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Elon Musk Offers To Buy Twitter

“Musk made it known in his letter to Twitter Chairman Bret Taylor that if the company isn’t interested in his offer he will need to reconsider his position as shareholder.”

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Elon Musk has made an offer to buy Twitter. The Tesla CEO, who recently became the social media platform’s largest shareholder, has proposed purchasing the company at $54.20/share. Musk says the social media platform should be transformed into a private company.

Musk already has a 9.2% stake in Twitter, which amounts to 73,486,938 shares in the company. Many expected him to join the company’s board after becoming its largest shareholder, but Musk decided against it. In the past, he has criticized the platform for censoring high-profile conservatives including former President Donald Trump. He has also recently asked followers on social media for their feedback on changes he’d like to see made by the platform including the addition of an edit button.

In an SEC filing, Musk wrote that he invested in Twitter because he believes in the potential of the platform.

“I believe free speech is a societal imperative for a functioning democracy,” Musk wrote. “However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form.”

Musk made it known in his letter to Twitter Chairman Bret Taylor that if the company isn’t interested in his offer he will need to reconsider his position as shareholder. According to Bloomberg, Musk is worth roughly 260 billion dollars. Twitter’s market valuation is near $37 billion. CNBC says Musk’s offer elevates the social media company’s overall value to about $43 billion. 

More on this story as it develops.

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New Texas Law Will Make It Illegal to Block, Ban Posts on Social Media Outlets

Texas lawmakers ruled last week that makes it illegal to block, ban, remove, deplatform, demonetize, and de-boost posts on social media platforms.

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Texas lawmakers have put Big Tech on notice following a ruling last week that makes it illegal to block, ban, remove, deplatform, demonetize, and de-boost posts on social media platforms with 50 million or more US monthly users.

The 15-word ruling will most likely set the stage for an intense debate in the Supreme Court and could further divide a nation struggling to interpret free speech and the First Amendment.

According to MSN, Texas’s law, HB 20, which seeks to address the perceived imbalance, was blocked in December by a district court judge who ruled it was unconstitutional under the First Amendment.

Trade organizations NetChoice and the Computer Communications Industry Association have appealed directly to the Supreme Court, according to The Verge. In a statement, NetChoice counsel Chris Marchese said the law strips private online businesses of their speech rights.

“The First Amendment prohibits Texas from forcing online platforms to host and promote foreign propaganda, pornography, pro-Nazi speech, and spam,” he added.

The Texas attorney general’s that the appeals court made the right decision and said it would continue defending the Texas law.

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Ted Sarandos to Staffers: Quit Netflix if You Find It Hard to Support Our Content

The Netflix CEO sent an internal memo discussing the diversity of its products and suggested that some content may conflict with people’s personal beliefs. 

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As streaming giant Netflix continues to hemorrhage subscribers, the company has reportedly told its employees to find a new job if they’re offended by some of the content that is being created.  

According to Variety, CEO Ted Sarandos sent an internal memo discussing the diversity of its products and suggested that some content may conflict with people’s personal beliefs. 

“Depending on your role, you may need to work on titles you perceive to be harmful,” the memo said. “If you’d find it hard to support our content breadth, Netflix may not be the best place for you.”

According to the company’s first-quarter earnings report, Netflix lost 200,000 subscribers during the January-March period. Some employees staged a walkout when Dave Chapelle railed against transgenderism. At that time, the company vowed not to silence its artists. 

Sarandos reiterated that Netflix supports individualism and respects the principles and values of its subscribers. 

“While every title is different, we approach them based on the same set of principles: We support the artistic expression of the creators we choose to work with; we program for a diversity of audiences and tastes; and we let viewers decide what’s appropriate for them, versus having Netflix censor specific artists or voices,” the memo added.

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Elon Musk Committed to Buying Twitter Despite Deal Being on Hold

The Telsa CEO linked a Reuters report, stating that false or spam accounts depict fewer than 5-percent of its monetizable daily engaged users during the first quarter.

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Elon Musk’s endeavor to purchase Twitter is temporarily on pause due to the pending investigation into the number of bots that comprise the social media outlet’s userbase.

The Telsa CEO linked a Reuters report, stating that false or spam accounts depict fewer than 5-percent of its monetizable daily engaged users during the first quarter.

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk tweeted on Friday. 

Musk then added that he’s “still committed to acquisition” of the social media giant. Twitter had 229 million users who were served advertising in the first quarter.

The disclosure came days after Musk, who has agreed to a deal to buy Twitter for $44 billion, tweeted that one of his priorities would be to rid “spam bots” from the platform.

Also, Twitter shares declined 11-percent pre-market trading after Musk tweeted the Reuters article; however, shares for Tesla increased as much as 4.9-percent. 

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