Elon Musk says the Twitter offer is about democracy and freedom, “I don’t care about the economy at all”

The richest man in the world has the funds to buy Twitter. But if he fails to reach a deal for whatever reason, he told TED Talk Thursday, he will engage as many shareholders as possible to reform the social media giant that has become America’s “public square.”

“Technically I was able to do it. გრამ But this [deal] There is no way to make money. The existence of a credible and widely inclusive public platform is extremely important for the future of civilization. I’m not interested in the economy at all. “

“I’m not sure I can afford it,” he added, without elaborating. The Twitter board is said to be considering a poisonous pill, or shareholder rights plan, a defensive move that makes it difficult for hostile owners.

This is a good price for a company facing business and growth challenges. Shares of Twitter closed 1.54% lower at $ 48.18, well below Musk’s offer to take out the $ 54.20 stock company, which appears to show some degree of investor skepticism. on the final transaction. But it grew by nearly 4% in the secondary market.

Shares initially rose when Musk first launched a 9% stake in the company earlier this month.

If Musk becomes Twitter’s new boss, he has an awkward rule in place, given the challenges of social media. “I think there will be a lot of mistakes. Let’s hope it’s not too embarrassing. I just think it’s important that democracy works. “This is important for America to function as a free country and for freedom in the rest of the world.”

Musk is a proponent of Twitter’s open source algorithms and a proponent of police intervention and minimization. “We want to be very reluctant to cancel it [Tweets] “And be very careful about permanent bans,” he said, arguing instead for waiting times.

“It won’t be perfect, but we want it to be as free as possible.” He also wants the company to check out an “edit” button and list an army of spammers, bots, and scammers who “made the product a lot worse.”

The Twitter board revealed Musk’s offer this morning after a few weeks of dancing where he assembled a large holding company, planned to join the board, and then changed his mind. Wall Street analysts believe some predict Muskie will come out victorious, while others expect a potential bidding war with the company in the new game.

Twitter said its board of directors is carefully considering the proposal to determine a course of action it believes is in the best interests of the company and all of Twitter’s shareholders.

Musk’s extreme wealth is estimated at $ 256 billion, but much of it is in stock. Earning $ 43 billion in cash wouldn’t even be money for him. “I have enough resources to do it,” he said, asking several times.

The questions clearly changed the bad memories of Tesla’s previous funding problem, marking the beginning of his notorious animosity against the SEC. The commission sued Musk in 2018 for posting on Twitter that he could take a private stake in Tesla for $ 420, a huge bonus over the then trading price, and that funding for the transaction was secured. . The SEC complaint states that Musk knew the transaction was uncertain and subject to many unforeseen events. He said today that the SEC knew it was a lie and called the San Francisco agency’s office “pass”. At the critical moment, banks were reluctant to provide Tesla with working capital, so he was forced to settle. “It was ‘pointing a gun at your son.’

Mark Kuban’s view is that Musk’s offer on Twitter is that he “opposes the SEC”.

My conclusion: @Elon Musk SEC controversy. Your SEC filing lets you say you want to hire a private company for $ 54.20 😂
Against his “I am considering Tesla will receive $ 420 privately. Planned funding,” the price goes up. Your stock is up for sale. Profits have just been made by the SEC, like WTF.

-Mark Kuban (@mcuban) April 14, 2022