Elon Musk buys Twitter

Elon Musk, founding owner of SpaceX, Tesla, The Boring Company, and Neuralink, today added Twitter to his stable of holdings.

Elon Musk and Twitter make announcements

Bret Taylor, Chairman of Twitter’s board, announced the Board’s decision in a press release.

The terms call for each shareholder to receive $54.20 in cash per share.

The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.

Parag Agrawal, CEO of Twitter, said this:

Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.

The New York Stock Exchange halted trading in Twitter stock (NYSE:TWTR) during the day. Twitter stock closed up $2.77 on the day at $51.70.

Elon Musk reiterated his commitment to free speech as “the bedrock of a functioning democracy.”

He expressed hope that even his most severe critics would stay on the platform.

Negotiations for the purchase began on Sunday morning and continued through the day, according to The Daily Caller.

The history of Elon Musk and his campaign to take over Twitter has been the subject of recent coverage by CNAV. Musk announced his acquisition of 9.2 percent of Twitter on April 4. Twitter’s board offered him a seat, but he refused. Then he announced plans for a hostile takeover. Twitter adopted a poison pill defense, and Elon Musk quietly hinted he would not desist.

Reaction

Reaction, on and off the platform, has been swift and in some cases intemperate. At least one user anticipated that.

By “blue check brigade” Mr. Travis means holders of special verified or “blue checkmark” accounts. Twitter offers verification chiefly to public figures who have established profiles on Wikipedia, Google Trends, and elsewhere.

Spencer Brown at TownHall.com anticipates that any left-wing account holder who withdraws from the platform, will soon return.

Former President Donald J. Trump put instant speculation to rest by declining to rejoin Twitter. He is hard at work building his own social-media platform.

White House Press Secretary Jen Psaki spoke of concern by President Joe Biden about “the power of large social media platforms.” The meaning of her remarks remains less than clear.

The Daily Wire, Zero Hedge, and Clash Daily carried some of the more overwrought reaction to the deal on the part of left-wing users. A sampling follows:

Note that Shaun King tweeted an especially intemperate assessment that Elon Musk was exercising “white power.” Shortly thereafter, he left the platform in a fit of pique, according to Gateway Pundit.

Talmon Joseph Smith, economics reporter at The New York Times, reported that several Twitter employees are reacting in shock and dismay.

User Drew Holden juxtaposed two interesting statements by Robert Reich, former Secretary of Labor:

For the record, Elon Musk has not said that anyone who might not like the new Twitter regime can go elsewhere. He has asked people to stay. (See above.)