Money matters

Elon Musk buys Twitter

Elon Musk bought the Twitter company today for $54.20 per share. Reaction has varied from sanguine to overwrought.

Published

3 years ago

April 26, 2022

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 Twitter Board has reached an agreement with @ElonMusk https://t.co/CCZ6IV6Q7P— Bret Taylor (@btaylor) April 25, 2022

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.

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. https://t.co/5iNTtJoEHf— Parag Agrawal (@paraga) April 25, 2022

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.”

🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6— Elon Musk (@elonmusk) April 25, 2022

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

I hope that even my worst critics remain on Twitter, because that is what free speech means— Elon Musk (@elonmusk) April 25, 2022

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.

The left wing blue check brigade members losing their minds on here over Elon Musk’s purchase of Twitter are doing this because he’s going to bring true free speech to this platform. They’ve been playing with a rigged algorithm and know their gig is about to be up. Glorious.— Clay Travis (@ClayTravis) April 25, 2022

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.

PSAKI: "No matter who owns or runs Twitter, the president has long been concerned about the power of large social media platforms, the power they have over our everyday lives. He's long argued that tech platforms must be held accountable for the harms they cause." pic.twitter.com/9KTSrBYiSM— Townhall.com (@townhallcom) April 25, 2022

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:

For those leaving @twitter after this @elonmusk deal with the devil goes thru, make sure you download an archive of everything you’ve contributed to this space.

You had a good run, Twitter!— yvette nicole brown (@YNB) April 25, 2022

https://twitter.com/AdrienneLaw/status/1518590235503783940

So if/when Elon Musk takes control of Twitter and turns it into a malevolent mouthpiece, where should Democrats and Progressives go for free speech on social media? An existing site or do we start our own? pic.twitter.com/XmHYBowTeQ— Nikki Finke (@NikkiFinke) April 25, 2022

When an oligarch buys a communication platform to distribute rightwing propaganda that's not democracy.— Jennifer Mercieca (@jenmercieca) April 25, 2022

Elon Musk takes over and turns Twitter into his extremist version of “free speech” and I’m otta here!!!— 🦚🟧 🟥 Woodsie 83 🧷 (@83Woodsie) April 25, 2022

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.

Its “absolutely insane” @ Twitter right now in the virtual valves of private slack rooms & employee group texts, according to an internal source. Their take/breakdown just now:
“I feel like im going to throw up..I rly don’t wanna work for a company that is owned by Elon Musk”…1/— talmon joseph smith (@talmonsmith) April 25, 2022

The employee continued re Elon: 3/“ I feel like he’s this petulant little boy and that he’s doing this to troll…he doesn’t know anything about our policies and what we do…his statement about our algo was fucking insane…
“Were just gonna let everyone run amok?…nobody knows”— talmon joseph smith (@talmonsmith) April 25, 2022

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

It’s perfect. pic.twitter.com/XgKibQEmOu— Drew Holden (@DrewHolden360) April 25, 2022

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.)

Terry A. Hurlbut

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Terry A. Hurlbut has been a student of politics, philosophy, and science for more than 35 years. He is a graduate of Yale College and has served as a physician-level laboratory administrator in a 250-bed community hospital. He also is a serious student of the Bible, is conversant in its two primary original languages, and has followed the creation-science movement closely since 1993.