Musk’s Elon-gated interests | Financial Times

This article is an onsite version of our #techFT newsletter.

Elon Musk’s latest tweets focus on his SpaceX project and its success Launch into orbit of a US spy satellitemade possible by a reusable Falcon 9 rocket that landed safely on Earth.

There’s a randomness to his Twitter feed that reflects the service itself and his own wandering interests, from SpaceX to Tesla to goofy stuff and the important issue of wanting to take over the social network.

A lack of focus will not benefit Twitter if it manages to buy the company and gain control of it. its creator Jack Dorsey has been criticized for spreading his interests too widely as his payments company Square and other activities keep him from realizing Twitter’s potential.

Musk was kept in check by the Twitter executive over the weekend Introducing a “poison pill” defense that would dilute his stake if he acquired more than 15 percent of the company. He offered $54.20 per share in cash for Twitter, which it values ​​at $43.4 billion. That’s a 38 percent premium to the April 1 stock price, but is 26 percent below its 12-month high.

Some aspects of his interest in Twitter are obviously not well thought out. He decided to join the board and then changed his mind. He has did not work out how to finance the purchase. The Analysis of Richard Waters and Hannah Murphy his plans to shake up Twitter show they could have unintended consequences. For example, releasing the algorithm that determines what users see on Twitter could lead to system play and content distortion. Easing restrictions on free speech could derail efforts to prevent fake news and hate speech.

Elaine Moore argues that Twitter is bound to be changed by Musk whether he gains control or not. The global attention he’s garnered makes it difficult for leaders to claim that nothing can be improved. The way the company is run and the experience of its users are both at stake, she says.

Lex says The poison pill was intended to encourage Musk to negotiate a higher price with the board, and now shows that he has prepared the funding. If the directors are not cooperative, the entrepreneur may hold a voting contest to gain shareholder approval for his offer.

However, that sounds like a long and bitter battle for Musk. With so many other deals and ideas on his mind, is he really ready for battle?

The Internet of (Five) Things

1. Deezer streams flotation through Spac
The French music streaming company Deezer is planning an IPO by merging with a Spac backed by the investment group of billionaire François Pinault. The deal values ​​the service at €1.05 billion and Lex says Shares look cheap at a multiple of about a one-time multiple of 2025 sales, or a discount of a quarter to Spotify’s valuation. Elsewhere, Chinese tech stocks slipped today as when the markets reopened following news that Beijing had tightened regulations on the country’s lucrative live streaming industry.

2. Robinhood secures UK crypto deal
Robinhood has agreed to buy British crypto company Ziglu, as the US retail brokerage firm ramps up its expansion beyond equities and makes a second attempt to break into the UK. Ziglu has regulatory approval to allow retail investors to buy cryptocurrencies.

3. Amazon conducts US racial justice testing
Amazon has commissioned an examination, led by former US Attorney General Loretta Lynch, to examine the “different racial impact” of their employment practices on their frontline US workforce. The decision follows pressure from shareholders who have accused the company of harming a disproportionate number of color workers in its warehouses, where injury rates are higher than industry averages.

4. Uber overhauls the UK pension system
Uber’s UK pension provider is closed redraft its new workforce policy within months of its launch, after a union complained that the lack of a Sharia-compliant investment option effectively shuts out much of the ride-hailing app’s majority Muslim workforce.

5th US-China Tech Race: Shock and Awe
On the latest episode of Tech Tonic’s podcast season on US-China tech rivalry, FT US-China Correspondent Demetri Sevastopulo speaks tells the inside story from his scoop on China’s secret hypersonic weapons test and how it changed geopolitics.

FT Future of Finance, 16-17 June

The Financial Times is hosting the FT Future of Finance conference, broadcast live from the heart of Europe’s leading technology festival, The Next Web (TNW). Join us to explore how new technologies are further uprooting existing banking businesses and how fintechs are accelerating the transformation. Register today for free

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