(LibertySociety.com) – On April 4, a report filed with the Securities and Exchange Commission (SEC) revealed billionaire Elon Musk had acquired 9.2% of Twitter’s stock. Now, he might buy the entire platform. Instead of taking a seat on the board of directors, Musk decided he would offer to buy the social media platform for $54.20 per share, but why? Some think it has something to do with Musk’s view on free speech.
If he ends up buying the platform, chances are he will take the company private and make some major changes. When Musk turned down the position on the board, he wrote he wanted to “transform” the platform.
The Twitter Situation
Twitter owners now have to decide whether to sell him the company or not. Barstool Sports founder Dave Portnoy thinks Musk has the company in a tight spot. On the one hand, Twitter stock on April 14 was trading for an average of just under $46 per share, making Musk’s offer a good deal. The company would make a nice profit, and the Tesla CEO would likely cash out the shareholders at a profit as well, depending on the price they acquired the stock.
Musk told the company in his offer that if it did not accept, he would probably reconsider holding the stock at all. According to Portnoy, if he dumped his holdings in one day, the billionaire would single-handedly tank the stock by about 10%.
Freedom of Speech Issue
Axios reported Musk appeared onstage at a Technology, Entertainment, Design (TED) conference where he talked about Twitter and his views on free speech. While he stated the platform should follow the laws in different countries where they operate, beyond that, they should not regulate the voices of Twitter users.
Musk said he defines free speech as being “allowed to say something” even if it’s an opinion you don’t agree with. He also said he doesn’t really want to acquire the platform as a way to make money, something he has enough of. His focus is on having an inclusive and trustworthy place for the public.
Many believe private platforms are hindering the First Amendment; a right all Americans hold dear. While it’s important not to perpetuate false information, Musk believes moderation calls are tricky but would be reluctant to delete anything and would shy away from permanent bans.
Certainly, his ownership would change many aspects of Twitter and could bring back users previously banned from the platform.
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