (US), consumer guidance on scams targeting older adults
Tags: social mediaonline safetyscamsstaying connectedLifestyle and wellbeingAmplified big-button phoneEmergency pendantHearing and vision aidsSafety and alert devicesHealthy ageing
This article is for general education and is not medical advice. Speak to your doctor before changing your exercise, diet or medicines.
