Twitter has become a cesspool that Elon Musk believes he can clean up.
But the establishment has thrown up clear roadblocks.
And Musk said these three things must happen before he can rescue Twitter.
Thanks to Elon Musk’s “Godfather” offer, Twitter had no choice but to accept his $44 billion bid to buy Twitter at a premium.
Musk plans to take the platform private and re-enshrine the social media giant’s free speech values that have been lost over the last decade.
The political establishment always attempts to co-opt powerful tools of social control, and that is precisely what Twitter has become.
But before Musk can complete his purchase of Twitter, three conditions must be met.
First, Musk needs assurances that Twitter is not hiding the amount of fake accounts that exist on the platform.
Twitter claims only 5% of the accounts are bots, but Musk has suggested the number could be as high as 20%.
Musk said that Twitter’s low-end estimate of fake accounts is “probably not most people’s experience when using Twitter…We’re still awaiting a resolution on that matter, and that is a very significant matter.”
The second hurdle is the debt financing needed to consummate the deal.
Regardless of leftists’ visions of Scrooge-McDuck-style vaults with a bottomless pit of gold, the reality is most billionaires’ wealth is not liquid – for those like Musk, it’s often tied up in shares of companies they control.
CNBC reported that “Musk in May committed to paying $33.5 billion in cash for the company. He has also received $7.1 billion in equity financing commitments from investors including Oracle co-founder Larry Ellison and the crypto exchange Binance. Musk says the remainder of the funding will come in the form of bank loans, but how exactly this will play out remains uncertain. Despite being the world’s richest person, much of Musk’s wealth is tied up in Tesla stock. He has sold and pledged billions in Tesla shares as collateral for the loans.”
Finally, Twitter investors must agree to the purchase.
Twitter’s board recently approved the deal and recommended to shareholders that they accept the offer.
The shareholders are expected to vote on the deal within the next two months.
Musk commented, “Will the debt portion of the round come together? And then will the shareholders vote in favor? … [These are] “the three things that need to be resolved before the transaction can complete.”
People who actually believe in free speech are hoping that Musk can pull off the stunning deal.
Stay tuned to Unmuzzled News for any updates to this ongoing story.