The Twitter board meekly rolled over after Elon Musk tendered a second offer for the company. They had little choice given the construction of the fiduciary duty laws in the United States regarding corporate governance. With a second bid at a premium, the board risked being sued into oblivion if they did not act in the best interests of the shareholders. Wall Street was clearly enthused about the deal as Twitter’s share price rallied.
Another person was also happy about the ownership change, Jack Dorsey the founder of Twitter.
Dorsey is clearly trying to rehabilitate his image after stepping down as CEO. He was integrally involved in creating the policies that have resulted in the dumpster fire that is now Twitter’s censorship policy. From shadowing banning of conservatives to outright banning of dissent, there is no question that the flow of information on the platform is designed to go one way and only one way. To the left.
Although Elon Musk is far preferable to the current leadership at Twitter, he is not without his own set of baggage. He is beholden to the military defense complex given his SpaceX contracts. China naturally has a measure of leverage over him because of his expansion into that country through his efforts to take Tesla international. How these connections will affect his governorship of Twitter no one can say. Right now, he is enjoying massive amounts of PR as a hero swooping in to save the company from itself. We shall see if that perception holds.
If the reaction of Twitter’s employees and the mainstream media is any bellwether, the future is looking bright. The head lawyer of Twitter was openly crying in a companywide staff meeting. The speculation is part of the reason behind all the emotion is because Elon Musk now owns all the Slack channel communications and internal emails. If those things make the light of day, it is going to be a circus for months. The legacy media for its part has adopted the narrative that more censorship is required for democracy to survive.
Let us hope that Jack Dorsey is right and Elon restores the public square.