Political earthquake. That's right. The political earthquake is Elon Musk's purchase of Twitter. Financially it's the same offer as a week ago, $54.20 in cash — a transaction valued at $44 billion.
Twitter will become a privately held company. It's a 38% premium to Twitter's closing stock price on April 1, so that's great for the shareholders.
So, financially this is terrific, but the earthquake is really political. The idea that conservatives will no longer be kept off Twitter, which is of course highly influential with its 250 million participants is well, very cool.
Elon Musk said earlier today, "Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated... I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential—I look forward to working with the company and the community of users to unlock it."
Wonderful Elon! Just wonderful! So, besides democracy enhancing freedom of speech, we might even learn what was inside those silly shady shenanigan algorithms which kept free speech off Twitter.
You folks have heard me praise Elon Musk time and again for his libertarian limited government common sense freedom agenda. This move to purchase Twitter becomes the crown jewel achievement for him—not to downgrade Tesla electric cars, or SpaceX, which themselves are tremendous achievements, but as I said earlier, this move to acquire Twitter is a political earthquake.
It is one of the rare free speech victories, probably the only free speech victories in the rigged world of social media. My only regret is, he didn't buy Facebook. But who knows? Maybe Peter Thiel or somebody like that who believes in free speech and conservative principles might go after Facebook, or Google, or other phony left-wing media outlets.
Only 7 months before the midterm elections, where the cavalry's coming with a red wave, I don't know what the left is going to do. I can hear them right now, grinding their teeth.
Get ready for the Elon hit pieces from the usual suspects like the New York Times. The NAACP completely lost their mind in a press release attack on Elon Musk. The Washington Post opinion columnists are on the prowl. Elon should wear these attacks as a badge of honor, as a red badge of courage.
Hard to say what caused Twitter CEO, Parag Agrawal, to change his mind. This guy who was a public critic of free speech, and who was presiding over the demise of Twitter's share price and its entire business, at first tried to stop Elon with a poison pill, but then he folded like the cheap suit that he is.
Maybe we'll discover what went on inside the Twitter board during talks held last night and in prior days. No one will mourn Parag's passing.
Elon Musk is a self-described "free speech absolutist," he said in a recent interview. We should all be grateful for his contribution to open political discourse. This is also a major blow against the entire wokeism movement.
CEOs of woke and non-woke companies beware. Caviat entour. The free-market capitalist system that the woke crowd hates so much is alive and well in America. It is teaching us how to strike back at those who oppose traditional first amendment values.
The fact that Elon Musk used an investment takeover strategy is very important. He's knocked out a far-left social media platform without the use of big government.
There's an important lesson there for some conservatives as well as the left. Well done, Elon Musk. My hat’s off to you. Save America, support Elon.
This article is adapted from Larry Kudlow's opening commentary on the April 25, 2022, edition of "Kudlow."