The attempts of Elon Musk, the messi of Dogecoin, to acquire a stake in the capital of Twitter have not stopped. A few days ago, Tesla CEO Elon Musk announced that he wanted to acquire 100% of the shares of the company Twitter. After having obtained 9.1%, he was however dethroned from his place as main shareholder by the acquisition of a 10.3% stake in the capital of the Twitter company by Vanguard Group.
Since these events, and especially since the proposed cash buyout and the valuation of Twitter at $43 billion by Elon Musk, the richest man in the world has not ceased to be the subject of strong criticism on social networks.
Indeed, it is now the turn of the co-founder of the famous meme corner Dogecoin, Jackson Palmer, to criticize Elon Musk’s $43 billion buyout offer.
Elon Musk’s offer does not seem to be unanimous
Let’s remember that Elon Musk’s stated goal is to turn Twitter into a private company, which could allow the strengthening of the protection of freedom of expression on the social network. Despite this goal, his ambitions are sometimes criticized. In fact, he told the Securities and Exchanges Commission (SEC) that his offer was “good” for free speech. The SEC is the American federal agency in charge of the regulation and control of the financial markets in the United States.
Yet, Jackson Palmer recalls that some have argued that he is the last person who should take control of one of the most influential social media companies because of his history of online bullying. Jackson Palmer even went further by calling (last May) Elon Musk “a self-absorbed fraud.” It’s worth noting that the co-founder of Dogecoin has assumed for several months that he doesn’t like the crypto community, particularly because it’s run by a handful of wealthy men.
Don’t oppose Elon running twitter (at least compared to status quo), but I do disagree with the more generalized enthusiasm for wealthy people/orgs hostile-takeovering social media firms. That could easily go *very* wrong (eg. imagine an ethically-challenged foreign gov doing it) https://t.co/LDqjXh3xCK— vitalik.eth (@VitalikButerin) April 15, 2022
Ethereum (ETH) co-founder Vitalik Buterin has also spoken out on the subject through several tweets. Tweets to which CZ (Changpeng Zhao), CEO and founder of Binance, responded by implying that we are probably not aware of all the elements necessary for the proper understanding of the case.
This is how capitalism works, right? The “poison pill” on the other hand, sounds unfair. The board seems to be protecting itself (power/control) over the interests of all the investors. Anyway, I am sure there is more than what’s on the surface.— CZ 🔶 Binance (@cz_binance) April 16, 2022
In principle, Vitalik Buterin does not object to Elon’s takeover of Twitter, but he does not agree with the community’s reaction, which is enthusiastic about highly wealthy people taking control of social networks in a hostile way.
At the same time, it is learned that Saudi Prince Alwaleed bin Talal Al Saud, one of the main shareholders of the Twitter platform, has already rejected Elon Musk’s takeover offer in a tweet.
I don’t believe that the proposed offer by @elonmusk ($54.20) comes close to the intrinsic value of @Twitter given its growth prospects.— الوليد بن طلال (@Alwaleed_Talal) April 14, 2022
Being one of the largest & long-term shareholders of Twitter, @Kingdom_KHC & I reject this offer.https://t.co/Jty05oJUTk pic.twitter.com/XpNHUAL6UX