Tesla CEO Elon Musk offered to buy Twitter completely with a $43 Billion offer. This was in the name free speech. For all 800,641,166 shares in Twitter’s common stock, he’s offering $54.20 per Share.
One crypto investment company believes that this is not a significant development for freedom due to the inherent weaknesses in centralization.
Grand Twitter Plans of Elon Musk
Musk’s offer, which was made public over Twitter today, represents a 38% premium to Twitter’s closing value on April 1. This was just a day before Musk disclosed his 9.2% stake in company. The news sent the stock skyrocketing.
Musk offered to join Twitter’s board, but he withdrew the offer after realizing that this would limit his ownership stake below 15%.
His intentions to take over and reform Twitter were made clear today:
Bret Taylor, the board chairman, was informed by he in a SEC filing that he offered to purchase 100% of Twitter at $54.20 per share. “Twitter has extraordinary possibilities. It is my goal to unlock it.
Musk expressed his belief that Twitter could become “the platform for freedom of speech around the world”, which he described as “imperative” to a functioning democracy. Musk stated however that the company can’t hope to fulfill that imperative in its current form, and that it must be a private company.
Twitter is often criticized for being too censorious and politically biased in its content moderation approach. After Donald Trump was elected president of the United States in 2021, Twitter banned him from the platform.
A recent Twitter poll by Elon Musk found that 70% of the 2 million respondents did not agree with Musk’s assertion that the company adheres to free speech principles.
Will this fix anything? Ari Paul Doesn’t Think So
Many are enthusiastic about Musk’s proposal and the potential reforms that it might bring. Ari Paul, CIO at BlockTower crypto investment firm, still believes that Twitter will be affected by his rule. It is centralization.
He tweeted this morning, “Twitter”: “Twitter’s a central for-profit company.” “Anyone imagining this as a way to decentralization isn’t paying attention.”
The CIO pointed out the development trajectory of Jack Dorsey and Elon Musk’s companies, which included Paypal and Twitter in the past. He claims that each billionaire was forced to compromise with shareholders by profit motives, despite his ideals.
Paul believes that social media alternatives decentralized will be the long-term solution. He said, “Don’t place your hopes for freedom in one capitalist.”
Jack Dorsey was familiar with Paul’s arguments from December, when he lashed out against “web 2” and other for-profit institutions. He claimed that Paul’s arguments were similar to Jack Dorsey’s case. Dorsey had railed against “web 3” institutions because they did not promise freedom to anyone. These platforms won’t be able to escape the lure of venture capitalists or limited partners, he claimed.
According to his goodbye letter, Dorsey was a “single point failure” for Twitter and that was part of the reason he resigned as CEO. He calls the conditions that led to the creation of the Bitcoin network “rarely special, precious, and valuable” because they lacked an identifiable creator or profit incentive.
Marla Brooks – Financial Analysis
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