Populist provocateur ponders partners to pay for platform prize
Comment Twitter on Friday said its board of directors had unanimously approved a plan to prevent a hostile takeover, something that became a distinct possibility after billionaire Elon Musk offered $43 billion to buy the social media network. The poison pill, or « Rights Plan, » the biz said, « will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium or without providing the Board sufficient time to make informed judgments and take actions that are in the best interests of shareholders. » The « Rights Plan » would require Musk to negotiate directly with the board to increase his share of the company beyond 15 percent. After that every existing shareholder, with the exception of Musk, would be able to buy Twitter stock at a discounted rate. It adds an obstacle to a Musk takeover but doesn’t preclude it. In fact, Musk is reportedly talking to potential financial partners who could help him consummate the deal. Musk, CEO of Tesla and SpaceX, a self-described « free-speech absolutist » who once falsely labeled a British cave explorer a « pedo guy » on Twitter and then defeated the ensuing defamation claim, last month began buying up shares of Twitter. Previously he has suggested that somehow Twitter, through its content moderation, is limiting free speech. That’s just wrong – apart from the terms of the SEC settlement Musk signed that limit his freedom to post misleading tweets, but that’s another story. The First Amendment of the US Constitution prevents the government from setting speech rules; it does not constrain how private-sector entities should treat lawful speech.
