It’s official: Elon Musk has reached an agreement with Twitter’s board of directors to buy the social network for $54.20 per share, which values it at around $44 billion, Twitter announced Monday in a statement. The boss of Tesla and the richest man in the world therefore becomes the owner of the platform which he considers « the digital public square where vital subjects for the future of humanity are debated », according to a quote in the communicated. Musk had already spent more than $3 billion to acquire 9.2% of the capital. Its offer could hardly be dismissed: its directors and managers are not about to review such a generous offer anytime soon for a platform that is still struggling to position itself against GAFAM in the digital advertising market.
Just to put a little more pressure and to be taken seriously, the owner of Tesla gave the details of his offer last week, announcing that he had secured 46.5 billion dollars. In particular, he dwelt on how it would be financed: he raised funds from the investment bank Morgan Stanley and a group of other lenders, who offered $13 billion in debt financing, to which plus $12.5 billion in loans against his shares in Tesla. It would also bring in an additional $21 billion in cash to buy the rest of Twitter stock.
Esoteric messages
The whim of a libertarian billionaire is therefore taking shape. A user since 2009, he is extremely active there with his community of more than 83 million subscribers with more than 15,000 tweets posted to date. Lots of elliptical or esoteric messages. But above all comments on his investments in cryptocurrencies or on the health of his two babies, his space company Space X or Tesla electric cars. Untimely interventions which earned him a fine of 20 million dollars and the loss of his chair as president of Tesla. As well as being placed under surveillance by the SEC, the policeman of the American stock market.
For the businessman, the hour of revenge has undeniably come: on March 25, he organized a survey in which more than 2 million people participated. Question: Does Twitter strictly adhere to the principle of free expression? His fans had answered no, at 70%. Elon Musk’s vision of an out-of-control Twitter is a door wide open to manipulation, to misinformation.
Free speech is essential to a functioning democracy.
Do you believe Twitter rigorously adheres to this principle?
— Elon Musk (@elonmusk) March 25, 2022
Signs of worry
Ironically, the acquisition comes at a time when Europe has finally managed to agree to protect itself against the excesses of the American Internet giants. And the American political class – at least a part of it – is itself showing signs of concern about these deviations. “For too long, tech platforms have amplified misinformation and extremism without accountability. The EU is about to do something about this. I urge our transatlantic allies to cross the line to the Digital Services Act and support global democracy before it’s too late, » Hillary Clinton wrote in a Tweet on April 21.
For too long, tech platforms have amplified disinformation and extremism with no accountability. The EU is poised to do something about it.
I urge our transatlantic allies to push the Digital Services Act across the finish line and bolster global democracy before it’s too late.
— Hillary Clinton (@HillaryClinton) April 21, 2022
Former US President Barack Obama for his part reproached himself for not having sufficiently realized « how receptive we have become to lies and conspiracy theories ». Regrets and lamentations will not suffice. It is high time that politicians take control before the final disaster.
#Elon #Musk #buys #Twitter #billion
