Last Updated on June 21, 2022
Elon Musk is one step closer to his historic acquisition of Twitter, according to an SEC filing. As of Tuesday, the company’s board of directors has unanimously approved Musk’s $44 billion bid.
Musk’s bid was based on a per share price of $54.20. Currently, the company is trading at around $38 per share. Because of this, Twitter shareholders will profit over $15 per share that they sell. Major stockholders such as current CEO Parag Agrawal and former CEO Jack Dorsey will each be receiving massive paydays when the transaction is completed.
Agrawal will make approximately $42 million while Dorsey will pocket nearly $1 billion.
A variety of factors seem to be responsible for the change in price. The economy is a major factor, but Musk had also bluffed at backing out of a Twitter deal over the issue of spam and bot accounts on the site.
Musk’s bid to acquire Twitter has been a polarizing topic in the political world. Many on the left and in the establishment have continued to fight the prospect of a “rogue elite” such as Musk controlling one of the most important modes of communication and political discussion. Musk has hinted toward removing the bans on certain former Twitter users, namely former President Donald Trump.
Many within the halls of the company also seem disturbed with the prospect of Musk being their boss. Musk has baselessly been accused of racism, homophobia, and transphobia by many of his critics.
— Benny Johnson (@bennyjohnson) June 16, 2022
This video, released by Project Veritas, shows the distaste that Twitter’s mostly far-left workforce has for Musk’s politics. Musk has said that he wants to promote moderates and centrists in politics. He has been open about his history of voting for Democrats until recently, voicing support for Florida Governor Ron DeSantis and recently elected Congresswoman Mayra Flores (R-TX). Musk’s public support of these two conservatives clearly does not sit well with many Twitter employees.
Supporters of the Musk takeover point to the move being a win for free speech on a very influential platform. Former Twitter CEO Jack Dorsey has entertained libertarian leaning views since stepping down, suggesting that his underlings and middle management likely dictated the far-left biases on the site.
Those most in favor of Musk acquiring the site believe that he will ensure that his free speech agenda is not undercut, and that he will rule the site as a true executive.