Is Elon Musk Owning Twitter A Bad Idea?
CHARLOTTE, N.C. – Elon Musk says he wants to take over Twitter “for the sake of humanity.” Critics argue the real threat to democracy could be privatizing a social media giant.
Meantime, Twitter is making moves to keep that from happening, with a legal maneuver called a “poison pill.” Twitter’s board announced the move Friday. The poison pill is a provision that reserves the right for Twitter shareholders, other than Musk, to acquire shares of the company at a relatively inexpensive price, which would dilute Musk’s stake.
The poison pill provision will be triggered if Musk, or any other investor for that matter, gets more than 15 percent of the company’s shares. The plan reduces the likelihood anyone gains control of Twitter though the open market. Digital media expert Professor Nolan Higdon of the University of California Santa Cruz says, “I think it’s really dangerous that so much of our communications are held in the hands of just a few people who run these platforms.”
Since Twitter’s announcement of the poison pill plan, Musk has quoted a tweet of a Twitter poll asking if he should buy Twitter saying, “thanks for the support!”
Our question of the night: is Elon Musk buying Twitter a bad idea?
This episode’s panel features:
WCCB TV’s Morgan Fogarty
WCCB TV’s Zach Aldridge
WCCB News Edge contributor and host of Live With The QCB on 94.7 FM, Tremaine “QCB” Sloan