Twitter shares drop after Elon Musk declines to join board of directors
Biotech entrepreneur Vivek Ramaswamy argues Elon Musk will be more effective in creating change on the social media platform as a majority shareholder.
Former labor secretary under President Clinton, Robert Reich, joined the chorus of media critics attacking tech mogul Elon Musk's significant purchase of Twitter stock.
On Tuesday, Reich penned an opinion piece in the Guardian titled "Elon Musk’s vision for the internet is dangerous nonsense," attacking Musk’s new status as the largest Twitter shareholder.
NEW YORK TIMES CALLS ELON MUSK’S POSSIBLE FUTURE PLANS ‘TREACHEROUS,’ ‘THREAT’ TO TWITTER
Elon Musk gestures during a conversation with legendary game designer Todd Howard (not pictured) at the E3 gaming convention in Los Angeles, California, U.S., June 13, 2019. REUTERS/Mike Blake/File Photo (Reuters)
"Musk says he wants to ‘free’ the internet. But what he really aims to do is make it even less accountable than it is now," Reich wrote.
Reich argued that Musk’s Twitter stock purchase and his subsequent refusal to join Twitter's board of directors is only about power rather than free speech.
"Musk advocates free speech but in reality it’s just about power," Reich wrote. "Power compelled Musk to buy $2.64bn of Twitter stock, making him the largest individual shareholder. Last week, Twitter announced that Musk would be joining Twitter’s board of directors, prompting Musk to promise ‘significant improvements’ in the platform. Sunday evening, though, it was announced that Musk would not be joining Twitter’s board. No reason was given but it’s probably part of a bargaining kabuki dance."
He also claimed Musk’s free speech positions were hypocritical and dangerous based on the fact that Musk blocked Reich on Twitter and that Musk disagreed with the decision to ban former President Trump.
Elon Musk declared he’s "not perverted enough to be on CNN" as the liberal network struggles through a series of embarrassing scandals. (REUTERS/Aly Song/File Photo)
"These moves were necessary to protect American democracy. But Elon Musk – the richest man in the world, with 80 million Twitter followers – wasn’t pleased," Reich continued.
Ultimately, Reich feared that Musk’s purchase will make Twitter "even less accountable than it is now" as it represents the attempts of "billionaires like Musk" to skirt the law.
"Billionaires like Musk have shown time and again they consider themselves above the law. And to a large extent, they are," Reich wrote. "Musk has enough wealth that legal penalties are no more than slaps on his wrist, and enough power to control one of the most important ways the public now receives news. Think about it: after years of posting tweets that skirt the law, Musk was given a seat on Twitter’s board (and is probably now negotiating for even more clout)."
Reich even went so far as to suggest that Musk’s Twitter stock purchase is comparable to "dictators" such as Russian President Vladimir Putin.
"That’s Musk’s dream. And Trump’s. And Putin’s. And the dream of every dictator, strongman, demagogue and modern-day robber baron on Earth. For the rest of us, it would be a brave new nightmare," Reich concluded.
Oct. 18, 2013: Twitter app displayed on an iPhone screen in New York. (AP Photo/Richard Drew, File)
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Musk currently controls a 9.2% stake at Twitter Inc. If he accepted a seat on their board of directors, his shares would have been capped at 14.9%. Because he is no longer considering the position, he is free to bolster his stake or even purchase a majority share of the company.