Reprinted from robertreich.substack.com
robertreich.substack.com
This isn't about freedom of speech. It's about power.
Why Elon Musk Became Twitter's Largest Shareholder Update: He's now on the board. Elon Musk becoming the largest shareholder in Twitter certainly raises some eyebrows, but what ...
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We begin another gut-wrenching week watching Putin's barbarity in Ukraine. The Russian people know little about it because Putin has blocked their access to the truth, substituting propaganda and lies.
Years ago, pundits assumed the Internet would open a new era of democracy, giving everyone access to the truth. But dictators like Putin and demagogues like Trump have demonstrated how naà ¯ve that assumption was.
At least America responded to Trump's lies. Trump had 88 million Twitter followers before Twitter took him off its platform - just two days after the attack on the U.S. Capitol which he provoked, in part, with his tweets. (Trump's social media accounts were also suspended on Facebook, YouTube, Instagram, Snapchat, Twitch, and TikTok.)
Twitter's move was necessary to protect American democracy. But Elon Musk - the richest man in the world, with 80 million Twitter followers - wasn't pleased about it. Musk tweeted that U.S. tech companies shouldn't be acting "as the de facto arbiter of free speech."
I would have posted that tweet for you right here, if I had access to it. But ever since I posted a tweet two years ago criticizing Musk for how he treated his Tesla workers, he has blocked me - so I can't view or post criticisms of his tweets to his 80 million Twitter followers. Seems like an odd move for someone who describes himself as a "free speech absolutist."
Musk advocates free speech but in reality it's just about power.
It's power that compelled Musk to buy $2.64 billion of Twitter stock, making him the largest shareholder, with a 9.2 percent stake in the company. Last week, Twitter announced that Musk will be joining the company's board of directors. After the announcement, Musk promised "to make significant improvements" to the platform. (He even changed his investment designation to clarify that he's not simply a "passive" investor but one who intends to impact the way the company is run.) Yesterday evening, though, it was announced that - contrary to last week's announcement - Musk would not be joining Twitter's board. No reason was given but this is typical for Musk.
It's likely part of a bargaining Kabuki dance. Musk wouldn't have plopped down $2.64 billion for nothing. He probably wants more control. If he is not on Twitter's board, Musk is not bound by the "standstill" agreement in which he pledged to buy no more than 14.9 percent of Twitter's stock. Musk now has no restrictions on how much of Twitter's stock he can buy. I predict he buys more and takes an even more active role trying to influence the platform.
By the way, what "improvements" does Musk have in mind for Twitter? Would he use his additional influence over the platform to prevent users with tens of millions of followers from blocking people who criticize them? I doubt it.
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