There are reports, that the world’s richest man and free speech advocate, Elon Musk has launched a hostile takeover of Twitter.
The Financial Post provides the details:
The world’s richest man will offer US$54.20 per share in cash, representing a 54 per cent premium over the Jan 28. closing price and a value of about US$43 billion. The social media company’s shares soared 18 per cent.
In a letter to Twitter’s board, Musk said he believes Twitter “will neither thrive nor serve [its free speech] societal imperative in its current form. Twitter needs to be transformed as a private company.”
The takeover is unlikely to be a drawn out process. “If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder,” said Musk.
According to reports, Musk is worth about US$260 billion and analysts value Twitter at around $$37 billion.
Over the past couple of weeks, Musk has:
- Purchased a 9.2% share in Twitter making him its largest single shareholder;
- Been offered a seat on the Twitter board under the condition he purchased no more than a 14.9% stake in the company; and
- Turned down the board position.
Below is the reminder of the letter, that Musk sent to the Twitter board:
Musk has repeatedly criticized the Social Media giant for stifling free speech by banning those it doesn’t agree with, essentially conservatives.
In his letter to the board, Musk said, that Twitter “will neither thrive nor serve [its free speech] societal imperative in its current form. Twitter needs to be transformed as a private company.”
Musk hinted in the letter that if the Twitter board doesn’t accept his offer, he may sell off the stock he owns. In previous Tweets, Musk has hinted at the possibility of building his own social media platform to compete against Twitter.
What this is really about?
The mainstream media and political elite are horrified about the prospect of Musk owning Twitter.
Writing for Fox News, Liz Peek explains why:
Ellen Pao, in a column for the Washington Post, wrote that the ascension to Twitter’s board of Tesla’s CEO is “highly disconcerting” and amounted to a “slap in the face,” arguing among other charges that Musk has misbehaved on the platform and “displays very little empathy.”
Hilariously, she also writes that Musk’s appointment “shows that we need regulation of social-media platforms to prevent rich people from controlling our channels of communication.” I wonder what Wapo’s billionaire owner Jeff Bezos thinks about that.
Why would Pao and like-minded folks be worried? First, because they are terrified that Musk will demand that Twitter lift its ban on Donald Trump, restoring the former president’s most effective bullhorn. With Joe Biden and his Democrat colleagues failing on so many fronts, Trump is a threat.
RELATED: Twitter says it will ‘carefully review’ Elon Musk’s offer to buy entire social media network after he launched $41B hostile takeover bid to take the company private and ‘unlock its extraordinary potential’
Twitter’s woke staff are not happy. READ: A VERY hostile takeover! How Elon Musk could buy Twitter by offering shareholders generous price for their stock and trigger bonfire of woke staff already infuriated by his stirring