When Elon Musk offered to buy Twitter for $54.20 per share, or $43 billion, he said he was “not playing the back-and-forth game.” Best and final offer”.
In a Securities and Exchange Commission filing, Twitter’s board tried to stop him in his tracks by adopting a so-called “poison pill” to make it harder for Musk to buy the company. Under this structure, shareholders are allowed to purchase newly offered shares at a discount.
In this case, leaving Musk to the person trying to acquire the company. He will have to buy new shares at a higher price, so this is a measure to prevent him from taking more shares of the platform as soon as it hits 15%. He currently owns 9%.
Musk is said to be fighting back with a plan of his own. He is reportedly in talks with investors who may partner with him in his bid for Twitter. One option according to the New York Post is to team up with private equity firm Silver Lake co-CEO Egon Durban, a Twitter board member who led Musk’s effort to take Tesla private.
The Tesla CEO is apparently also threatening to appeal directly to shareholders. He sent out a cryptic tweet over the weekend in reference to the Elvis Presley song, “Love Me Tender.” This could mean he would bypass the board and invite shareholders to sell – or “tender” – his stock at a premium. But they will make a lot of money.
But what does he want from Twitter anyway? I mean the guy already builds electric cars and imagines a trip to Mars. Given their stated mission of ‘saving the world’, it actually makes sense. If his goal is to save the world in some way or another, he sees his purchase of Twitter as a way to save democracy.
He feels that Twitter is not living up to its promise of being a platform for free speech – which he calls “a”. “Social imperatives for a functioning democracy” in SEC filings.
He said at a recent TED event that a good way to tell if free speech exists is to ask the question: “Is there anyone you allow to say something you don’t like”. Isn’t it?”
It most famously banned Donald Trump over his tweets surrounding the 2021 Capitol riots. Musk’s patience with Twitter apparently came to an end when he suspended the account of the news satire site The Babylon Bee, which has hit the U.S. The U.S. Assistant Secretary for Health, Dr. Rachel Levine, called it “Man of the Man”.
Year” after USA Today named the transgender officer one of its “Women of the Year.” Babylon Bee CEO Seth Dillon said that Musk confirmed that his account had indeed been suspended.
Buying your own social media platform is certainly easier than starting your own social media platform, which he said he has seriously considered. So, what will Twitter look like under the new ownership? Will the former president be welcomed again? We will see.
Musk suggested during a recent TED interview that the ban should be done with caution. And that timeout is better than banning people permanently. He suggested that when it comes to determining whether offensive tweets should be removed, the policy should always be to allow tweets to remain in place if there is any doubt.
So when in doubt, leave it in, don’t take it out. Musk has criticized Twitter’s secret algorithms it uses to decide what to show you on your feed.
He added that the algorithm should be open source so that the public can inspect the underlying code behind the algorithm to ensure that there is no manipulation behind the scenes to promote certain tweets over others. So basically, you will know if something was done to promote or demote a tweet.
He wants an edit button so people can modify their comments and also wants to eliminate spambots and scam bots. Under his leadership, advertising may be a thing of the past. He took aim at Twitter’s revenue model that relies on advertising.
Not everyone is happy with the acquisition of Elon Musk, including some Twitter employees and a Saudi prince and Twitter shareholder. Musk counterattacked by asking the Kingdom of Saudi Arabia’s views on freedom of expression. The country is known for cracking down on freedom of expression.