It began on March 24th of 2022. Elon Musk purchased 9.2% of Twitter stock making him the largest shareholder in the company. 10 days later Elon would file the required SEC paperwork. His purchases of Twitter stock actually began on January 31st of 2022, when he purchased over 620,000 shares at roughly $36.83 a share. And continued to acquire stock through April 1st, 2022. On April 5th, Twitter CEO Parag Agrawal announced that Musk would be appointed to the board of directors.
A position that Elon Musk would later decline. According to Twitter CEO during a tweet on April 10th, this was confirmed.
Now, there are many speculations as to why Elon Musk would decline the offer. But the obvious reasons are not so hard to formulate. Twitter only allows shareholders who sit on the board to own a maximum of 14.9% of shares. As a way to limit their influence on the company. There's a lot of grey area in this, however. Being that the policy doesn't necessarily prevent shareholders from acquiring shares from other shareholders. Something that has been highly debated over the course of the last few weeks.
Now this is just an opinion, but I think it has more to do with fiduciary responsibility of the board to do what is in the best interest of the company. And Elon's ability to ensure that happens as a shareholder. It's no secret that Twitter tried to poison pill Elon Musk as a result of his offer on April 14th to purchase the entire platform at $54.20 a share.
If you don't know what a poison pill strategy is. It's simply a defense tactic used to prevent and discourage a hostile takeover. Once a shareholder obtains a certain percentage of the company, other shareholders are given the right to purchase additional shares at a discount. Essentially diluting the ownership interest of the person attempting to take over the company through shares.
Given the news that Elon Musk was successful in purchasing Twitter on Monday April 25th, I would say that this strategy was ineffective. Twitter had a fiduciary responsibility to accept the offer all along. Which most people refrained from talking about for the most part. You only heard about it in passing. Which basically means they had to do what was financially best for the company. Now to continue on point. Had Elon Musk taken the position on the board. He would not have been able to purchase more than $14.9% of shares on his own. On top of that. Had the board acted against their fiduciary responsibilities. He would not be able to take any course of action as a board member.
Keep in mind that if a company fails to carry out its fiduciary responsibilities. It is up the shareholders to pursue legal action against that company. Declining the position on the board and being the largest shareholder in the company, left the door wide open for Elon Musk to take legal action against the company himself. Which is something I do not believe most people stopped to think about.
Now the argument has been made that Elon Musk's offer to the company being of sound financial benefit is debatable considering the peak value of shares in 2021. On February 26th, 2021, the company's shares were worth $77.06.
But the argument could also be mad that the share values were substantially below that when Elon Musk made his purchase of shares on March 24th. On March 31st shares were only valued at $38.69.
As stated above. On April 5th Twitter CEO Parag Agrawal announced that Elon Musk would be appointed to the board of directors for the company. Due to that announcement. Twitter saw a substantial increase in stock prices. On April 5th stock prices spiked to $50.98 a share. Which one can only reasonably assume came with the announcement of Musk being appointed to the board of directors.
After announcing that he had secured the required funds to purchase Twitter in his bid. On Monday Twitter agreed to the terms and Elon Musk purchased Twitter as a private company.
The meltdown over the last few weeks from the liberal left has probably been the most entertaining aspect of this entire fiasco. Never mind the fact that they have no issue with a billionaire by the name of Jeff Bezos having control over a major media platform. This idea that billionaires cannot control or own privately operated platforms, comes from a place of wanting to control the public space according to THEIR narrative and THEIR narrative alone.
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Yet not a single one of these radicalized leftists has an issue with Mark Zuckerberg controlling Facebook as a billionaire. Not one. Because the guy is one of theirs. They have no issue purchasing Tesla stock and riding around in their electric vehicles. But they have an issue with the same man investing his wealth as he sees fit.
We already know what the meltdowns are about. Platforms like Twitter and Facebook quite literally define and control the outcome of elections through censorship. You can chirp and squawk all day that the election was fair. We all know better. We know what happens on these platforms. And we know the left is open about it.
They simply do not want a platform for anyone on the right.
Because what they define as misinformation causes harm. They want nothing but their narrative and their "facts"
If that doesn't happen, they threaten to pack their belongings and leave. Just like they did in 2016 when Donald Trump got elected. They threatened to move to Canada.
Some have already left the platform.
Some are still planning to take the "resistance" off of Twitter.
But then again. Some are just sticking around to complain about what Elon could have done with his funds. Like sending children in Africa lunchables.
While others are simply terrified that there are dark days ahead. Because Elon is like Putin.
It's no longer a secret that the radical left. Simply does not want you to have a voice or an opinion outside of what they tell you is acceptable. And now that their platform of censorship and vile rhetoric is under the control of a man that would see it return to a platform of free speech. They are terrified that they can no longer control the narrative. They are terrified that they can no longer censor their opposition. They are terrified that they can no longer delete, restrict and censor stories regarding major political topics.
They have no issue with THEIR billionaires' controlling platforms. They have no issue censoring what YOU have to say. This has nothing to do with anything besides redefining what free speech is and what your rights are. You they do not want you to have a voice and it's evident based on their reactions to a billionaire they don't own purchasing their platform of hate and censorship. The same man that gave them the ecofriendly vehicles they begged for.
They'll tell you that your misinformation isn't free speech. Because misinformation causes harm and it's no different than shouting 'FIRE" in a movie theater. While following that up with telling how illegal it is to do so. Wrong. It is NOT illegal to shout "fire" in a movie theater.
U.S vs Schenck was overturned in 1969. And had nothing to do with fire or theaters. It was a paraphrase of Justice Oliver Windell Jr's opinion on the case. It is actually not illegal to shout fire in a crowded movie theater. But society has used the analogy for so long that people don't even know this information. Which takes 5 seconds to look up. Which also why you never see any case where a person was prosecuted for shouting fire in a movie theater.
The left loves to use that analogy though. Even though the correct definition of misinformation is telling people that it's against the law to shout "fire" in a movie theater. When no such law exists, and no one has ever been prosecuted for it.
This has never had anything to do with Constitionality or protecting the safety of others. This has nothing to do with protecting Democracy as they put it. Even though we are a Constitutional Republic. This has everything to do silencing you and making sure you conform to the ideologies of the Gestapo.
If they want to leave twitter in mass droves. Let them. I am sure Truth Social would be more than glad to accept them. Or as they so kindly suggested with Parlor. Create their own platform filled with echo chambers. But what they won't have. Is the monopoly on censorship. And they hate it.
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