PSA- Twitter and Musk

[Tim]

https://www.cnbc.com/2022/04/11/elon...g-agrawal.html

Twitter stock down 8% pre market. Elon is not accepting seat on the board. Some comments alluding to fiduciary responsibility and background checks.
No need to speculate. His phone calls will still be answered, but the responses will correctly need to be restricted.
Close post is fine with me.

[Ozarka]

More likely that he doesn't want to limit himself to the approx 15% ownership if he's on the board

[Tim]

More likely that he doesn't want to limit himself to the approx 15% ownership if he's on the board

Could be, Elon marches to his own drummer.

[Random1]

He spent almost 3 billion on the stock purchase, I am sure he took this into account prior to the purchase. I don't think it was to diversify or increase his networth. More of a statement. It may be alot more difficult to shut some one out of the largest speech platforms in the world, when your biggest share holder publicly disagrees.

[CordMcNally]

Being able to continue on the platform is worth a lot more to him than the $3B or whatever he spent on the stock.

[udrag14]

He probably didn't like the terms of the board agreement. It seems like it was a done deal until he saw the final terms

It also seems like he would like to buy more than 15 percent, which is restricted if he joins the board.

[Tim]

He probably didn't like the terms of the board agreement. It seems like it was a done deal until he saw the final terms

It also seems like he would like to buy more than 15 percent, which is restricted if he joins the board.

Yep, an offer for 100% is definitely more than 15%.
https://finance.yahoo.com/news/elon-...105023351.html
What will be interesting is to see how the Board handles this. Not that familiar with the power politics of Twitter's Board. Friendly takeover vs hostile takeover?
I would surmise that Jack Dorsey's prior amicable relationship with Musk will be key to how this develops. This is not the same as an LBO's in the 70's and 80's.
https://en.wikipedia.org/wiki/Corporate_raid
However, the corporate law has not changed much. When it comes to financial fiduciary responsibilities, this will be expensive to resist.

The big question, is will "new owner" be a "better owner"? I have been critical of Elon's leadership of Tesla before. Master marketing and a tendency for always "pitching". Certainly Twitter has become a forum for "marketing" in social and political arenas. Not you father's favorite corporate raider, this is different.

[MPMD]

i think we should all wish to live in a world where we never have to care when any individual billionaire is doing unless they are donating large sums of money to some worthy civic, social, or charitable project.

[jacoavlu]

i think we should all wish to live in a world where we never have to care when any individual billionaire is doing unless they are donating large sums of money to some worthy civic, social, or charitable project.

pretty sure we already do

[Tangler]

pretty sure we already do

Yes. I think the point here is solid. This is a civic, and social project in my mind and the mind of many. Sunlight is the best disinfectant, and many (myself included) think twitter and facebook are biased.

[Tim]

i think we should all wish to live in a world where we never have to care when any individual billionaire is doing unless they are donating large sums of money to some worthy civic, social, or charitable project.

Unfortunately, companies also have the option of entering the takeover arena.
"I wish to live in a world where we never have to care when any individual companies are doing unless they are donating large sums of money to some worthy civic, social, or charitable project."
The devil is in the details. Defining worthy seems to be a problem.

[bovie]

i think we should all wish to live in a world where we never have to care when any individual billionaire is doing unless they are donating large sums of money to some worthy civic, social, or charitable project.

Honestly, considering the free speech/expression aspect--explicit or implicit, take your pick--that might be exactly what this is.

[Tangler]

Honestly, considering the free speech/expression aspect--explicit or implicit, take your pick--that might be exactly what this is.

bingo

[jacoavlu]

https://twitter.com/Alwaleed_Talal/s...3qJK03QlqeaWzw

[MPMD]

Honestly, considering the free speech/expression aspect--explicit or implicit, take your pick--that might be exactly what this is.

well i guess we can all be glad we are in such good hands.