The Washington Post is hoping Tesla CEO Elon Musk fails in his attempt to buy Twitter.
An editorial published by the paper’s editorial board on Sunday, reads, “If you can’t join them, buy them. This is the philosophy billionaire entrepreneur Elon Musk appears to have adopted as he launches a hostile takeover bid for the social media platform Twitter. Let’s hope he doesn’t succeed.”
It went on to note that Musk offered to buy Twitter for $54.20 per share in cash, which “has embedded in it an apparent reference to marijuana (the number 420 often refers to cannabis).”
“The juvenile display says all anyone needs to know about Mr. Musk’s general attitude toward this acquisition: It is an opportunity for him to get attention, even if he doesn’t end up getting his way. The substance of his ideas for the future of Twitter are worth some wariness on their own,” the editorial argued.
The editorial board pointed out that Musk “has promised to make Twitter a “platform for free speech around the globe.”
“This vision is more or less the same one now-departed CEO Jack Dorsey championed throughout his tenure, and especially in the platform’s early days. But like its industry peers, Twitter has moved over time toward stricter rules,” it added.
Let’s hope Elon Musk doesn’t win his bid for Twitter, the Editorial Board writes https://t.co/Zc1r7aiWU4
— Washington Post Opinions (@PostOpinions) April 17, 2022
It went on:
“That isn’t because executives have changed their views, but rather because they have learned some lessons after observing how their products can be abused to manipulate elections, or spread health misinformation, or harass people en masse.”
The editorial stated, “Certainly, moderators sometimes make mistakes, and more transparency surrounding enforcement decisions is in order. But a broader backtracking would be an error. To protect speech at all costs and keep Twitter free of bots and spam, as Mr. Musk has said he would like to do, is almost impossible.”
Finally, it claimed, “All in all, amid his endless provocations and billionaire bluster, the most encouraging thing Mr. Musk has said about his Twitter ambitions is this: “I am not sure that I will actually be able to acquire it.”
On Thursday morning, Musk revealed that he made an offer to buy Twitter.
In a letter to the chairman of the board of Twitter, he wrote, “I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.”
“However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company,” he went on.
Musk added, “Twitter has extraordinary potential. I will unlock it.”
However, on Friday, Twitter’s board adopted a so-called “poison pill” in an effort to block Musk from buying the company.
As CBS News reports, “The plan will go into effect if any person or group buys at least 15% of Twitter’s stock in a purchase that is not approved by its board.”
“If triggered by such a purchase, the plan would give other shareholders the right to buy additional shares of Twitter’s stock at a discount, which would then dilute the value of Musk’s shares. That would effectively reduce the control that Musk could gain through share purchases,” it added.
Still, the plan would not prevent the board from accepting an acquisition deal if it “is in the best interests of Twitter and its shareholders.”
Musk told the TED22 conference last week that he has a “plan B” if his offer to accept Twitter was not accepted.
Other commentators have raised concerns about Musk’s offer to buy Twitter.