Will Elon defeat the censorious behemoth that if Twitter and strike a major blow for free speech? It looks like he has at least a chance of doing so, though the battle for free speech against the pro-censorship forces on the left will certainly be a tough battle.
However, that battle just entered a new phase, with Yahoo reporting that Twitter has responded to Elon’s massive offer. In that outlet’s words:
Twitter has responded to Elon Musk’s offer to buy the whole company.
“Twitter, Inc today confirmed it has received an unsolicited, non-binding proposal from Elon Musk to acquire all of the Company’s outstanding common stock for $54.20 per share in cash,” it said in the release.
“The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders.”
It gave no more information in the release, including how long the considerations would take and whether it was minded to accept the offer.
But, while nothing else about what the board is considering has been released, there are rumors swirling that the Board might take drastic steps to stop Elon from winning this battle for free speech.
NYT: Twitter’s board weighing plan to thwart Elon Musk’s takeover attempt
— Josh Caplan (@joshdcaplan) April 14, 2022
What is that plan? Supposedly, the Board is considering a “poison pill” that would dilute Elon’s ownership and make it harder for him to buy the company. In the words of the Washington Examiner:
The strategy would see Twitter activating its shareholders rights plan, which is in place to make a hostile takeover an expensive and complex process, according to a report.
If the plan is activated, shareholders would be granted the ability to purchase additional shares at a discount, according to the report.
As a reminder, Elon, in his letter to the board’s chairman, Bret Taylor, said that he invested in the platform “as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy”.
Then, in a hint about what he plans for the company after taking it private, added “since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form”. Important to remember there is that Musk has consistently said that he doesn’t think Twitter is living up to free speech principles, principles he’s proud to support.
That gives his threat, the threat that the offer was his “best and final offer” and that if not accepted then he “would need to reconsider my position as a shareholder”, some serious teeth. Musk is both serious and smarter than anyone on the board.
Now it just needs to be seen if the reports are accurate and it does plan on stopping him. If so, Elon has already said that he has a Plan B and there’s no reason to think he won’t exercise it.
Who do you think will win this battle of wills- Elon or the Board? Comment below to let us know!