Elon Musk has just called Twitter the “world’s largest non-profit”. As usual, his tweet has gotten a massive response as it has gotten 36 million views and around 380,000 likes.
“Say what you want about me, but I acquired the world’s largest non-profit for $44 billion lol,” Musk tweeted.
When American video game designer Derek Smart responded, “Now open source it, then we’ll be truly impressed”, Musk was quick to reply. “Prepare to be disappointed at first when our algorithm is made open-source next week, but it will improve rapidly!” the Twitter CEO wrote.
By definition, a non-profit organization, or non-business entity, is an organization that uses all funds outside of overhead to address a societal issue for public benefit, rather than turning a profit.
Musk reportedly took on personal loan debt of about $13 billion in order to finance his $44 billion purchase of Twitter. This debt is held in a margin loan that uses a chunk of his shares of Tesla as collateral.
He may not regret purchasing Twitter, but in December, Musk did come to the realization that securing funding through a margin loan may not have been the soundest financial decision.
Last year, Elon Musk bought Twitter for $44 billion. After the acquisition, he made it no secret the significant challenges he faced in trying to turn the company around.
Since the acquisition, Musk has made numerous changes to the microblogging platform.
A few weeks ago, he tweeted that the past three months have been “extremely tough” as he “had to save Twitter from bankruptcy” while also running Tesla and SpaceX.