After playing a cat and mouse game with a board seat, Musk declared that he wanted to buy all of the company's shares.
The CEO of the company said that his intention to take over the social networking site isn't driven by economic motives.
At the same time, the board of directors of Twitter is considering its options.
In the past week, there has been a lot going on in the universe, so we will try to break it down and see what the future holds.
The story began last week when Musk disclosed that he had bought 9.2% of the company. The CEO of the company said that the founder of the company will join the board with a condition that will prevent him from buying more than 14.9% of the shares.
The situation changed over the weekend, with Musk suggesting that the service's headquarters be turned into a shelter.
He declared that he wouldn't join the board, followed by a memo to employees with some sarcastic sentences.
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022
Phrases like "contingent to a background check" and "He has to act in the best interest of the company and all our shareholders" raised eyebrows.
Yesterday, Musk offered to buy all of the company for $54.20 a share. He began buying the company's shares after the closing price on January 28.
You have to read this one if you want to know what's going on. I am not playing the back-and-forth game, and I have moved, so why wouldn't you read that document?
Musk said in the filing that taking the company private was not a good investment without the changes that need to be made.
The co-founder of PayPal cleared his intentions about buying the micro-messaging service at a conference.
He said he wanted it to be an inclusive arena for free speech.
It has become a town square. Musk said it was important that people had both the reality and the perception that they were able to speak freely.
He wants to change the way that the social network is run and make it open-sourced. He wants the social network to publish all of the actions taken on the social network.
Musk has advocated for a free speech model on social networks. His idea of the concept is not clear. It can allude to an ideology that allows you to use social media as long as it isn't illegal.
The legality of content varies by region. Some governments can prohibit social networks from publishing the reason why a piece of content was taken down. An open-source codebase can't do anything about that.
There are certain kinds of posts that are surfaced. Making them transparent doesn't always solve the problems of misinformation and moderation in different languages.
Buying out the micro-blogging site is not a money-minded move, according to Musk.
My strong intuitive sense is that having a public platform that is maximally trusted and broadly inclusive is extremely important.
People flocked to a platform because they liked the format and trusted its operators at some level.
Hate speech and misinformation are some of the challenges that a service has to face. It is difficult to build a platform that pleases a large portion of its audience.
It's possible that he won't be able to buy the platform. The board is thinking about the world's richest man's bid.
The Kingdom Holding Company, led by Saudi Prince Al-Waleed bin Talal, said that Musk's bid was underpriced.
The Kingdom's views on journalistic freedom of speech and its ownership of the social networking site, Twitter, were among the topics the CEO asked about.
Interesting. Just two questions, if I may.
How much of Twitter does the Kingdom own, directly & indirectly?
What are the Kingdom’s views on journalistic freedom of speech?
— Elon Musk (@elonmusk) April 14, 2022
According to a report from The Information, the board considers Musk to be an unwanted one. They may be preparing a poison pill defense to fight this bid.
The board offers existing shareholders the chance to buy more stock at a discounted price in order to prevent a hostile takeover.
The asset management company increased its stake in the social network to 10.3%, dethroning Musk as the largest shareholder.
He is not the only one considering a takeover. The New York Post reported that ThermaBravo is considering making a bid.
There are reports that suggest that employees of the social networking site are not comfortable with the developments.
In an all-hands meeting on Thursday, Agrawal tried to assure them that everything would work out as it should.
We can expect a lot of action in the next few weeks, and hopefully a TV show about this saga a few years down the line.
Musk mentioned at the TED that if his bid is rejected, he has a plan B. Everyone would like to know more about it, but I guess we'll know about it from a poll.
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