{"id":209605,"date":"2022-04-18T12:01:05","date_gmt":"2022-04-18T11:01:05","guid":{"rendered":"https:\/\/www.transcend.org\/tms\/?p=209605"},"modified":"2025-01-10T15:05:39","modified_gmt":"2025-01-10T15:05:39","slug":"elon-musk-offers-43-billion-in-cash-to-buy-twitter-in-bid-to-save-free-speech","status":"publish","type":"post","link":"https:\/\/www.transcend.org\/tms\/2022\/04\/elon-musk-offers-43-billion-in-cash-to-buy-twitter-in-bid-to-save-free-speech\/","title":{"rendered":"Elon Musk Offers $43 Billion in Cash to Buy Twitter in Bid to \u2018Save Free Speech\u2019"},"content":{"rendered":"<blockquote>\n<p class=\"post-excerpt\">14 Apr 2022 &#8211;<em> The world\u2019s richest person, Elon Musk, yesterday offered $43 billion \u2014 cash \u2014 to buy Twitter so he can \u201cunlock\u201d its \u201cpotential to be the platform for free speech around the globe.\u201d<\/em><\/p>\n<\/blockquote>\n<p><a href=\"https:\/\/www.transcend.org\/tms\/wp-content\/uploads\/2022\/04\/elon-musk-twitter-feature-800x417-1.jpg\" ><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-209607\" src=\"https:\/\/www.transcend.org\/tms\/wp-content\/uploads\/2022\/04\/elon-musk-twitter-feature-800x417-1.jpg\" alt=\"\" width=\"400\" height=\"209\" srcset=\"https:\/\/www.transcend.org\/tms\/wp-content\/uploads\/2022\/04\/elon-musk-twitter-feature-800x417-1.jpg 800w, https:\/\/www.transcend.org\/tms\/wp-content\/uploads\/2022\/04\/elon-musk-twitter-feature-800x417-1-300x156.jpg 300w, https:\/\/www.transcend.org\/tms\/wp-content\/uploads\/2022\/04\/elon-musk-twitter-feature-800x417-1-768x400.jpg 768w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><\/p>\n<p>The world\u2019s <a target=\"_blank\" href=\"https:\/\/www.npr.org\/2022\/04\/06\/1091141947\/forbes-billionaires-wealth-shrunk-russia\" >richest person<\/a>, Elon Musk, Wednesday <a target=\"_blank\" href=\"https:\/\/www.upi.com\/Top_News\/US\/2022\/04\/14\/elon-musk-offer-buy-twitter-private\/3981649931030\/\" >offered<\/a> $43 billion \u2014 cash \u2014 to buy Twitter so he can \u201cunlock\u201d the social media platform\u2019s \u201cextraordinary potential.\u201d<\/p>\n<p>In a U.S. Securities and Exchange Commission (SEC) <a target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/0001418091\/000110465922045641\/tm2212748d1_sc13da.htm\" >filing<\/a>, Musk offered to buy Twitter\u2019s remaining shares for $54.20 per share.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I made an offer <a target=\"_blank\" href=\"https:\/\/t.co\/VvreuPMeLu\" >https:\/\/t.co\/VvreuPMeLu<\/a><\/p>\n<p>&mdash; Elon Musk (@elonmusk) <a target=\"_blank\" href=\"https:\/\/twitter.com\/elonmusk\/status\/1514564966564651008?ref_src=twsrc%5Etfw\" >April 14, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The Tesla and <a target=\"_blank\" href=\"https:\/\/childrenshealthdefense.org\/defender\/fcc-spacex-starlink-satellites-5g-impact-environment\/\" >SpaceX<\/a> CEO earlier this week <a target=\"_blank\" href=\"https:\/\/www.cnn.com\/2022\/04\/11\/tech\/elon-musk-twitter-board\/index.html\" >declined<\/a> an offer to join Twitter\u2019s board. The board extended the invitation after Musk revealed he bought 9.2% of the company\u2019s stock over the past few months, making him the largest single shareholder.<\/p>\n<p>In a letter attached to Wednesday\u2019s filing, Musk told Twitter Chairman Bret Taylor:<\/p>\n<blockquote><p>\u201cI invested in Twitter 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.<\/p>\n<p>\u201cHowever, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.\u201d<\/p><\/blockquote>\n<p>In a <a target=\"_blank\" href=\"https:\/\/www.prnewswire.com\/news-releases\/twitter-confirms-receipt-of-unsolicited-non-binding-proposal-from-elon-musk-301525749.html?tc=eml_cleartime\" >statement<\/a>, Twitter acknowledged Musk\u2019s offer and said the board \u201cwill 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.\u201d<\/p>\n<p>Responding to the news and Musk\u2019s intention to make Twitter a platform for free speech, political commentator Kim Iversen <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=8tQAn9N975c\" >said<\/a>, \u201cHey, it\u2019s worth a shot. Let the guy run it \u2026 It\u2019s better than what\u2019s going on now.\u201d<\/p>\n<p>Iversen acknowledged, however, that there\u2019s a lot more to running a social media platform than just saying \u201cfree speech for everyone.\u201d<\/p>\n<p>Iversen also couched her support for Musk by saying:<\/p>\n<blockquote><p>\u201cIt\u2019s not like Elon Musk doesn\u2019t have his own interest as someone whose wealth is kind of historically unprecedented and who has plenty of reasons to want to have certain kinds of information flowing or not flowing.\u201d<\/p><\/blockquote>\n<p><iframe loading=\"lazy\" id=\"_dytid_9160\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/8tQAn9N975c\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/p>\n<p><strong>How the offer went down<\/strong><\/p>\n<p>Musk\u2019s latest offer followed weeks of back-and-forth between the billionaire and Twitter executives.<\/p>\n<p>On April 4, Musk <a target=\"_blank\" href=\"https:\/\/twitter.com\/elonmusk\/status\/1511322655609303043\" >announced<\/a> he was joining the board. But on Monday, Twitter CEO Parag Agrawal <a target=\"_blank\" href=\"https:\/\/twitter.com\/paraga\/status\/1513354622466867201\" >tweeted<\/a> Musk would not join the board after all.<\/p>\n<p>The board\u2019s initial invitation was contingent on a number of factors, including the requirement that Musk cap his ownership at 15%.<\/p>\n<p>Musk gave no reason for declining the invitation, but it was widely <a target=\"_blank\" href=\"https:\/\/www.courthousenews.com\/elon-musk-dodges-limits-in-twitter-board-seat-refusal-experts\/\" >reported<\/a> that he probably did so because of the 15% ownership cap.<\/p>\n<p>Chester Spatt, a finance professor at Carnegie Mellon University and former chief economist at the SEC,<a target=\"_blank\" href=\"https:\/\/www.usnews.com\/news\/business\/articles\/2022-04-11\/elon-musk-no-longer-joining-twitters-board-of-directors#:~:text=Musk%20has%20described%20himself%20as,for%20violating%20Twitter%20content%20rules.\" > told<\/a> U.S. News &amp; World Report:<\/p>\n<blockquote><p>\u201cWhile Musk\u2019s board role could have made him a \u2018thorn in the side of management\u2019 and given him an influential voice in the platform\u2019s future, it could have also discouraged him from rocking the boat too much.<\/p>\n<p>\u201cThere\u2019s an old clich\u00e9 about keeping somebody inside the tent. There were advantages to having him constrained a bit.\u201d<\/p><\/blockquote>\n<p>According to Spatt, Musk, an identified \u201cedgelord\u201d in social media circles, is potentially freer to force his will on the company from a position outside the board \u2014 either through acquiring a controlling interest or by leveraging his current share to force changes in Twitter leadership.<\/p>\n<p>Musk\u2019s bid to take Twitter private under his ownership, if successful, would give him total control over the platform.<\/p>\n<p><strong>Musk\u2019s motivation: lots of speculation, few facts so far<\/strong><\/p>\n<p>Musk has been outspoken about what he perceives to be Twitter censorship.<\/p>\n<p>He <a target=\"_blank\" href=\"https:\/\/nypost.com\/2022\/03\/28\/elon-musk-blasts-twitter-might-create-rival-social-network\/\" >threatened<\/a> last month to create a rival network, even as he was secretly amassing Twitter stock in<a target=\"_blank\" href=\"https:\/\/nypost.com\/2022\/04\/07\/elon-musk-broke-the-law-when-buying-twitter-shares-experts\/\" > possible violation of SEC rules<\/a>.<\/p>\n<p>Meanwhile, in a Twitter poll he posted March 25, Musk said, \u201cFree speech is essential to a functioning democracy.\u201d<\/p>\n<p>He asked users whether they thought \u201cTwitter rigorously adheres to this principle.\u201d More than 2 million Twitter users responded to the poll with 70.4% saying \u201cno\u201d and 29.6% saying \u201cyes.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Free speech is essential to a functioning democracy.<\/p>\n<p>Do you believe Twitter rigorously adheres to this principle?<\/p>\n<p>&mdash; Elon Musk (@elonmusk) <a target=\"_blank\" href=\"https:\/\/twitter.com\/elonmusk\/status\/1507259709224632344?ref_src=twsrc%5Etfw\" >March 25, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to a <a target=\"_blank\" href=\"https:\/\/twitter.com\/stats_feed\/status\/1512729717085929475\" >retweet<\/a> by Musk from World of Statistics, he has more than 81 million Twitter followers, which makes him the eighth most popular account on the platform \u2014 just behind Lady Gaga and just ahead of Narendra Modi, the prime minister of India.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">TOP 10 most followed Twitter accounts:  <\/p>\n<p>1. <a target=\"_blank\" href=\"https:\/\/twitter.com\/BarackObama?ref_src=twsrc%5Etfw\" >@BarackObama<\/a> 131.4M<br \/>2. <a target=\"_blank\" href=\"https:\/\/twitter.com\/justinbieber?ref_src=twsrc%5Etfw\" >@justinbieber<\/a> 114.3M<br \/>3. <a target=\"_blank\" href=\"https:\/\/twitter.com\/katyperry?ref_src=twsrc%5Etfw\" >@katyperry<\/a> 108.8M<br \/>4. <a target=\"_blank\" href=\"https:\/\/twitter.com\/rihanna?ref_src=twsrc%5Etfw\" >@rihanna<\/a> 105.9M<br \/>5. <a target=\"_blank\" href=\"https:\/\/twitter.com\/Cristiano?ref_src=twsrc%5Etfw\" >@Cristiano<\/a> 98.8M<br \/>6. <a target=\"_blank\" href=\"https:\/\/twitter.com\/taylorswift13?ref_src=twsrc%5Etfw\" >@taylorswift13<\/a> 90.3M<br \/>7. <a target=\"_blank\" href=\"https:\/\/twitter.com\/ladygaga?ref_src=twsrc%5Etfw\" >@ladygaga<\/a> 84.5M<br \/>8. <a target=\"_blank\" href=\"https:\/\/twitter.com\/elonmusk?ref_src=twsrc%5Etfw\" >@elonmusk<\/a> 81M<br \/>9. <a target=\"_blank\" href=\"https:\/\/twitter.com\/narendramodi?ref_src=twsrc%5Etfw\" >@narendramodi<\/a> 77.7M<br \/>10. @TheEllenShow 77.5M<\/p>\n<p>&mdash; World of Statistics (@stats_feed) <a target=\"_blank\" href=\"https:\/\/twitter.com\/stats_feed\/status\/1512729717085929475?ref_src=twsrc%5Etfw\" >April 9, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In an <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/video\/2022\/04\/08\/i-think-elon-musk-will-force-twitter-to-confront-its-censorship-says-palantir-co-founder-joe-lonsdale.html\" >interview<\/a> on CNBC\u2019s \u201cSquawk Box\u201d last week, Musk\u2019s friend Joe Lonsdale, co-founder of Palantir Technologies, a software company that specializes in big data analytics, said:<\/p>\n<blockquote><p>\u201cElon has made clear that we need free speech in the public square, and I think one of the things you are going to see is that the board of Twitter right now has plausible deniability and doesn\u2019t get very good reporting on what the cabals inside of Twitter are doing.<\/p>\n<p>\u201cThere are some real political extremists running Twitter on the inside \u2014 what they\u2019re censoring, what they\u2019re not censoring and what they\u2019re shifting to not spread: It\u2019s called shadow banning \u2026 I think the board sometimes kind of knows what these extremists are doing but also sometimes likes that they have deniability.<\/p>\n<p>\u201cI think Elon is very likely to take away that plausible deniability and really force people to confront what kind of censorship is going on.\u201d<\/p><\/blockquote>\n<p>Lonsdale told \u201cSquawk Box\u201d host Andrew Ross Sorkin that Musk is a \u201cfree speech extremist,\u201d and that he held the same values as America\u2019s Founding Fathers held in allowing the marketplace of ideas free rein.<\/p>\n<p>\u201cI think it\u2019s very insidious to say that I believe in free speech except when it interferes with certain special values one holds,\u201d Lonsdale said.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/player.cnbc.com\/p\/gZWlPC\/cnbc_global?playertype=synd&amp;byGuid=7000241756\" width=\"560\" height=\"349\" frameborder=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/p>\n<p>New York Times technology reporter Casey Newton, speaking with host Kara Swisher on \u201cSway,\u201d <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2022\/04\/07\/opinion\/sway-kara-swisher-casey-newton.html?showTranscript=1\" >said<\/a>:<\/p>\n<blockquote><p>\u201cSo I couldn\u2019t tell you what the Twitter policy is that Elon has such a strong objection to, although you brought up the <a target=\"_blank\" href=\"https:\/\/childrenshealthdefense.org\/defender_category\/covid\/\" >COVID<\/a> misinformation stuff. Twitter will sort of slap a label on it or remove it if you\u2019re spreading misinformation about the vaccines.<\/p>\n<p>\u201cMaybe he thinks Twitter shouldn\u2019t do that. We may very well hear more from him about that subject. But he\u2019s clearly said that he just doesn\u2019t think that platforms should be weighing in that much on these things.\u201d<\/p><\/blockquote>\n<p>Some media, even before Musk announced his $43 billion cash offer, greeted the news about the billionaire\u2019s interest in Twitter with dire warnings of a potential loss of free speech under his influence.<\/p>\n<p>An<a target=\"_blank\" href=\"https:\/\/www.msnbc.com\/opinion\/msnbc-opinion\/elon-musk-buying-twitter-stock-raises-free-speech-questions-n1294172\" > MSNBC headline<\/a> read: \u201cThe Tesla CEO thinks he\u2019s protecting free speech. He\u2019s showing us how easily it could all go away.\u201d<\/p>\n<p>The MSNBC article focused less on the concept of free speech and more on speculations that \u201chate speech and disinformation\u201d would increase on Twitter under Musk:<\/p>\n<blockquote><p>\u201cWhile many progressives on Twitter say the site has done too little to crack down on harassment, hate speech and disinformation, signs suggest Musk is likely to push Twitter in the opposite direction. Musk has expressed interest in a more decentralized internet and has used the platform to be adversarial and provocative to the point that he has gotten embroiled in a <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2019\/12\/06\/unsworth-vs-musk-pedo-guy-defamation-trial-verdict.html\" >defamation lawsuit<\/a>.<\/p>\n<p>\u201cGiven his inclination to use the platform like a troll, he\u2019s likely to lobby for Twitter to adopt more lax content regulation, many <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2022\/04\/07\/opinion\/sway-kara-swisher-casey-newton.html?showTranscript=1\" >observers of the technology industry say<\/a>. There\u2019s also been significant speculation as to whether that mission would entail ending Twitter\u2019s ban on former President Donald Trump\u2019s account.\u201d<\/p><\/blockquote>\n<p>Musk has made no statements in regards to reinstating <a target=\"_blank\" href=\"https:\/\/thehill.com\/opinion\/technology\/3263157-elon-musk-free-speech-absolutist-may-be-trumps-twitter-ticket\/\" >Trump\u2019s banned Twitter account<\/a>. However, Trump <a target=\"_blank\" href=\"https:\/\/nypost.com\/2022\/04\/14\/trump-says-he-wont-return-to-twitter-if-elon-musk-buys-it\/\" >said<\/a> Wednesday, \u201cI probably wouldn\u2019t have any interest\u201d in returning to Twitter if Musk bought the company.<\/p>\n<p>However, Musk did<a target=\"_blank\" href=\"https:\/\/news.yahoo.com\/elon-musk-says-trump-biden-155522340.html\" > say<\/a> last December that Trump, Biden and anyone over 70 should be banned from running for office.<\/p>\n<p>Writing for the American Conservative, Sohrab Ahmari <a target=\"_blank\" href=\"https:\/\/www.theamericanconservative.com\/articles\/can-elon-musk-save-free-speech-online\/\" >doubted<\/a> Musk could \u201csave free speech:\u201d<\/p>\n<blockquote><p>\u201cThere is a power structure in this country \u2014 a tangle of private capital, managerial interests, and governmental authority \u2014 and that power structure has become supremely adept at seeing off potential challengers.<\/p>\n<p>\u201cOne free-speech-defending owner here or there won\u2019t alter this structural dynamic; media, including social media, will always reflect the social and political balance of forces.<\/p>\n<p>\u201cWe should of course wish Musk well. But starting with enforcement of this nation\u2019s venerable antitrust laws, and reform of the legal architecture that permits <a target=\"_blank\" href=\"https:\/\/childrenshealthdefense.org\/defender_category\/big-tech\/\" >Big Tech<\/a> firms to act as censorious publishers without any of a traditional publisher\u2019s liability, the surer path to online free speech runs through power politics, not stock-market positions.\u201d<\/p><\/blockquote>\n<p>Speculation about Musk\u2019s motives clearly exceeds the known facts, prompting Trevor Noah to offer a more droll perspective:<\/p>\n<blockquote><p>\u201cAnd look, I know a lot of people don\u2019t like Elon Musk, they think he\u2019s controversial, all these things. I will say this: One thing you have to admit is he makes being a billionaire look fun. It has its perks.<\/p>\n<p>\u201cElon was annoyed by Twitter, so what did he do? He bought it. Yeah. Tell me we all wish we didn\u2019t have that power, huh? Imagine if, when the airline told you that you were bumped from your flight, you could just buy the airline.\u201d<\/p><\/blockquote>\n<p style=\"text-align: center;\"><strong>Watch here:<\/strong><\/p>\n<p><iframe loading=\"lazy\" id=\"_dytid_6515\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/jUcE3h2A_Cw\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/p>\n<p>________________________________________<\/p>\n<p style=\"padding-left: 40px;\"><em><a href=\"https:\/\/www.transcend.org\/tms\/wp-content\/uploads\/2022\/04\/david_charbonneau-150x150-1.jpg\" ><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-209606 size-full\" src=\"https:\/\/www.transcend.org\/tms\/wp-content\/uploads\/2022\/04\/david_charbonneau-150x150-1-e1650253335790.jpg\" alt=\"\" width=\"90\" height=\"90\" \/><\/a><\/em><\/p>\n<p>&nbsp;<\/p>\n<p style=\"padding-left: 40px;\"><em>David Charbonneau, Ph.D. is a fellow for<\/em> The Defender.<\/p>\n<p>&nbsp;<\/p>\n<p><a target=\"_blank\" href=\"https:\/\/childrenshealthdefense.org\/defender\/elon-musk-43-billion-cash-buy-twitter-save-free-speech\/?utm_source=salsa&amp;eType=EmailBlastContent&amp;eId=a8542e00-1b71-495d-a38e-63662b8abe68\" >Go to Original-childrenshealthdefense.org<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>14 Apr 2022 &#8211; The world\u2019s richest person, Elon Musk, yesterday offered $43 billion \u2014 cash \u2014 to buy Twitter so he can \u201cunlock\u201d its \u201cpotential to be the platform for free speech around the globe.\u201d<\/p>\n","protected":false},"author":4,"featured_media":209607,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[62],"tags":[232,550,2305,234,1006,1008],"class_list":["post-209605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-media","tag-capitalism","tag-corruption","tag-elon-musk","tag-media","tag-social-media","tag-twitter"],"_links":{"self":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts\/209605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/comments?post=209605"}],"version-history":[{"count":1,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts\/209605\/revisions"}],"predecessor-version":[{"id":284634,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts\/209605\/revisions\/284634"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/media\/209607"}],"wp:attachment":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/media?parent=209605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/categories?post=209605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/tags?post=209605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}