A commentary from Parler CEO George Farmer, on the the news of Elon Musk’s offer to purchase Twitter Inc (NYSE:TWTR)
Dedicated to protecting members’ freedom of expression, security, and privacy, Parler stands against the authoritarian powers of Big Tech, Big Government, cancel cultists, and companies invested in the forced acceptance of ideologies. Using the First Amendment of the U.S. Constitution as a guide, the Parler platform makes it possible for people to speak freely about the things that matter most to them without being suspended or labeled ‘dangerous’ and banned. Parler is the public town hall where everyone is welcome.
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George Farmer, CEO Parler
- “The bid is unlikely to succeed. Twitter’s average price during 2021 was higher than Musk’s bid now, which in honesty, is a low number. For the majority of 2021, Twitter stock traded over $60 a share and crossed $80 about a year ago – the result? Most shareholders will believe that this bid significantly undervalues the company and Elon’s is unlikely to win the fight. To back up this point, the stock has not rallied to the bid price this morning, it is still trading at $47 a share, which means that the financial markets are expecting this to fail and then Elon to dump his position, meaning the stock price will go down after this has concluded. Merger math is fun and normally gives a good read on where things are going – the read on this one is not good for his bid.
- The demand validation for our sector is proven. Elon wouldn’t be trying this unless he agreed with platforms like Parler: Twitter is broken! Free speech doesn’t exist on traditional social media so alternative social media is needed. That is why we are here and why we are proving ourselves to be best in class.
- Social and Crypto’s Future. Elon’s interest in the space brings new attention to crypto involvement with social media – his love for crypto and Dogecoin is well known – and this starts to validate Parler’s thesis that the future of social media is a combination of social AND Crypto.
- Our time is now. We are poised to take advantage of this sector and we are in a very exciting time – this morning Parler was trending on Twitter with 47k retweets, above #GoElon and one of the top trends in US News & Technology – we are synonymous with free speech, free expression and redefining social media.
- We will eat Twitter’s lunch. This bid will be interpreted as too low by existing shareholders, but in truth this is a lifeline. Twitter is dying and in 5 years time will be destroyed, by us. We should always view Twitter as our biggest competitor and they should be the ones we are trying to emulate, and overtake.
- Social Media Redefined: We will redefine social media and show the world that it doesn’t need to be a totalitarian hellhole mimicking the Stasi, but can actually be a great place with free expression flourishing and ideas coming to the fore that help make our society a better place.”
George Farmer, CEO Parler
George has worked in financial services for a decade. He started his career in Investment Banking at Jefferies International focused on Capital Markets before moving into Hedge Funds where he became Partner at Red Kite Capital Management LLP in 2017, overseeing physical & futures trading for one of the world’s largest commodities investment vehicles; he also sat on the LME Physical Markets Committee, the exchange committee for overseeing sound management of global physical trading across the base metals world. He currently sits on the Board of several UK companies, as well as serving as Treasurer for the BLEXIT Foundation, a US charity that is focused on driving self-improvement into inner-city minority communities. He has been an active member in UK & US political circles for many years and was the youngest ever chairman of the UK Conservative Party’s B&W Ball. He graduated with a First-Class Degree & academic scholarship from Oxford University. He lives in Nashville, TN with his family.