Should the deal go through, It would mark one of the biggest tech takeovers in history.

如果交易順利進行。這將標誌著歷史上最大的技術收購之一。

Musk shared his reasons for making the offer at a TED conference in April.

馬斯克分享了他的理由因為他在4月的一次特德會議上提出了這個提議。

Well, I think it's very important for there to be an inclusive arena for free speech.

- 嗯，我認為這非常重要為有一個包容性的舞臺或自由言論。

Twitter has become, kind of, the de facto town square.

推特已經成為一種事實上的城市廣場。

Leading up to the bid, Musk outlined a number of sweeping changes he plans to make to the platform, including removing its reliance on ads, adding an edit button, and changing the content moderation policy.

- [播音員]領先於競標。馬斯克概述了一些全面的變化 他計劃對該平臺進行改造。 包括取消對廣告的依賴。 添加一個編輯按鈕。 並改變內容審核政策。

So, what are the challenges Musk faces in making his proposed changes?

那麼，馬斯克面臨的挑戰是什麼呢？在進行他所提議的修改時？

And could his decision to buy the company make it harder to enact these plans?

而他收購公司的決定能否使得這些計劃更難頒佈？

Musk's bid for Twitter started in mid-April when he made an initial offer of 43 billion dollars.

馬斯克對Twitter的競標於4月中旬開始。當時他提出了430億的初步報價。

He hasn't liked a lot of facets about Twitter.

- 他一直不喜歡關於Twitter的很多方面。

He hasn't liked the things that they⏤they do moderate content.

他一直不喜歡這些東西。他們會對內容進行調節。

I think he ha⏤he has some different views on where those bars should be.

我認為他有一些不同的觀點關於這些條子應該在哪裡。

The deal means that Musk would buy out shareholders for 54 dollars and 20 cents a share, amounting to a 44-billion-dollar valuation.

- [播音員]這筆交易意味著馬斯克將以每股54.20美元的價格收購股東。 金額為440億美元的估值。

But Musk won't pay that amount out of pocket.

但馬斯克不會自掏腰包支付這一數額。

Keep in mind that the way Musk is paying for Twitter is he's taking out a lot of loans.

- 請記住，馬斯克為Twitter付費的方式是是他正在進行大量的貸款。

Some of those are backed by his Tesla stock, others are coming from other institutions, and loans have to be paid back.

其中一些是由他的特斯拉股票支持的。其他人則來自其他機構。 和貸款必須償還。

Musk disclosed that he had secured 46.5 billion in funding before the deal closed.

- [播音員]馬斯克披露他已經獲得了465億美元的資金。 在交易結束前。

According to a regulatory filing, 25 billion will come from debt to financial institutions like Barclays, Bank of America, and Morgan Stanley.

根據一份監管文件。250億將來自債務。 到像巴克萊銀行這樣的金融機構。 美國銀行和摩根士丹利。

Musk will pay about 20 billion in equity, likely by selling Tesla stock or whittling down his in other companies.

馬斯克將支付約200億的股權。可能通過出售特斯拉股票 或減少他在其他公司的工作。

The deal still must go through shareholders and legal processes.

該交易仍然必須通過股東的同意和法律程序。

But if it is approved, Twitter will become a privately-held company, which will remove roadblocks from Musk to make changes to the site.

但是，如果它被準許。推特將成為一傢俬有公司 這將消除馬斯克的路障 來對網站進行修改。

If the deal gets totally cleared and he owns Twitter, he... he pretty much does what he wants.

- 如果交易被完全清除，他擁有推特。他幾乎是為所欲為。 歸根結底，他要對自己負責。 但他要在財務上負責任。 對機構 和支持他的人都支持這個。

Ultimately, he's accountable to himself, but he is going to be accountable in a financial sense to the institutions and people who have supported and backed this.

Musk plans to use the private status of the company to make a number of changes to the site.

- [播音員]馬斯克計劃利用私人身份的公司對網站進行了一些修改。

Technical changes that Musk has tweeted about are things like adding an edit button, making tweets longer, and stopping spambots.

馬斯克在推特上提到的技術變化是諸如添加一個編輯按鈕的事情。 使推文更長。 並阻止垃圾郵件機器人。

But he also has broader changes he wants to make that could change how the platform operates.

但他對自己想做的改變也有更廣泛的認識這可能會改變該平臺的運作方式。

These would at least include reducing Twitter's reliance on ad revenue, making the platform's algorithm open source, and softening the company's strict content moderation policy, which Musk has criticized in the past.

這些至少包括減少Twitter的依賴性在廣告收入方面。 使該平臺的算法開放源代碼 並軟化了該公司嚴格的內容審核政策 馬斯克在過去曾責備過這一點。

In a TED conference interview after he initially put in the bid, he said he wanted Twitter to be an arena for free speech.

在泰德會議的採訪中。在他最初出價之後。 他說，他希望推特成為一個自由言論的舞臺。

I do think that we want to be just very reluctant to delete things, just be very cautious with permanent bans.

- 我認為，我們應該是非常不情願的。來刪除東西。

And a good sign as to whether there is free speech: Is someone you don't like allowed to say something you don't like?

只是對永久禁令要非常謹慎也是衡量是否有言論自由的一個好標誌 是你不喜歡的人。 允許說一些你不喜歡的東西。

But how many of these changes could Musk actually make?

- [播音員]但這些變化中有多少是馬斯克究竟能不能製造？

Some are more feasible than others, but all are likely to come with challenges.

有些比其他的更可行。但所有這些都有可能帶來挑戰。 添加一個編輯按鈕可能聽起來很容易做到。 但確實存在技術問題。

Adding an edit button might sound easy to do, but does present technical issues.

If somebody tweets out something and two minutes later they decide, "Oh, maybe I should've said that differently or not said that" and tried to change it...

- 如果有人在推特上發佈一些資訊而兩分鐘後，他們決定。 哦，也許我說的有點不一樣，或者說沒有說。 並試圖改變它。 如果有人在這期間看到 並喜歡捕捉到它，那條原始的推特仍然可以生存。

If somebody saw that in that interim and, like, captured it, that original tweet can still live.

And, so, it... it's kind of hard to get around that part of Twitter.

是以，在Twitter上很難繞過這一部分。

And, so, I think, technically speaking, a lot of the things that he said he wants to do that sound kind of simple, I think will probably prove to be not quite so much.

是以，我認為從技術上講。他說他想做的很多事情 這聽起來有點簡單。 我認為可能證明不是那麼多。

Musk may hit the most roadblocks in maintaining the company's profitability.

- [播音員]馬斯克可能遇到最多的路障在保持公司的盈利能力。

Ads make up roughly 90% of Twitter's revenue, and removing them could leave the company scrambling for money.

廣告約佔Twitter收入的90%。並刪除它們 這可能會使該公司在資金上捉襟見肘。

Fast, broad changes to the content moderation policy off the bat could also scare away advertisers.

對內容審核政策進行快速、廣泛的修改。一下子就有了。 也可能嚇跑廣告商。

I think the important qualification to consider is that the content moderation policies that are supposed to keep Twitter, you know, a safer and friendly place, a big plus to those is that it's what makes it an attractive platform for advertisers.

- 我認為需要考慮的重要條件是內容審核政策 這應該是為了保持Twitter。 一個更安全和友好的地方。 這些的一大好處是 這是使它對廣告商沒有吸引力的平臺。

Advertisers don't want to use platforms where all kinds of harmful stuff for those kinds of things go on.

廣告商不願意使用平臺在那裡，各種有害的東西 因為這類事情在繼續。

And while Musk is free to make changes to Twitter without much oversight, he'll still be accountable for the loans he borrowed to make the bid, making it difficult to eliminate the company's reliance on ads.

- [播音員]雖然馬斯克是免費的在沒有太多監督的情況下對Twitter進行修改。 他仍然要對他所借的貸款負責。 來進行投標。 困難重重 以消除該公司對廣告的依賴。

He needs the cash flow from Twitter, and he'll probably need more of it; he'll need to come up with other ways Twitter can make money, but I don't think he can really afford, right now, to do away with advertising.

- 他需要從Twitter獲得現金流而且他可能會需要更多的東西。 他需要想出其他辦法推特可以賺錢。 但我不認為他現在真的能負擔得起 摒棄廣告。

He needs to pay for this deal.

他需要為這筆交易付出代價。

So, I think that's gonna, kind of, limit how many changes he could make or how drastic he could make them.

是以，我認為這將會限制許多變化。他可以使 或他能使它們變得多麼激烈。

Neither Musk or Twitter immediately responded to requests for comment on the potential changes.

- [播音員]馬斯克和推特都沒有立即迴應對有關潛在變化的評論請求。

The deal won't be fully confirmed until later this year, and users likely won't see any major changes to Twitter until then.

這項交易要到今年晚些時候才能完全確認。而用戶可能不會看到任何重大變化到Twitter，直到那時。 (溫柔的音樂)