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Episode Transcript
Speaker 0 00:00:01 Elon Musk has a Twitter board of directors in a tight spot with a new bid that values the company at 43 billion.
Speaker 1 00:00:08 My, my strong, intuitive sense is that, uh, having a public platform that is maximally trusted, um, and, and, and, and, and broadly inclusive, um, is extremely important to the future of civilization. But you've, you've described yourself. I don't care about the economics at all.
Speaker 0 00:00:29 Tesla CEO, Elon Musk is known for his ramping use of the social media platform, known as Twitter. Unlike other CEOs, Musk is praised for his unprofessional use of the platform, making him more likable throughout his usage of Twitter. He has voiced many of his grievances. One being that Twitter was in dire need of an edit button, which would enable users to change tweets. After being posted Musk sees Twitter as a center of free speech. And so he's willing to spend time, money, and effort to make Twitter the best platform for its users. He started buying shares of the company on January 31st by April Musk acquired a nine stake in the company becoming the largest shareholder. Currently Vanguard group has surpassed him in Twitter. Shares. Musk was offered a seat on the board of directors this past week. He believed that if he had a seat who would personally influence the platforms, changes the current CEO of Twitter Patag Arawa was thrilled, believing that someone as passionate as Musk was needed on the board, Muska spent this past week suggesting improvements to the platform. One was to give verification check marks to those who pay for Twitter blue, a premium subscription service. The fee should match the local currency, suggesting users to pay with other forms of money, such as cryptocurrency. He also suggested to remove advertisements from the platform entirely, which was 90% of Twitter's revenue in 2021.
Speaker 1 00:01:44 Twitter has become kind of the defacto town square. Um, so it's just really important that people have the, both the, uh, the reality and the perception, uh, that they're able to speak freely within the balance of the law. Um, and you know, so one of the things that I believe Twitter should do is open source the algorithm, um, and make any changes, uh, to people's tweets. You know, if they're emphasized or deemphasized, uh, that action should be made apparent. So you, anyone can see that that action has been taken. So there's, there's no sort of behind the scenes of manipulation, either algorithmically or manually,
Speaker 0 00:02:24 But in the same week, he turned down the seat on the board yesterday, Musk launched a takeover bid the bid states that he would privatize and own the company. He offered $54 and 20 cents in cash per share. The board of directors met to discuss a potential buyout on Friday, did decide to adopt the poison bill or shareholder rights plan. This plan it's more shares in the market, allowing shareholders to buy them at a discount. This would make a difficult for Musk to increase the state beyond 15% in a company meeting, Arawa said that the company had a strong culture of protecting its users and that no one man can change that the horrors of war are still upon us as the battle of our ownership continues, who will wave the white flag, Twitter or Musk.
