Nicely, I don’t assume anybody noticed this coming, not in any life like sense no less than.
However evidently, Elon Musk is critical about his push to raised align Twitter with free speech rules, with the billionaire Tesla CEO providing a full, $43 billion hostile takeover bid for the app.
As per Musk’s be aware to the SEC:
“I invested in Twitter as I imagine in its potential to be the platform without cost speech across the globe, and I imagine free speech is a societal crucial for a functioning democracy. Nonetheless, since making my funding I now notice the corporate will neither thrive nor serve this societal crucial in its present kind.”
Musk has been a vocal proponent of free speech, and has typically criticized Twitter’s moderation efforts, together with its determination to ban former US President Donald Trump.
Final week, earlier than it was revealed that Musk was shopping for up Twitter shares (which he’s really been accumulating steadily since January), Musk famous that Twitter wants to stick to ‘free speech rules’ to really serve its objective.
On condition that Twitter serves because the de facto public city sq., failing to stick to free speech rules essentially undermines democracy.
What must be performed? https://t.co/aPS9ycji37
— Elon Musk (@elonmusk) March 26, 2022
That’s seemingly the impetus for Musk’s takeover bid, with Musk now outlining a obscure plan to take Twitter into non-public possession, as a way to cut back its reliance on shareholders and advert {dollars}, thereby enabling it to make really impartial selections for the nice of public debate.
“I’m providing to purchase 100% of Twitter for $54.20 per share in money, a 54% premium over the day earlier than I started investing in Twitter and a 38% premium over the day earlier than my funding was publicly introduced. My provide is my greatest and remaining provide and if it isn’t accepted, I would want to rethink my place as a shareholder.”
Market analysts say that Musk’s provide is low, on condition that Twitter shares just lately reached $70. However it might nonetheless be tempting, and it is sufficient to no less than be taken significantly as a reputable takeover bid.
If Musk’s takeover provide is accepted, Twitter will doubtless see important modifications, and actually, all bets are off as to what then occurs to the app. But when the bid is rejected, Musk has steered that he’ll doubtless withdraw from the corporate fully.
“If the deal doesn’t work, on condition that I don’t believe in administration, nor do I imagine I can drive the required change within the public market, I would want to rethink my place as a shareholder. This isn’t a risk, it is merely not funding with out the modifications that have to be made.”
It’ll be fascinating to see if that additionally consists of Musk deleting his Twitter account, which at the moment has over 81 million followers, and is a key media device for the typically eccentric billionaire.
Following the revelation that Musk had develop into Twitter’s largest particular person shareholder earlier within the month (until Vanguard Group purchased up extra shares to overhaul him), Musk started polling his Twitter followers on questions on methods to ‘repair’ the platform. Musk was seemingly then suggested to cease tweeting essential commentary, as a pending Twitter board member, which then result in Musk withdrawing his curiosity in becoming a member of the board totally.
Evidently Musk was dissatisfied with the response that he acquired from Twitter administration, as he’s now trying to substitute them wholesale, and begin afresh with the corporate.
It’s a rare transfer, and one which once more raises questions concerning the disproportionate energy of the billionaire class. Former Amazon CEO Jeff Bezos, for instance, owns The Washington Publish, and a few have steered that it’s now extra favorable to Bezos’ positions in its editorial protection (be aware: impartial research have discovered little to no proof of bias within the Publish’s reporting since Bezos’ acquisition).
Meta CEO Mark Zuckerberg holds important energy because the proprietor of a number of of essentially the most utilized social media apps, whereas Apple and Google, whereas not independently managed by a single rich founder in the identical means, can even exert a stage of management over media attain through their extremely used digital properties.
In Musk’s case, he clearly doesn’t like what Twitter is doing, and being wealthy sufficient as he’s, he’s searching for to do one thing about it, which might have important penalties, in some ways.
On steadiness, I might say that the chance of Musk’s takeover provide being accepted isn’t excessive – however then once more, I’d have by no means guessed that Musk would make such an aggressive push on Twitter shares, or certainly that he’d transfer into hostile takeover mode for the app.
So, who is aware of how this performs out? In some methods, it looks like simply sufficient of a suggestion to be taken significantly, however not sufficient to be really accepted.
However perhaps Twitter will develop into ‘Tesla Social’, and memes and in-jokes about ‘420’ (be aware Musk’s provide value) and each different ‘edgelord’ pattern will dominate on this new ‘free speech’ led cesspit.
It’s fairly regarding to consider – however perhaps, this might really occur, which might spell the tip for Twitter as we all know it.
