Thursday, Nov 3, 2022 • 27min
Acquisition of Twitter by Elon Musk
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A move that’s been talked about for a while now, Elon Musk finally literally
purchased Twitter this week. Learn more about the reactions to this action
as read by Victor Varnado, KSN and Rachel Teichman, LMSW.
Produced by Victor Varnado & Rachel Teichman
Full Wikipedia & news article here:
https://en.wikipedia.org/wiki/Acquisition_of_Twitter_by_Elon_Musk#Reactio
ns
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Talking about
Speakers
(2)
Victor Varnado
Rachel Teichman
Transcript
Verified
Break
Victor Varnado
00:30
This is the
Wikipedia
page for the acquisition of Twitter
by Elon Musk
. Welcome to Wikilisten, the podcast where we read Wikipedia
pages and provide commentary.Share
00:41
I'm Victor Varnado, KSN.
Share
Rachel Teichman
00:43
And I'm Rachel Teichman LMSW, reminding you to subscribe.
Share
Victor Varnado
00:49
Yes, indeedy duty, everybody, subscribe you know because it's free and it doesn't cost you $8, which I think was the latest price that Elon suggested for having a blue checkmark.
Share
Rachel Teichman
01:05
Really?
Share
Victor Varnado
01:06
Yeah, $8 a month.
Share
Rachel Teichman
01:08
Oh how much do you pay?
Share
Victor Varnado
01:10
I pay nothing.
Share
Rachel Teichman
01:11
I see this sounds like it's going in a really devastating direction.
Share
Victor Varnado
01:16
Actually not really. I think that if people want a blue checkmark and they want to pay for it, that's totally fine by me because I don't have to pay for it. So there you go, meaning I know that people with blue check marks are gonna get their blue check marks taken away if they don't pay for them.
Share
01:33
But that's fine by me, I don't need the blue checkmark it's wide, although if it becomes a thing where like I needed for business then I would but I don't know if it gives you any real benefit.
Share
Rachel Teichman
01:48
It looks cool.
Share
Victor Varnado
01:49
It does look cool, but then if people can have it when they pay for it, then who cares?
Share
Rachel Teichman
01:55
Yeah, no, I agree. But anyway, we are reading just a portion of the reactions section of this article which is surprisingly long.
Share
Victor Varnado
02:05
That's right. People, there are a lot of reactions to it and we thought that that's what what people are talking about. So we'll read the overview of the acquisition and then we'll go straight to the reaction section where all the action is, Let's start acquisition of
Twitter
by Elon Musk
.Share
02:22
The acquisition of
Twitter
by Elon Musk
began on 14 April 2022 and concluded on October 27, 2022, eventually becoming the company's largest shareholder in April, with a 9.1% ownership stake.Share
02:48
Twitter
then invited Musk
to join its board of directors, which Musk
at first accepted before subsequently declining on April 14, he made an unsolicited offer to purchase the company for 43 billion, which Twitter
responded with a poison pill strategy to resist a hostile takeover.Share
03:09
On April 25th,
Twitter's
board of directors, unanimously accepted Musk's
buyout offer of 44 billion with the company set to be taken. Private Musk
stated that he planned to introduce new features to the platform, make its algorithms, open source, combat spam bought accounts and promote free speech Yeah.Share
Rachel Teichman
03:30
Let me just throw in an extra billion for you. No problem.
Share
Victor Varnado
03:35
I don't know why the price rose from 43 billion to 44 billion, but all of those people who were shareholders for
Twitter
who made out like bandits. Congratulations. Good job guys.Share
Rachel Teichman
03:50
Musk
announced his intention to terminate the agreement in July asserting that Twitter
had breached their agreement by refusing to crack down on spam bought accounts.Share
03:59
The company filed a lawsuit against
Musk
in the Delaware Court Of Chancery
shortly thereafter, the trial scheduled for the week of October 17th weeks before the trial was set to begin, Musk
reversed course announcing that he would move forward with the acquisition.Share
04:15
The deal was closed on October 27th with
Musk
immediately becoming Twitter's
new owner and CEO
he also fired several top executives including previous CEO
, Parag Agrawal
, Twitter shares stopped trading on the new york stock exchange the following day, Musk
has since proposed several reforms to Twitter
, including the creation of a content moderation council to handle free speech.Share
Victor Varnado
04:40
I don't know if that's a bad idea or a good idea.
Share
Rachel Teichman
04:45
Sounds like a contradiction. Content moderation council.
Share
Victor Varnado
04:49
Well, yeah, I mean because he doesn't want people just like, you know, blasting off the ‘n word’ left and right, but he also doesn't want it to be as tightly constrained as it might have been previously, I guess.
Share
Rachel Teichman
05:01
We'll have to see.
Share
Victor Varnado
05:02
Yeah, exactly. I don't know if it's a good idea or bad idea. I feel like
Elon Musk
is an intelligent person, but you know, obviously he makes mistakes, as does everybody. Reception to the buyout has been mixed with praise, going to Musk's
planned reforms and a vision for the company, but criticism over fears of a potential rise in misinformation, disinformation, harassment and hate speech on the platform.Share
05:31
Conservatives, right wingers, libertarians and Republicans have largely praised the purchase while liberals, left wingers, progressives, Democrats and former and present
Twitter
employees have voiced concerns about Musk's
intentions.Share
Rachel Teichman
05:48
That's right, let's go down to these reactions and hear some of them.
Share
Victor Varnado
05:52
Yeah, we should definitely hear some of the reactions acquisition announcement.
Share
Rachel Teichman
05:57
Agrawal
applauded the purchase and assured employees that no layoffs were planned at that time. He also led an all hands meeting on April 29th to address concerns raised by employees. Dorsey endorsed the sale, stating that taking Twitter
back from Wall Street is the correct first step and that he trusted Musk
to be the owner of the company.Share
06:17
Twitter General counsel Vijaya God allegedly cried during a meeting about the announcement and was subjected to online trolling.
Share
06:28
Musk's
June 17th meeting with employees was generally negatively received by participants who found Musk's
statements incoherent and uninspiring.Share
06:37
Musk
was repeatedly derided and mocked by Twitter
employees on their internal slack channels after the deal was brokered.Share
Victor Varnado
06:45
Getting them on slack Republican lawmakers in the
U. S. Congress
such as Jim Jordans, you vet, Harold Marsha Blackburn and Ted Cruz praised the deal, calling it a restoration of free speech. Meanwhile, democratic lawmakers such as Pramila, Jayapal, jesus, Garcia Marie Newman, Mark Bacon and Elizabeth Warren criticized Musk
and the buyout in June texas.Share
07:19
Attorney general Ken Paxton launched an investigation into whether
Twitter
had misled authorities on its number of spam, but accounts alluding to prior claims made by Musk
. Former US
President Donald Trump
expressed approval with the deal but stated that he would not rejoin the platform even if he is unbanned due to his preference for his own social media platform.Share
07:44
Truth social
Musk
later indicated his intention to reverse Twitter's
ban on Trump
Mexican. President Lopez Obrador stated that he hoped Musk
would rid Twitter
of the corruption that's there manipulation with box.Share
08:01
Federal Communications Commission
, FCC Commissioner Brendan Carr
responded to calls for the agency to block the purchase by saying that it has no authority to do so, calling such requests absurd.Share
08:15
Theory Britain, the European Commissioner for internal market emphasized that any company operating in Europe needs to comply with their rules.
Share
08:26
While the European Union
EU
announced the new online rules will overhaul the digital market and tech giants on 31 October 2022, US
Senator Chris Murphy
called on the federal government to investigate national security concerns raised by Saudi Arabia's role in Musk's
takeover of Twitter
.Share
08:47
Saudi Arabian Prince
Al-Waleed Bin Talal
helped Musk
finance the acquisition of Twitter
by rolling over his $1.9 billion stake in the social media company. The move made Saudi entities the second largest shareholder in Twitter
behind only Musk
himself wicked listeners.Share
Rachel Teichman
09:09
You can help support us by listening to this message while we all digest the fact that Saudi Arabia owns most of Twitter.
Share
Break
Victor Varnado
09:49
Thank you for listening to that message everybody. And remember
Saudi Arabia
is filled with people just like here.Share
Rachel Teichman
09:59
I mean I know that, I just didn't know that
Saudi Arabia
owned most of Twitter
.Share
Victor Varnado
10:04
Saudi Arabia
doesn't own most of Twitter
.Share
10:08
Saudi Arabian Prince
Al Waleed Bin Talal
owns most of Twitter
.Share
Rachel Teichman
10:14
Yes by April 27th 30,000 new users had joined the decentralized network of servers running open source mastodon software, Conservative Twitter accounts experienced a significant increase in followers while liberal ones experienced a slight decrease. Additionally, many left leaning users left the platform following the buyout.
Share
10:36
LGBTQ
+ users and activists expressed apprehension about the deal based on Tweets by Musk
mocking transgender people fearing that the re platform ng of suspended Twitter
accounts would lead to a rise in online harassment and hate speech, followers of the Q and on conspiracy theory celebrated the purchase, believing that must free speech approach would allow them back onto the platform.Share
10:57
On June 3rd, a group of political advocacy groups which included the Center For Countering digital hate Glad and media Justice initiated a campaign to block the proposal by calling for a review of the deal by the government and a boycott of the platform by advertisers.
Share
Victor Varnado
11:17
Henrik Fisker
, co founder of electric vehicle maker Fisker inc and arrival of Musk
left Twitter
shortly after the acquisition announcement, amazon founder Jeff Bezos
questioned whether Tesla's
business interests in China would give the Chinese government leverage over Twitter
via Musk
.Share
11:35
Before answering that it would probably not Microsoft co-founder
Bill Gates
questioned if Musk
would allow the spread of public health misinformation including vaccine misinformation, Wikipedia
co founder, Jimmy Wales
speculated that Twitter
could either thrive or fall within five years under Musk's
supervision.Share
11:60
He speculated that it could be either good or bad. Great speculation,
Jimmy Wales
, I don't know who she means by we because it wasn't me. Bitcoin investor Roger Ver
and coin based CEO Brian Armstrong welcomed the buyout citing the potential for reduction of perceived censorship on Twitter
google and alphabet CEO Sundar Pichai
said that he hoped Twitter
would improve over time due to its importance to society. While Facebook and meta platforms founder and CEO Mark Zuckerberg
expressed confusion and uncertainty over the proposed buyout.Share
12:41
Oh he's confused.
Share
Rachel Teichman
12:43
Yeah, I never expected to relate to
Mark Zuckerberg
but of all these people listed in their reactions, I relate the most to Mark Zuckerberg
attempted termination.Share
12:55
Edgett instructed employees not to share commentary on the purported cancelation. Nonetheless, several
Twitter
employees posted humorous messages making light of the situation. Tesla
shares rose 2.11% in the hours after Musk's
announcement Trump
criticized Musk
and called the acquisition rotten which must rebuffed by saying it was time for Trump
to hang up his hat and sail into the sunset.Share
13:26
These initial comments resulted in a longer online feud between
Trump
and Musk
. With the exception of Trump
. Most Conservatives sided with Musk
.Share
13:35
Former White House chief strategist
Steve Bannon
attacked Twitter
for allegedly lying about the prevalence of its spam bot accounts while turning point usa CEO Charlie Kirk used that Musk
may have been seeking to expose Twitter
the whole time. In an email to Twitter's
employees in response to Zico's complaint. Agarwal sharply rejected the claims and called them a false narrative.Share
Victor Varnado
13:59
This is the way I think happened and I have nothing to back this up except for my own wild conjectures this is a podcast after all, I think that
Elon Musk
was like I'm gonna buy Twitter
because I can and he made his announcement on Twitter
and he tweeted that he's going to buy $43 billion Nah I don't want to do that because that was just an impulsive thing.Share
14:25
But because he made an announcement and affected the market it was like a legal, it was a thing. It was a real thing.
Share
14:31
That could be wrong though because also he could have just been planning this the whole time because when he started buying a bunch of
Twitter
and then he got invited to the board, he could have been planning it all way back then of course it could have been just like what I think where he just like kind of flippantly made this remark and then realized oops I have to buy this or I have to go to court.Share
14:54
I have absolutely no idea that's also true for me. Revival and closure
Trump
responded approvingly of the purchase after the deal was closed saying that he was pleased, Twitter
was insane and rather than what he termed radical left lunatic so Trump
. Just like now he's happy even though they were fighting about it.Share
15:23
Other Republican politicians including Dan Crenshaw Daryl Isa Marjorie Taylor Greene marshall Blackburn,
Anthony Sabatini
Amy Kremer
Lauren B Bert, I'm sure that her name isn't be Burt Lauren bow Bert Bbo BBI Bert let's just say Lauren B Burt Dick Black crews and Jordan's applauded the purchase as well Democrat Amy Klobuchar voiced her distrust of Musk
and called for tighter government regulation of the platform, Dimitry, Medvedev, deputy chairman of the Security Council Of Russia and former president of Russia was pleased with the news stating that he hoped Twitter
would eliminate political bias and ideological dictatorship Britain
again emphasized that Twitter
was bound by the EU's
laws alluding to the recently passed Digital Services act.Share
Rachel Teichman
16:19
Internally
Twitter
employees expressed concern that Musk
would lay off employees before they received their compensation payments. Among other messages criticizing Musk
and voicing solidarity with each other.Share
16:31
Women's rights activists say whoa tweeted her disappointment with God's dismissal with children's rights activist Beeban Kidron said that
Musk's
newfound power would not result in more free speech podcaster Joe Rogan praised Musk
for his aspirations while right wing Twitter
account lives of tiktok rejoiced over the news of the purchase.Share
16:54
Media personality, Stu Peters who had been blocked from
Twitter
for months attempted to circumvent the block after the purchase using a new account which was later suspended.Share
17:07
It's really funny we found you sneaking into
Twitter
, margarita Simonyan editor in chief of the Russian state controlled R T broadcasting service demanded that must lift her Twitter
suspension.Share
17:23
Technology investor, Jason Calacanis was cited in several of
Musk's
private texts filed at the Delaware Court Of Chancery
jokingly expressed a desire to become Twitter's
chief member officer while Bin Talal al assad congratulated Musk
on the purchase.Share
17:39
Tesla's
rival General Motors announced it would temporarily stop paid advertising on Twitter
while Meadows oversight board invited Twitter
to discuss its plans with them all. Tech social media platform parler welcomed must purchase. While all tech platform getter was more skeptical believing Twitter
was fundamentally broken parlor.Share
Victor Varnado
18:01
That's the platform that was bought by Kanye West now.
Share
18:09
Yes it does online reception to must completion of the purchase was mixed. According to America, a digital investigations company.
Share
18:19
Several far right figures experienced a significant increase in followers after the deal was finalized while many progressive exp a significant decrease although it is unclear if
Musk's
takeover drove the changes in followers, multiple celebrities in the entertainment industry announced their departure from the platform.Share
18:37
While some left wing influences such as John Pavlovich and Rob Reiner urged fellow leftists to remain on
Twitter
for the time being. The network contagion research institute in Cr I observed a 500% spike in the use of the racial slur.Share
18:56
I'm not even gonna say inward, it is written out in the article and I get it that it that you want to be unbiased but I just am not going to the racial slur inward.
Share
19:10
In the 12 hours after must completed the acquisition while the Washington post noted an increase in pro Nazi misogynistic and anti LGBT tweets basketball player Lebron James expressed concern over the N. C. R. I. S. Report.
Share
19:27
Condemning unfit people saying hate speech is free speech
Twitter
responded by saying that the account using racial slurs were part of a trolling campaign and would be banned summarily, wow, there you go ban them I guess so.Share
19:45
Well that is it. Everybody apparently what I heard most in that article was 500% more use of the N word.
Share
Rachel Teichman
19:54
There's a lot more to it though, there's a lot more to it, including hate speech against other groups included and I think that can be our takeaway from
Elon Musk's
acquisition of Twitter
is that his presence inspires people to come out with hate.Share
Victor Varnado
20:15
I don't think that's our take away at all. I think of it this way.
Elon Musk
, good luck. I really hope that your aspirations for Twitter
are realized and it becomes a much cooler place. I would love that.Share
20:33
I recognize the fact that you know Tesla is coming up with some pretty cool stuff and so is
SpaceX
, there's just cool stuff there and I know it's not all alone must, I know he has teams and whatever, but if he's like the guy who's like leading the way and he wants to make Twitter
cool. I would love it if it was really cool, That'd be great.Share
Rachel Teichman
20:54
The point of
Tesla
cars is to create a car that is better for the environment correct.Share
Victor Varnado
21:01
I don't know for sure, I don't think it's just better for the environment. I think it's also safer and I think there's a lot of, I think there's a lot of things.
Share
Rachel Teichman
21:11
Well yeah, and and one of those things is that it's better for the environment because it's an electric car. Now, the problem comes in that like
Twitter
as an existence must be detrimental to the environment because of like all the physical service space and power and everything that goes along with it.Share
Victor Varnado
21:35
Look, that's all I'm saying, gonna leave it at that you sound like you're out of your mind because I am All right. This has been the
Wikipedia
page for acquisition of Twitter
by Elon Musk
.Share
Rachel Teichman
21:49
Thanks for listening to Wikilisten in. You can find us at Wikilisten.com and on all social media and on Tiktok at Wikilistenks in except for
Twitter
, which is at wiki_listen, you can read and review us on Apple podcast. We would really appreciate that. And don't forget to smash that subscribe button with your comments at us on Twitter
.Share
Victor Varnado
22:13
If there's a particular
Wikipedia
page you'd like us to read, let us know.Share
Rachel Teichman
22:17
We'll read it on
Twitter
.Share
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