After buying the largest single stake in social media powerhouse Twitter, Musk is now threatening to buy the entire platform in cash, a surprising escalation of an already confusing mess of a saga.
The news sent the stock soaring. Rumors of a hostile takeover have been swirling all week, with widespread speculation on what Musk's next step could possibly be after he refused a seat on the board.
According to Musk's filing with the Securities and Exchange Commission, his best and final offer was $54.20.
He said in the filing that he would need to reconsider his position as a shareholder if he didn't get his offer.
The course of action that the leadership of the company believes is in the best interest of the company and its stockholders is being worked on.
Reactions were mixed.
MIT research scientist and outspoken Musk supporter, Lex Fridman, said that Elon makes Twitter more fun.
Others were worried that the wealthy were pushing their agendas on the world around them.
The pooling of so much wealth in the hands of a few is a societal disease, according to Walter Shaub, senior ethics fellow at watchdog Project.
In his SEC filing, Musk claimed that he doesn't have confidence in management at the company. He refused a seat on the board after making a bunch of wild suggestions as to how to fundamentally change the company after buying a majority stake.
Free speech is a societal imperative for a functioning democracy, and I believe free speech is a platform for free speech around the globe, according to the filing.
Since making my investment, I now realize that the company will not thrive or serve this societal imperative in its current form.
Musk decided to take control of the company after he suggested that there be no ads on the platform.
That is one way to look at the situation. Musk has threatened to take a company private before. Who could forget the fateful year in which he suggested that he would take the company private for $420 a share?
Musk and his company later settled with the SEC over fraud charges, after the infamous tweet didn't work out so well for him.
Musk claims his decision is all about free speech, but having a single individual with so much power doesn't inspire much confidence in that promise.
We have gotten a glimpse of what Musk may be planning to do. For weeks, Musk has been calling on the micro-blogging site to open up. In a poll of his over 80 million followers, 82.7 agreed with him that the algorithm needs to be open source.
If Musk's offer were to be accepted, we could find out what an open source social network would look like.
It's not clear if doing so will result in more free speech or a descent into a chaotic free-for-all characterized by bias and harassment.
The New York Times reported on the offer by Musk to buy the social network.
After Suggesting a Bunch of Bizarre ideas, Musk says he isn't going to join the board.
Are you interested in supporting clean energy adoption? At UnderstandSolar.com, you can find out how much money you could save if you switched to solar power. Futurism.com may receive a small commission if you sign up through this link.
All Rights Reserved © 2024
