News/Commentary

Snoop Dogg considers Twitter purchase after Musk’s hiccup in deal

May 16, 2022 | | Print Article

Billionaire tech entrepreneur and professional troll Elon Musk might have some competition in his bid for Twitter: “Drop It Like It’s Hot” rapper Snoop Dogg.

This follows after Musk signaled that his acquisition of Twitter was temporarily on hold. On Friday, he tweeted “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” which was apparently a reference to the intriguing possibility that the number of verified accounts on the social media platform might be rather less than people had assumed.

Now, according to the New York Post, there might be another celebrity waiting in the wings to acquire the social media giant if Musk’s deal falls through. Shortly after Musk’s announcement, rapper Snoop Dogg signaled a tongue-in-cheek desire to purchase Twitter—and make what he considered to be much-needed improvements.

“May have 2 buy Twitter now,” Mr. Dogg tweeted. “Gonna replace the board of directors with Jimmy from my corner Fish Fry, Tommy Chung and tha guy with the ponytail on CNBC.”

He added: “First line of business. Free internet on airplanes!!!”

Of course it’s not likely the rapper will actually become Twitter’s CEO anytime soon—but it does underscore how much of a circus the social media platform’s fate has become in recent weeks. The news of Musk’s temporary halt sent the company’s stock price into free-fall on Friday, with Twitter shares trading at $41.50 at mid-day, an 8% drop over the previous day, and considerably lower than Musk’s offer price of $54.20 per share.

Meanwhile, the short-selling group Hindenburg Research seemed to predict the development last Monday, according to reporting by the New York Post. Hindenburg Research put out an article claiming that Musk “holds all the cards,” and outlined just how weak Twitter’s position is, and that a lower repricing of the deal is likely. Among other things, the group claimed that Twitter is over-valued, over-leveraged, and has consistently over-inflated “its true daily active users.”

Hindenburg Research has a history of accurately assessing over-valued tech companies, and its prediction appears to have been vindicated by Musk’s announcement on Friday. The group also revealed that it had taken a short position in Twitter, which means it almost certainly made a tidy profit when the tech company’s shares plummeted on Friday.

“We agree with Elon Musk that Twitter has become the de facto public square,” the group wrote. “We also agree that the pressures of being a public company make it harder to advance the mission of Twitter serving as an open, trusted forum for diverse ideas…To date, we think Twitter has fallen short in managing the admittedly difficult balance between user safety and being an open, trusted forum for diverse ideas. Overall, we are supportive of Musk’s efforts to take Twitter private and see a significant chance the deal will close at a lower price.”

Musk, for his part, says he remains committed to the deal.

Sorry Snoop Dogg, but it’s likely Elon Musk is still going to become the CEO of Twitter. With any luck, however, he’ll be able to finagle his takeover at a much lower price than the $44 billion he originally offered.

And who knows? Musk being Musk, he may still decide to put Jimmy from Snoop Dogg’s corner Fish Fry, Tommy Chung and “tha guy with the ponytail on CNBC” on Twitter’s board of directors.

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Todd Jaquith
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