Liberals ditch Twitter after Musk takeover
A swath of celebrities and left-wing politicians have left Twitter in protest over Elon Musk buying the social media platform for a whopping $61 billion.
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Prominent liberals have warned of the “dangers” of Tesla CEO Elon Musk buying Twitter as some progressives with large followings deleted their accounts in protest of the anticipated change in ownership.
According to a report in the New York Post, Shaun King, a prominent US columnist and Black Lives Matter activist, appeared to have logged off the site for good — only to log on again early Tuesday local time to spar with Donald Trump Jr. — after tweeting that Musk’s takeover bid was about “white power”.
“At its root, Elon Musk wanting to purchase Twitter is not about left vs right. It’s about white power,” King tweeted before Twitter’s board accepted Musk’s $61 billion takeover bid.
“The man was raised in Apartheid by a white nationalist. He’s upset that Twitter won’t allow white nationalists to target/harass people. That’s his definition of free speech.”
“So for me, this isn’t about left vs right. Not at all. It’s about how the richest man in the world, a son of Apartheid, raised by a white nationalist, wants to be sure his speech, and that of other white men, isn’t censored.”
Erik Larsen, the comic book creator whose credits include The Amazing Spider-Man, deleted his account after vowing to do so if Musk bought Twitter.
“The day Elon Musk buys Twitter is the day I delete my account and leave Twitter,” Larsen tweeted on April 14.
“Nothing good can come from Elon Musk buying Twitter.”
Ah he got twitter. I would like this to be my what lies here as my last tweet. Just really *any* excuse to show pics of Barold. I fear this free speech bid is going to help this hell platform reach its final form of totally lawless hate, bigotry, and misogyny. Best of luck. â¤ï¸ pic.twitter.com/fBDOuEYI3e
— Jameela Jamil 🌈 (@jameelajamil) April 25, 2022
Larsen added: “At some point the 1st Amendment protecting FREE SPEECH was maliciously altered to the FREEDOM to LIE.
“The Freedom to lie with impunity is one of the biggest dangers to American democracy,” he tweeted.
“This platform would become an even more hellish landscape of lies and misinformation.”
Jameela Jamil, the actress and activist, announced that she’s leaving Twitter after the platform accepted Musk’s $61 billion offer to buy the company.
“Ah he got Twitter,” Jamil tweeted alongside four images of herself with her dog. “I would like this to be my what lies here as my last tweet. Just really any excuse to show pics of Barold.”
Howard Dean, the former Vermont governor and Democratic presidential candidate, tweeted: “Hi Twitterverse. Many thanks for the knowledge and sharing over the past ten years or so.”
He added: “If Musk takes over Twitter I will be off within a few hours. Might be just as well for my well being but I’ve learned a lot of valuable stuff from many of you. Thank you all. Howard.”
Musk’s imminent purchase of Twitter raised fears among prominent liberals that he would soften the site’s content moderation policies, allowing controversial figures to express unpopular views.
Now that Elon Musk is buying Twitter, the question for all of us is: Will he allow a Criminal who used this platform to lie and spread disinformation to try to overthrow the US Government to return and continue his Criminal activity? And if he does, how do we combat it?
— Rob Reiner (@robreiner) April 25, 2022
One billionaire—whose estimated net worth has gotten about 10 times larger since the start of the pandemic—is about to have the power to decide how millions of people can communicate with each other. It’s dangerous for our democracy to have so much power in so few hands.
— Elizabeth Warren (@ewarren) April 26, 2022
Rob Reiner, the actor and director, said he feared Musk buying Twitter would lead to the reinstatement of “criminal” Donald Trump, the former president who was banned from the site after the events at the US Capitol on January 6 last year.
“Now that Elon Musk is buying Twitter, the question for all of us is: Will he allow a Criminal who used this platform to lie and spread disinformation to try to overthrow the US Government to return and continue his Criminal activity? And if he does, how do we combat it?” Reiner tweeted.
US Democratic Senator Elizabeth Warren tweeted: “This deal is dangerous for our democracy.” “Billionaires like Elon Musk play by a different set of rules than everyone else, accumulating power for their own gain. We need a wealth tax and strong rules to hold Big Tech accountable.”
TRUMP WON’T BE BACK
Former US president Donald Trump vowed he would not be returning to Twitter if his account was reinstated following the purchase of the platform by Musk.
The Republican leader said he would be using his own site, Truth Social, although he appears only to have posted once since its launch in February.
“I am not going on Twitter, I am going to stay on TRUTH,” Mr Trump said, according to FoxNews.com, adding that Musk was a “good man” who would improve the service.
“We’re taking in millions of people, and what we’re finding is that the response on TRUTH is much better than being on Twitter. Twitter has bots and fake accounts, and we are doing everything we can,” he told the network.
Mr Trump was banned for life from Twitter — and impeached for a second time — following the January 2021 assault on the US Capitol by his supporters, with the company citing the “risk of further incitement of violence.”
The California-based platform has been dogged by complaints from conservatives that it was biased against them and violating their free speech rights with suspensions for rule-breaking.
Politicians have called for the modification or repeal of a 1996 law shielding social media platforms from liability over their content moderation practices and for the postings of third parties.
Musk, whose immense wealth stems from the popularity of Tesla electric vehicles, as well as other ventures, struck a deal Monday to buy Twitter for $61 billion, the company announced.
A self-proclaimed “free-speech absolutist,” he is expected to take a less robust approach to regulating content, and analysts have speculated that he may reinstate accounts of Trump and allies who have fallen afoul of the rules.
Trump appeared to have spoken to Fox News before he was aware of Musk’s purchase. But progressive group Media Matters for America had already warned that the former president could return.
“Any negotiations to sell Twitter to Musk must include clear enforceable mechanisms to uphold and maintain existing community standards, including the removal of those who violate those standards,” the group’s president Angelo Carusone said in a statement.
Trump struggled to pronounce the name of his social media platform during a rally in Ohio on Saturday, appearing to refer to it as “something called trove, Truth Central.”
He took several weeks to post after its launch in February.
More than one million users downloaded the app after its launch but interest appears to have waned amid technical glitches and long wait times to access accounts.
Earlier, Twitter confirmed it had sold the social media platform to Musk in a deal valued at $61 billion.
The sale was a dramatic shift for the board, which had originally manoeuvred to block Musk from taking the social media network private.
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said in a joint release announcing the takeover.
Taking to his personal Twitter account, Musk said: “I hope that even my worst critics remain on Twitter, because that is what free speech means.”
MUSK MAKES HIS MOVE
Musk had taken a major stake in the firm earlier this month before lining up last week some $65 billion in financing to push forward with the purchase.
Twitter board chair Bret Taylor said the body “conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” according to the statement.
“The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”
The polarising Tesla chief’s campaign to buy the social media giant sparked concern that his unpredictable statements and alleged bullying are contradictory to his stated aims for the platform.
While Musk doesn't take a salary from Tesla, a deal struck in 2018 gives him up to $75 billion (USD$55 billion) in bonuses for reaching 10-year growth targets, which he met in just two years.
I hope that even my worst critics remain on Twitter, because that is what free speech means
— Elon Musk (@elonmusk) April 25, 2022
Tesla stock shot up about 6 per cent immediately after the company reported a record profit of $4.5 billion (USD$3.3 billion) for the first three months of the year.
In an updated SEC filing this week, Musk said he is exploring the tender offer to purchase some or all shares given the board’s silence of his earlier offer to take Twitter private for about $58.2 billion ($43 billion USD).
Musk himself has committed to $45.5 billion (USD$33.5 billion), which would include $17 billion (USD$12.5 billion) of margin loans against some of his Tesla shares.
And authenticate all real humans
— Elon Musk (@elonmusk) April 21, 2022
It came less than a week after Musk hinted at the tender offer in a tweet of Elvis Presley’s 1956 classic, “Love Me Tender”.
While the board did not formally respond, the public company adopted a so called “poison pill” plan to allow other shareholders to acquire more shares at a steep discount. The strategy sets an effective limit of 15 per cent shares in the company that Musk can own before the poison pill dilutes his ownership stake.
The filing on Thursday local time says Musk received funding commitments for USD$46.5 billion, or AUD$62.9 billion, with about half (USD$25.5 billion) though debt financing from Morgan Stanley Senior Funding and other firms; Bank of America, Barclays, MUFG, Societe Generale, Mizuho Bank and BNP Paribas. The remainder (USD$21 billion) is in equity financing.
Musk said in the filing he has not yet determined whether he will make a tender offer for Twitter or whether he will take other steps to further the proposal.
A Twitter spokesman confirmed the company received Musk’s proposal.
“As previously announced and communicated to Mr. Musk directly, the Board is committed to conducting a careful, comprehensive and deliberate review to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders,” the spokesman said in a statement.
🎶 Love Me Tender 🎶
— Elon Musk (@elonmusk) April 16, 2022
With a so-called ‘tender’ offer, a prospective buyer pursues a takeover by publicly asking shareholders to sell their stock at a specific price.
Musk rejected a seat on the company’s board after clashing with current management about Twitter’s future direction.
During an appearance at a TED Talk conference in Vancouver last week, Musk said he has a “plan B” to employ if Twitter rejects his offer, though he has yet to reveal the alternate path.
He already faces competition from other firms interested in acquiring Twitter. Private equity giant Thomas Bravo is working on a possible bid for the company.
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