I’m not quite sure what Twitter is so afraid of but the last couple of weeks sure have been fun.
The wokesters that @Jack left behind and in charge have been melting down, threatening even to quit if Musk gains control. As if they are the only programmers who have the knowledge to keep a glorified message board active.
The Twitterverse actually sounds like a cult, with this week’s discussion of a “poison pill” if Musk is handed the reigns.
Nevertheless from where I sit it has been fun to watch.
Not for the shareholders. No the executive team at Twitter are directly betraying their fiduciary responsibilities by tanking stock prices. Twitter finished off by another $3.00 on Thursday. And more than double digit losses in recent weeks. Every tinylittle bit of it being completely avoidable.
They may be in tricky legal waters as well. Most publicly traded companies will acknowledge a generalmoral rightness in presenting crazy good economic opportunities to their shareholders. Twitter’s current leadership is begging their board to dilute the stock value if Elon gets serious. They literally are asking the board to torpedo their stock’s own value.
Think about this. If Twitter took Elon Musk’s offer at $55 per share, you’re talking a $10k gain on a thousand shares.
From this vantage point a shareholder’s meeting should at minimum put the offer to a vote. Let the shareholders decide. Which is why it’s so obvious that Twitter’s continual rebuffing of Musk isn’t about making money for the shareholders—hence violation of fiduciary responsibility.
So why are they fighting Musk with such ferocity?
A couple of possibilities come to mind. One of which is that they—contrary to their public image—do wish to be seen as a gatekeeper to public debate. They believe they are the townsquare by proxy. And though they feign free speech, in reality they control it tightly. It bothers them that people like Musk or Donald J. Trump can build millions of followers and impact the debate with direct response to a very direct public.
Speaking of which — how responsible is it from a fiduciary standpoint that you wipe out some of your biggest attractions? Think about the traffic that Musk, Trump, and the other hundreds of accounts that Twitter surreptitiously censored and turned off. Why is facebook trading at $210 per share and Twitter sits mired in the low $40’s? When did they begin the great slide backwards?
You know the only reason Musk’s account is still active is because of the attention he’s bringing. Otherwise they’d be more than happy to send him packing.
The second possibility would be infinitely worse for the current exec team. If Musk gains control of the company he will likely force internal review and likely find a stack of ethical, moral, and legal problems for operating exactly as they have been.
Full disclosure — yes — I lost my 150,000 followers when they sucked me up in conservative cleanse in January of 2020. I want Musk in charge and turning off the censorship, but not just for me. The stifling of debate and dissent is another way the left is attempting a radically regressive reset for American Marxism.
Twitter is acting against it’s own financial well being — that puts them in monetary jeopardy. They continue to censor those they disagree with. And it is likely that they behaved very badly in the election cycle of 2020.
If Elon’s takeover did nothing more than help straighten out these three things. If we can begin the debates back up on the most contentious things in life. If his takeover did nothing more, it would be a tremendous step forward in putting America back together again.
I pray he does so soon!
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