Just like any other business in the United States of America, Twitter has rules for how their platform can be used, rules known as “terms of service.” Some of the uses of the platform that are disallowed is doxxing, the spread of political propaganda, and misinformation about public health issues that can harm the public. A number of far-right Republicans, including people like the twice-impeached ex-president who lost the popular vote twice, have called these terms a violation of free speech, who really need to be able to lie about things like COVID-19 vaccines and stolen presidential elections.
Twitter said the move aims to enable its investors to “realize the full value of their investment” in the company by reducing the likelihood that any one person can gain control without paying shareholders a premium or giving the board more time. https://t.co/fyRcv44z29
— The Associated Press (@AP) April 15, 2022
After purchasing nine percent of Twitter’s stock, Tesla CEO Elon Musk was offered a seat on the board of Twitter if he promised to keep his stock at or under 14.9 percent, and offer he refused. Now, Twitter shareholders are using the “poison pill” defense to prevent Musk from a hostile takeover.
According to the Associated Press:
‘Twitter said the move, formally called a “limited duration shareholder rights plan,” aims to enable its investors to “realize the full value of their investment” by reducing the likelihood that any one person can gain control of the company without either paying shareholders a premium or giving the board more time. Poison pills are often used to defend against hostile takeovers.’
When I criticized Musk for worker violations at Tesla, he blocked me.
When a college student started a Twitter account to track Musk’s private plane, Musk tried to buy him off, before blocking him.
Does that sound like a "free speech absolutist" to you? https://t.co/5BU3sGv7oq
— Robert Reich (@RBReich) April 12, 2022
Failing to understand the limits of free speech and how the rights of a business to set terms for their companies, Trump supporters have rooted Musk on, hoping he’ll reinstate the Twitter account of the former president so that he can incite more violence and serve more as a Twitter roll than any kind of leader. Musk has played to their “free speech” argument, which makes no sense and has no solid ground, by saying he intends to save democracy by taking over the social media company.
‘I believe free speech is a societal imperative for a functioning democracy,” Musk said in the filing. “I now realize the company will neither thrive nor serve this societal imperative in its current form.”‘
Musk has so far been rebuffed by Twitter shareholders, but their defense will not necessarily prevent Musk from a hostile takeover. A “poison pill” defense is meant to do just that, but it is not absolute.
‘After Musk announced his stake, Twitter quickly offered him a seat on its board on the condition that he would limit his purchases to no more than 14.9% of the company’s outstanding stock. But the company said five days later that Musk had declined.’
This seems important when talking about Elon Musk https://t.co/8OYD60XPQ2
— Molly Jong-Fast (@MollyJongFast) April 14, 2022
