Well, I don’t believe anyone saw this coming, at least not in a realistic sense.
However, Elon Musk appears to be serious about his quest to better align Twitter with free speech values, since the billionaire Tesla CEO has offered a complete $43 billion hostile takeover proposal for the service.
According to Musk’s letter to the SEC:
“I invested in Twitter because I believe it has the potential to be a global forum for free expression, and I believe free speech is a societal requirement for a functioning democracy.” However, after making my investment, I’ve realized that the firm, in its current form, would neither prosper nor satisfy this societal necessity.”
Musk has been an outspoken supporter of free expression and has frequently chastised Twitter’s moderation efforts, notably its decision to ban former US President Donald Trump.
Last week, before it was disclosed that Musk was buying up Twitter shares (which he’s been doing continuously since January), Musk stated that for Twitter to fully serve its function, it must adhere to ‘free speech values.
That appears to be the rationale behind Musk’s takeover effort, with Musk now articulating a vague plan to take Twitter private in order to eliminate its dependency on shareholders and ad money, allowing it to make truly autonomous decisions for the betterment of public discourse.
“I am proposing to acquire 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I started investing in Twitter and a 38% premium over the day before my investment was publicly publicized.” If my offer is not accepted, I will have to reevaluate my position as a shareholder.”
Analysts believe Musk’s bid is too low, given that Twitter shares just topped $70. However, it may still be attractive, and it is sufficient to be considered seriously as a credible takeover attempt.
If Musk’s takeover bid is approved, Twitter will undoubtedly undergo dramatic modifications, and what happens to the service after that is anyone’s guess. However, if the deal is rejected, Musk has stated that he will most likely leave the firm.
It’ll be fascinating to watch whether Musk also deletes his Twitter account, which has over 81 million followers and serves as a vital media tool for the often eccentric entrepreneur.
Musk began polling his Twitter followers on questions on how to ‘repair’ the site after it was revealed that Musk had become Twitter’s largest individual shareholder earlier in the month (before Vanguard Group bought up more shares to surpass him). As a potential Twitter board member, Musk was apparently told to avoid tweeting negative remarks, which resulted in Musk abandoning his interest in joining the board completely.
Musk appears to be displeased with the answer he received from Twitter management, as he is now trying to change them all and start over with the firm.
So, who knows how this will turn out? In some respects, it appears to be just enough of an offer to be considered seriously, but not quite enough to be accepted.
But perhaps Twitter will become ‘Tesla Social,’ with memes and in-jokes about ‘420’ (see Musk’s offer price) and every other ‘edgelord’ fad dominating in this new ‘free speech’ driven cesspit.
It’s scary to think about, but it’s possible that this may happen, thereby ending Twitter as we know it.
