Properly, I don’t assume anybody noticed this coming, not in any sensible sense at the least.
However evidently, Elon Musk is critical about his push to higher align Twitter with free speech ideas, with the billionaire Tesla CEO providing a full, $43 billion hostile takeover bid for the app.
As per Musk’s word to the SEC:
“I invested in Twitter as I imagine in its potential to be the platform free of charge speech across the globe, and I imagine free speech is a societal crucial for a functioning democracy. Nonetheless, since making my funding I now understand the corporate will neither thrive nor serve this societal crucial in its present type.”
Musk has been a vocal proponent of free speech, and has usually criticized Twitter’s moderation efforts, together with its choice 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 ideas’ to actually serve its function.
Provided that Twitter serves because the de facto public city sq., failing to stick to free speech ideas basically undermines democracy.
What needs to 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 personal possession, with a view to scale back its reliance on shareholders and advert {dollars}, thereby enabling it to make actually impartial choices for the great 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 ultimate provide and if it’s not accepted, I would want to rethink my place as a shareholder.”
Market analysts say that Musk’s provide is low, provided that Twitter shares lately reached $70. But it surely might nonetheless be tempting, and it is sufficient to at the least be taken critically as a authentic takeover bid.
If Musk’s takeover provide is accepted, Twitter will probably 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 instructed that he’ll probably withdraw from the corporate utterly.
“If the deal doesn’t work, provided 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 a very good funding with out the modifications that must be made.”
It’ll be attention-grabbing 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 instrument for the typically eccentric billionaire.
Following the revelation that Musk had grow to be Twitter’s greatest 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 tips on how to ‘repair’ the platform. Musk was seemingly then suggested to cease tweeting vital commentary, as a pending Twitter board member, which then result in Musk withdrawing his curiosity in becoming a member of the board fully.
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 instructed that it’s now extra favorable to Bezos’ positions in its editorial protection (word: 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 probably the most utilized social media apps, whereas Apple and Google, whereas not independently managed by a single rich founder in the identical approach, may also exert a degree of management over media attain by way of 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 stability, I might say that the probability of Musk’s takeover provide being accepted shouldn’t be 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 critically, however not sufficient to be really accepted.
However possibly Twitter will grow to be ‘Tesla Social’, and memes and in-jokes about ‘420’ (word Musk’s provide value) and each different ‘edgelord’ development will dominate on this new ‘free speech’ led cesspit.
It’s fairly regarding to consider – however possibly, this might really occur, which might spell the tip for Twitter as we all know it.
