Elon Musk CHALLENGED Twitter CEO For A Public Debate!
Unless you have been living under a rock the past few months, most of us are highly familiar with Elon Musk’s ongoing love and hate relationship with Twitter. Having personally used the social media platform for well over a decade, Musk at first decided to bid for the company only to backtrack from his decision months later – resulting in a fierce battle between him and the company over the purchase.
Hello everyone and welcome back to Elon Musk Evolution where we keep you up to speed on all the latest news and gossip relating to our favorite South African billionaire Elon Musk and his globally renowned companies. In today’s video, we will uncover the latest development in the ongoing battle between Musk and his Twitter takeover – with the tycoon now openly challenging Twitter’s CEO to a public debate.
Musk has been an avid user of the short text-based social media platform way back since June 2009. He is one of the top active profiles in the global website with over 100 million people following his account. He’s also famous (or infamous) for his often unfiltered, politically incorrect remarks and “tweets” (short posts in Twitter) about everything from spacefaring, cars, politics and cryptocurrency.
The saga started off when Musk not so secretly bought 9.1% of Twitter’s ownership on April 4th 2022 for an estimated $2.64 billion – in effect becoming the company’s single largest shareholder. After the reveal, the company’s stock prices surged by 27% and experienced the largest single day share price rise since going public back in 2013.
With the shareholding, Musk was offered a Board of Directors seat at the company with the condition that he could not acquire not more than 14.9% of the company. In response, Musk declined the appointment before it would have been effective from April 9th.
Just over a week after his initial purchase, Musk made an unsolicited offer on April 14th to buy the company for $43 billion and take it private, citing the importance of free speech for democracy around the world. In a TED interview specifically, Musk commented “Twitter should match the laws of the country” when talking about the issues of free speech, internet censorship and Twitter’s moderation policies.
In particular, how Twitter has actively scrubbed and even deleted the accounts of famous users – most notoriously Donald Trump who became the first former US President to be banned from the site after his inciting comments during the Capitol Hill riots back in January 6th 2021.
One day after the sudden news, Twitter’s board instituted a “poison pill” measure, allowing its shareholders to buy more stock in the event of a hostile takeover. This was meant to dilute Musk’s current ownership and make the company less appealing for the billionaire to take over.
By April 20th, Musk arranged funding of $46.5 billion as a tender offer to acquire the company at a fixed purchase price of $54.20 per share (which was slightly higher than the current trading price at the time). After 5 days of deliberation, Twitter’s management finally agreed to Musk’s purchase and disclosed to the media about the agreement in terms between both parties.
After the purchase notice, Musk made a number of statements regarding his upcoming plans to change Twitter. Namely, at a TED 2022 conference, Musk spoke in general terms about allowing more unmoderated content to be approved citing free speech. From a democratic and libertarian perspective, the remark sounds quite positive, however critics have highlighted that it may provide grounds for more hate speech, cyber bullying and harassment to flourish.
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