Tag Archives: Elon Musk

Will Elon Musk Keep Vijaya Gadde, Twitter’s Executive Who Led the Company’s Censoring and Banning of Patriotic Americans?

Joe Hoft
April 27, 2022

Will Elon Musk keep the top person at Twitter who censored and banned conservatives on the Big Tech giant once he takes over?  

Vijaya Gadde is responsible for the censorship and banning policies at Twitter.  She is famous for this and apparently took great pride in it.  In her role she allows the Ayatollah of Iran to promote hate speech on the platform but she took down the account of the leader of the free world, President Donald Trump.

Ms. Gadde through her actions has little regard for the first amendment in the US Constitution which protects free speech.  The far-left Democrat Party and communists around the world praise her work.  She took down Trump – the biggest and best Twitter user in history – because she and her top management colleagues just didn’t like him.  She didn’t hide it.

Vijaya tweeted openly about President Trump who beat the corrupt Clinton and Obama machines and made America prosperous and the world safe again.  But she didn’t like him and those who supported him.

Breitbart noted:

Writing for the Jeff Bezos-owned Washington Post in 2015, Gadde argued that certain users were trying to “silence discourse in the name of free expression.”

“I’m often inspired by the vigorous debates on controversial issues that occur on Twitter, but I’ve also been seriously troubled by the plight of some of our users who are completely overwhelmed by those who are trying to silence healthy discourse in the name of free expression,” she wrote.

As Breitbart News previously profiled, Gadde has a history of donating to Democrats and even publicly defended Yoel Roth, a Twitter official responsible for fact-checking policy, when he called members of the Trump administration “Nazis.”

“No one person at Twitter is responsible for our policies or enforcement actions,” she said. “We are a team with different points of view and we stand behind our people and our decisions to protect the health of the public conversation on our platform.”

Far-left Politico reported on Gadde’s response to Musk’s purchase of Twitter:

Shortly after billionaire Elon Musk bought the powerful social media platform, top Twitter lawyer Vijaya Gadde called a virtual meeting with the policy and legal teams she oversees to discuss what the new ownership could mean for them.

Gadde cried during the meeting as she expressed concerns about how the company could change, according to three people familiar with the meeting. She acknowledged that there are significant uncertainties about what the company will look like under Musk’s leadership.

Twitter spokesperson Trenton Kennedy said Gadde became emotional when discussing her team’s impact and the pride she feels in them.

Under Gadde’s tenure, Twitter got further and further left, eventually banning the President of the United States.  When confronted on Twitter’s rules that go against US free speech law three years ago, Gadde ignored the fact that Twitter was a US company and instead claimed its users were global.   This appeared to be the justification for banning conservatives on the site.

Ms. Gadde was behind the company’s policies that banned huge numbers of conservatives. President Trump was banned because Twitter determined that the President was behind the violence at the US Capitol on Jan 6, 2021. Yet, the site took down the President’s tweet condemning the violence and telling people to go home.

When others shared documents from Hunter’s laptop they were banned claiming this was basically Hunter’s material and therefore the person sharing the material needed to obtain his approval before sharing, totally discounting the fact that Hunter lost that ownership when he signed a contract with a PC repairman.

Americans hope and pray that the company under Elon Musk addresses Twitter’s bias and protects free speech while censoring Twitter’s bias.

Elon Musk Called Twitter’s Banning of NY Post’s Reporting of Hunter Biden’s Laptop “Obviously Incredibly Inappropriate” – It Was When Twitter Banned TGP Too

Joe Hoft
April 27, 2022

On Tuesday Elon Musk opined on Twitter’s banning of the New York Post’s reporting of Hunter Biden’s laptop. Musk labeled the actions “obviously incredibly inappropriate”.

The New York Post released stories about Hunter Biden’s laptop back in October 2020 several days before the election.  Twitter banned The New York Post at the time for their reporting on crackhead Hunter and his illegal dealings.  The information came straight from his own laptop.  TGP’s Joe Hoft also released solid reports on Hunter Biden’s laptop and his account was suspended.

Not only was Joe Hoft’s account suspended but many of our readers who Tweeted our stories had their accounts suspended on Twitter AND Facebook.

The Gateway Pundit’s account was later shut down for questioning the stolen 2020 Election results.

Another Gateway Pundit’s Editor’s account was banned for tweeting about Twitter’s censorship back in 2018.

All of this was wrong.  All of it.  Twitter banned our accounts, suspended our accounts, and threatened people who posted our factual reports on the Biden family corruption on their platforms. It all was obviously incredibly inappropriate.  We hope and pray this soon ends and free speech is given its proper place on the Twitter platform. 

TWITTER DEVELOPERS BLOCKED To Prevent Sabotage After Leftist Employees Panic Over Purchase of Highly Censored Platform By Free Speech Advocate Elon Musk

Patty McMurray
Apr 26, 2022

Multiple sources report that Twitter employees who are furious about their new owner’s pledge to restore free speech on one of the world’s largest social media platforms are lashing out in anger and frustration.

Andy Ngo reports that he’s hearing from sources that Twitter employees on internal chats are saying their biggest fear is that the account for President Donald J. Trump will be restored. According to Ngo, many of the employees are expressing hatred for Elon Musk and that they’re sick of hearing about “free speech,” and are “concerned about their mental health.”

Conservative lawyer Mike Cernovich suggests that Twitter employees are shredding documents like Enron.

Disclose TV shared a report from Bloomberg that Twitter’s source code is locked to make it harder for employees to make unauthorized changes to the platform.

Andy Ngo tweeted about sources who told him that Twitter has locked down the ability of its employees to make changes to the platform after Musk sealed the $44 billion deal to purchase the highly censored platform yesterday.

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 I’m going to throw up..I rly don’t wanna work for a company that is owned by Elon Musk.”

The source at Twitter continued, “I don’t rly know what I’m supposed to do…oh my god, my phone’s been blowing up…We have a meeting about it at 5 pm…the CEO is going to address everyone about it” (it=elon) “I hate him, why does he even want this?” they asked…

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.”

Smith deleted his 4th tweet, but fortunately, Sean Davis, the CEO and co-founder of the Federalist was able to capture a screenshot of his post that exposed a Twitter employee who told him that a part of his job is to monitor “toxicity and health trends” on Twitter (conservative speech and any news or information related to alternative treatments for COVID?). The Twitter employee goes on to say he doesn’t know how Musk’s free speech approach to the social media platform will “affect my job.”

The Daily Mail is reporting that Twitter has blocked its developers from making changes to the app to prevent it from being sabotaged by left-wing staff angry at Elon Musk’s $44billion takeover – amid an outbreak of hysteria among liberal social media personalities who are threatening to quit the social media giant.

The Tesla founder said he wanted to re-establish the principle of free speech on the platform and has joined criticism of its moderation policies which are accused of disproportionately targeting conservative voices, but his critics claim he will allow ‘hate to flourish.’

Twitter has now banned any product updates that are not ‘business-critical,’ with the company’s vice-president required to give approval for any to go ahead. The move aims to prevent angry staff from ‘going rogue,’ a source told Bloomberg, and comes after employees dismissed Musk as ‘dangerous to democracy.’

Here’s a video of Twitter employees in Brazil mocking the purchase yesterday.

Do you think it’s appropriate for Elon Musk to lock down the source codes and prevent hostile employees from sabotaging his newly acquired social media platform?

Twitter Accepts Elon Musk’s Buyout Deal

Lauren Feiner
Published April 25, 2022

Twitter’s board has accepted an offer from billionaire Elon Musk to buy the social media company and take it private, the company announced Monday.

The stock closed up 5.64% for the day after it was halted for the news.

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said in a statement included in the press release announcing the $44 billion deal. “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”

The cash deal at $54.20 per share is valued at around $44 billion, according to the press release. Twitter will become a private company once the deal is complete.

The announcement ends a weeks-long saga Musk kicked off when he disclosed a large stake in the company. Soon after, the company said he would join the board, only for Musk to reverse course on that plan several days later. Then, he offered to buy the company at $54.20 per share, his “best and final.” That offer valued Twitter at about $43 billion.

Assuming the deal closes and Musk takes ownership of Twitter, the company will be controlled by the world’s richest person and someone who’s been a heavy critic of the platform while using it in legally contentious ways, mostly through sensitive posts about his car manufacturer, Tesla. Though Musk has indicated that his primary interest in Twitter has to do with what he views as the company’s censorship of free speech, Musk critics are justifiably concerned that the billionaire’s control over the platform will result in the silencing of their voices and others with whom he may disagree.

Twitter’s board sought to fend off a hostile takeover by adopting a so-called poison pill, or shareholder rights agreement, that would allow other shareholders to buy the stock at a discount should Musk or another person or group acquire more than 15% of outstanding common stock. The plan would dilute that person’s holdings in a strategy commonly employed to prevent unwanted acquisitions.

The board seemed to have two reasons to consider rejecting the deal. The first was that the offer, while priced well above Twitter’s current share price, was arguably too low given it had recently surged above that price tag.

The second was that it was initially unclear how Musk would fund the deal. Despite being the world’s richest person, much of his wealth is tied up in Tesla stock, meaning he would likely have to borrow against his holdings to fund the deal.

But the offer became more concrete once Musk announced in a Securities and Exchange Commission filing that he received commitments for $46.5 billion to help finance the potential deal. That included about $25.5 billion in debt financing from Morgan Stanley Senior Funding and other firms. He said he committed about $21 billion in equity financing.

Musk said in the same filing he was exploring a tender offer to purchase shares of Twitter directly from shareholders.

Musk’s interest in Twitter comes from his own frequent use of the platform. The Tesla and SpaceX CEO often uses his large platform to share jokes, engage with his 83.6 million followers and make business announcements.

The latter has gotten him in some trouble. He came under SEC investigation after tweeting in 2018 that he had secured funding at $420 per share to take Tesla private. The agency charged Musk with securities fraud as a result of those tweets. Musk and Tesla reached a revised settlement agreement over those charges in 2019, which Musk is now attempting to terminate.

Musk said at the TED2022 conference in Vancouver earlier this month that he did in fact have funding secured at the time of that tweet, adding that he was “forced to concede to the SEC unlawfully” in the settlement. The SEC declined to comment on Musk’s remarks at the time.

Shortly after the conference, a court filing from a class-action lawsuit by shareholders against Musk revealed that the judge presiding over that case concluded Musk knowingly made false statements about the funding at the time of the tweet.

Also at the TED2022 conference, Musk shared how he would like to see the platform change under his ownership.

“I think it’s very important for there to be an inclusive arena for free speech,” he said at the time, acknowledging that some content moderation would be needed to deal with explicit calls to violence and ensure the service complied with the laws in the country in which it operates.

He also said he generally would prefer “time-outs” to permanent bans, which could suggest a path for former President Donald Trump to rejoin the platform under Musk’s control. Twitter banned Trump from the platform following his tweets around the Jan. 6 insurrection at the U.S. Capitol, citing “the risk of further incitement of violence.”

Some Republican lawmakers have expressed excitement at the prospect of Musk owning the company after complaining for years of what they say is censorship of conservative voices by mainstream tech companies. Twitter and others have said they do not censor speech based on ideology, but instead enforce their stated community guidelines.

On Friday, House Judiciary Committee Republicans asked Twitter board members to preserve records related to Musk’s bid, setting the stage for a potential congressional probe and subpoenas should the party win back control of the chamber after this year’s midterm elections.

Here’s the full announcement from Twitter:

“Twitter, Inc. (NYSE: TWTR) today announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company.

Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction. The purchase price represents a 38% premium to Twitter’s closing stock price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Twitter.

Bret Taylor, Twitter’s Independent Board Chair, said, “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, Twitter’s CEO, said, “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.”

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” said Mr. Musk. “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”

Transaction Terms and Financing

The transaction, which has been unanimously approved by the Twitter Board of Directors, is expected to close in 2022, subject to the approval of Twitter stockholders, the receipt of applicable regulatory approvals and the satisfaction of other customary closing conditions.

Mr. Musk has secured $25.5 billion of fully committed debt and margin loan financing and is providing an approximately $21.0 billion equity commitment. There are no financing conditions to the closing of the transaction.

For further information regarding all terms and conditions contained in the definitive transaction agreement, please see Twitter’s Current Report on Form 8-K, which will be filed in connection with the transaction.

First Quarter 2022 Earnings Results

Twitter plans to release its first quarter fiscal year 2022 results before market open on April 28, 2022. In light of the pending transaction announced today, Twitter will not hold a corresponding conference call.

Advisors

Goldman Sachs & Co. LLC, J.P. Morgan, and Allen & Co. are serving as financial advisors to Twitter, and Wilson Sonsini Goodrich & Rosati, Professional Corporation and Simpson Thacher & Bartlett LLP are serving as legal counsel. Morgan Stanley is acting as lead financial advisor to Mr. Musk. BofA Securities and Barclays are also acting as financial advisors. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel.”

This story is developing. Check back for updates.

Elon Musk Says He Doesn’t Own a Home and Sleeps in Friends’ Spare Bedrooms

Nika Shakhnazarova
April 19, 2022

The world’s richest man said he doesn’t own a home and sleeps in his friends’ spare bedrooms for the most part.

In a recent interview with TED’s Chris Anderson, Elon Musk says he has resorted to couch surfing.

“I don’t even own a place right now, I’m literally staying at friends’ places,” explained Musk, whose estimated net worth is $269.5 billion, according to Forbes.

Elon Musk say's he sleeps in his friends' spare bedrooms for the most part during an Interview with TED's Chris Anderson.
Elon Musk says he sleeps in his friends’ spare bedrooms during an Interview with TED’s Chris Anderson.

“If I travel to the Bay Area, which is where most of Tesla’s engineering is, I basically rotate through friends’ spare bedrooms,” the father of seven added.

Despite the Tesla and SpaceX founder’s surprising lifestyle, the billionaire tech magnate did reveal the one luxury he indulges in.

When answering a question about the wealth disparity in the US between average Americans and billionaires like himself, Musk said, “For sure, it would be very problematic if I was spending billions of dollars a year in personal consumption, but that is not the case.”

“It’s not as though my personal consumption is high,” he continued, admitting that his private plane is the only exception.

“If I don’t use the plane, then I have less hours to work,” he added.

In June last year, Musk tweeted that his primary residence is a rental from SpaceX, worth $50,000. What’s more, the residence was conveniently near the company’s Texas location. In the tweet, also admitted to owning an “events house” in the Bay Area.

In May 2020, Musk famously tweeted, “I am selling almost all physical possessions. Will own no house.”

Elon Musk said if he travels to the Bay Area, which is where most of Tesla's engineering is, he'll rotate through friends' spare bedrooms.
Elon Musk said if he travels to the Bay Area, which is where most of Tesla’s engineering is, he’ll rotate through friends’ spare bedrooms.

Musk In Talks With Investors To Join His Bid To Take Over Twitter: Report

Martin Walsh
April 18, 2022

OPINION: This article may contain commentary which reflects the author’s opinion.

Elon Musk is reportedly speaking with other investors about joining his bid to purchase Twitter.

Sources told the New York Post that a partnership could be announced within days after Musk formally offered last week to completely buy Twitter for just over $40 billion.

The Post went on to allege that Musk could possibly work with Silver Lake Partners, a company the Tesla CEO has worked with in the past.

“One possibility, the sources said: teaming with private-equity firm Silver Lake Partners, which was planning to co-invest with him in 2018 when he was considering taking Tesla private. Silver Lake’s Co-CEO Egon Durban is a Twitter board member and led Musk’s deal team during the 2018 failed effort to take Tesla private, sources said. Silver Lake declined to comment,” the Post reported.

“For its part, Twitter on Friday adopted a so-called poison pill — a corporate move that prevents Musk from acquiring more than 15% of the company. But that pill may not stop other entities or people from acquiring their own shares of up to 15% of the company. Those owners could partner with Musk to force a sale, make changes in the executive ranks or push for other overhauls of the company,” the report added.

“This is not over,” a source told the New York Post.

The saga between Musk and Twitter has changed by the day.

During a TED talk last week, host Chris Anderson asked Musk if there was a “Plan B” if his current offer to buy Twitter in an all-cash deal were rejected.

“There is,” Musk said.

WATCH:

Musk announced that he had hired Morgan Stanley as an advisor to help with the takeover of the social media giant.

Prior to that, it was speculated that his decision not to take the job means he is now free to improve his position within the company, as in, buy more stock.

Musk signed an agreement with Twitter for the following terms as long as he serves on the board: “Mr. Musk agrees that, for so long as Mr. Musk is serving on the Board and for 90 days thereafter, Mr. Musk will not, either alone or as a member of a group, become the beneficial owner of more than 14.9% of Company’s common stock outstanding at such time, including for these purposes economic exposure through derivative securities, swaps or hedging transactions.”

But since Musk declined to join Twitter’s board, he is no longer bound by that stipulation, journalist Yashar Ali noted.

Twitter CEO Parag Agrawal said in a statement that it was Musk’s decision to not join the company’s board after he was offered a seat.

“Elon Musk has decided not to join our board,” Agrawal said. “The Board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks. We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward. The board offered him a seat.”

“We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance,” Agrawal continued. “Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board. I believe this is for the best.

“We have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his input,” Agrawal added.

“There will be distractions ahead, but our goals and priorities remain unchanged,” the statement added. “The decisions we make and how we execute are in our hands, no one else’s. Let’s tune out the noise, and stay focused on the work and what we’re building.”

Swamp Steps In? DOJ, SEC Launch “Joint Investigation” Targeting Elon Musk as He Attempts His ‘Hostile Takeover’ of Twitter: Reports

Julian Conradson
Published April 17, 2022

Elon Musk isn’t one to back down from a challenge, and he is proving that fact yet again in his ongoing attempt to purchase Twitter outright in a bid to restore freedom of speech to the internet. However, his bold move caused the establishment to put a target on his back. As of this week, both Biden’s Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have reportedly opened new investigations into the billionaire Tesla founder, according to reports.

Curious timing.

Earlier this week, Fox Business Senior Correspondent Charlie Gasparino broke the news of Biden’s alphabet agencies’ turning their sights on Musk in an appearance on ‘Cavuto: Coast to Coast.’ The longtime legal expert explained that as of right now, it is unclear what Musk has done that warrants the federal probes, but the Twitter takeover likely has a lot to do with it.

Gasparino pointed out that Musk has “stirred up a regulatory hornet’s nest” and the SEC is scrutinizing every little detail of his recent stock trades, looking to nab him on some small technicality.

From Gasparino:

“Both the DOJ and the SEC are clearly scrutinizing this entire matter. Now, we’re getting this from lawyers… they’re clearly monitoring and scrutinizing this entire issue – whether he filed the right forms, whether there’s a stock manipulation case here, whether he’s making public statements that he probably shouldn’t make… What we do know is that he’s stirred up a regulatory hornets’ nest. DOJ, SEC, I’m getting this from lawyers who deal with them.”

Gasparino followed up with more details in a tweet on Thursday:

“[Elon Musk] offers to buy the rest of [Twitter] a legal source tells [Fox Business] [SEC] and [DOJ] have launched what he described as a ‘joint investigation’ into a myriad of Musk regulatory issues primarily involving [Tesla}.”

Musk has gone toe to toe with the SEC in the past, calling it out publicly for filing a complaint against him after he tweeted about taking Tesla private in 2018. At that time, Musk fired back at the federal agency, saying that the action against him was “unjustified” and rejected any claims of wrongdoing completely.

Nevertheless, Musk eventually settled with the SEC, with both him and his company each paying a fine of $20 million in addition to some restrictions surrounding his public statements and his stepping down as the CEO of Tesla.

But this isn’t the same SEC or DOJ, and it isn’t the same type of dissent. This new “joint investigation” is that much more concerning if it takes place. Musk is taking a stand the establishment just can’t afford to let succeed.

Big tech, the legacy media, politicians in the DC swamp, and elites alike have resoundingly condemned Musk’s crusade because the success of their radical anti-American agenda relies completely on silencing the truths that contradict the approved narratives. Twitter itself is even jeopardizing its own financial prospects and betraying its shareholders in a desperate attempt to fend off the hostile takeover bid. Capitalists don’t turn down a free $10 billion dollars, which is what Musk offered over Twitter’s market value – radical ideologues focused on controlling people’s thoughts for the sake of their dystopian agenda do.

Without the ability for mass censorship of dissenting thoughts, which is what Twitter provides in excess, the propaganda would not have the same effect. The unhinged meltdown to condemn free speech by media elitists has exposed exactly how radical they truly are.

In just one example, the progressive activists at the LA Times  said it  outright: Musk buying the left’s most effective censorship tool would create “more freedom” and “less democracy.” ‘Democracy’ in this case means the (il)liberal world order, of course.

As Revolver News put it last week, “the world’s richest man might be on the cusp of launching a global crusade to restore freedom of speech” – so, naturally, the Biden regime and the sycophants in the media can’t just sit around and let it happen.

Room Erupts When Elon Musk Gives 2-Word Answer About His Next Move

Martin Walsh
April 15, 2022

Tesla CEO Elon Musk gave a simple response when asked about whether he has a “plan B” option for Twitter.

During a TED talk, host Chris Anderson asked Musk if there was a “Plan B” if his current offer to buy Twitter in an all-cash deal were rejected.

“There is,” Musk said.

“Well, I think we would want to err on — if in doubt, let the speech — let it exist. If it’s a gray area, I would say let the tweet exist. But obviously, in a case where there’s perhaps a lot of controversies that you would not want to necessarily promote that tweet, you know. So, I’m not — I’m not saying that I have all the answers here, but I do think that we want to be just very reluctant to delete things and have — just be very cautious with permanent bans. You know, timeouts, I think, are better than sort of permanent bans,” he continued.

“But just in general, like it said, it won’t be perfect, but I think we wanted to really have like the perception and reality that speech is as free and reasonably possible, and a good sign as to whether there is free speech is, is someone you don’t like allowed to say something you don’t like? And if that is the case, then we have free speech. And it’s damn annoying when someone you don’t like says something you don’t like. That is a sign of a healthy, functioning free speech situation,” he added.

WATCH:

On Wednesday, Musk announced that he had formally offered to buy Twitter outright.

Musk offered to buy the company for $54.20 a share, which he said was his “best and final offer,” representing a 54 percent premium over the day before he began investing in the company in late January. It would value the company at about $43 billion.

Musk said “I don’t have confidence in management” and that he couldn’t make the changes he wanted in the public market.

In a letter to Twitter, Musk said that he believes the company “will neither thrive nor serve [its free speech] societal imperative in its current form. Twitter needs to be transformed as a private company.”

“If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder,” he said.

Musk has hired Morgan Stanley as an advisor to help with the takeover of the social media giant.

Days ago, it was speculated that his decision not to take the job means he is now free to improve his position within the company, as in, buy more stock.

Musk signed an agreement with Twitter for the following terms as long as he serves on the board: “Mr. Musk agrees that, for so long as Mr. Musk is serving on the Board and for 90 days thereafter, Mr. Musk will not, either alone or as a member of a group, become the beneficial owner of more than 14.9% of Company’s common stock outstanding at such time, including for these purposes economic exposure through derivative securities, swaps or hedging transactions.”

But since Musk declined to join Twitter’s board, he is no longer bound by that stipulation, journalist Yashar Ali noted.

Twitter CEO Parag Agrawal said in a statement released Sunday night that it was Musk’s decision to not join the company’s board after he was offered a seat.

“Elon Musk has decided not to join our board,” Agrawal said. “The Board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks. We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward. The board offered him a seat.”

“We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance,” Agrawal continued. “Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board. I believe this is for the best.

“We have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his input,” Agrawal added.

“There will be distractions ahead, but our goals and priorities remain unchanged,” the statement added. “The decisions we make and how we execute are in our hands, no one else’s. Let’s tune out the noise, and stay focused on the work and what we’re building.”

Musk Offers to Buy Twitter, Social Media Platform Valued at $43 Billion

Sophie Mann
April 14, 2022

Billionaire entrepreneur Elon Musk has offered to buy all of Twitter at a price that values the social media platform at more than $43 billion. Musk called the offer his “best and final,” and said if it was not accepted he would have to “reconsider my position as a shareholder.”

He made the offer in a regulatory filing Thursday.

“I 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,” wrote the Tesla CEO in a letter to the company’s board chair.

Last week, he bought a 9% stake in Twitter, making him the platform’s largest shareholder. 

His filing Thursday continued: “However, 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.”

“As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.”

Musk is the CEO of the pioneering electric vehicle company Tesla. His personal worth is valued at about $259 billion. 

“Twitter has extraordinary potential,” he also wrote. “I will unlock it.”