The offer: Elon Musk, the world’s richest person, is offering to buy Twitter at $43 billion at $54.20 a share and take the company private. He would be buying the social media platform at a 54% premium. Note that the share price includes a “420” pot reference—a meme Musk has referred to many times.
Why? Unlike most of Silicon Valley, Elon Musk is a free-speech absolutist. When asked to remove Russia’s state-run media from his Starlink network, he refused, citing the importance of access to information. He wants to return Twitter to a state of free speech and unlock its “extraordinary potential.”
Saudi shareholder rejects Musk’s bid: Saudi Prince Alwaleed, who owns 5.2% of Twitter, tweeted that Musk’s offer is too low and doesn’t come close to the “intrinsic value of Twitter.” Musk will need all major shareholders on board for the offer.
Reaction from the left: Since Musk’s plan to acquire influence over Twitter began, many on the left have penned articles against the decision—claiming that billionaires should not control major communications platforms. Popular left-wing voice Robert Reich wrote that “Elon Musk’s vision for the internet is dangerous.” That vision is free-speech.
Twitter will be holding a board meeting later today to discuss the offer.