Society/Culture Elon Musk - hostile takeover of Twitter?

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FireKrakouer

Why are you booing me? I'm right.
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Elon buys 10% of Twitter then offers to buy the whole bowl of wax for $43B, placing the board in a difficult position as they are legally obliged to act in the interests of shareholders. Saudi prince rejects offer.





Genuine attempt at protecting free speech? Other ideological motivation? Pump and dump stock manipulation? Who knows, that's half the fun!
 

Evolved1

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It's often hard to make sense of Elon's decisions. I presume he makes things up as he goes, often when he's high.
 

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Fire

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Given his track record of spewing bullshit, I'm going pump and dump for $500.
 

Malifice

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Musk has been getting crazier and crazier of late, and has gone down the 'freedom' anti-vaxx route.

He's seriously undervalued Twitter there though, so it's certainly just a trick to jack up the share price, in a company he recently bought 10 percent of.
 

Messenger

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Musk would have to liquidate Tesla stock to buy for cash.

as Mal says, he’s pumping up his current holding.
 

JW2468

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He's certainly got plenty up in arms about it. He very interesting to see what happens if he takes it private.
 

Number37

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Goading the SEC for pulling him into line on some of his other dealings.
 

Evolved1

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Musk has been getting crazier and crazier of late, and has gone down the 'freedom' anti-vaxx route.

He's seriously undervalued Twitter there though, so it's certainly just a trick to jack up the share price, in a company he recently bought 10 percent of.
He offered above market rate for the shares.
 

Number37

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He offered above market rate for the shares.

It wasn't an offer because an offer requires a detailed explanation of how it will be paid for...otherwise it is just like Bart Simpson at an auction.
 

Big_Luch

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It wasn't an offer because an offer requires a detailed explanation of how it will be paid for...otherwise it is just like Bart Simpson at an auction.
If that's the case why has the board gone down the "limited-duration shareholder rights plan" path to stop anyone having greater than a15% share?

I'm sure the richest person in the world would be good for it....
 

Number37

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If that's the case why has the board gone down the "limited-duration shareholder rights plan" path to stop anyone having greater than a15% share?

I'm sure the richest person in the world would be good for it....

He's tried this s**t before and got pinged by the SEC.



According to the SEC’s complaint against him, Musk tweeted on August 7, 2018 that he could take Tesla private at $420 per share — a substantial premium to its trading price at the time — that funding for the transaction had been secured, and that the only remaining uncertainty was a shareholder vote. The SEC’s complaint alleged that, in truth, Musk knew that the potential transaction was uncertain and subject to numerous contingencies. Musk had not discussed specific deal terms, including price, with any potential financing partners, and his statements about the possible transaction lacked an adequate basis in fact. According to the SEC’s complaint, Musk’s misleading tweets caused Tesla’s stock price to jump by over six percent on August 7, and led to significant market disruption.

According to the SEC’s complaint against Tesla, despite notifying the market in 2013 that it intended to use Musk’s Twitter account as a means of announcing material information about Tesla and encouraging investors to review Musk’s tweets, Tesla had no disclosure controls or procedures in place to determine whether Musk’s tweets contained information required to be disclosed in Tesla’s SEC filings. Nor did it have sufficient processes in place to that Musk’s tweets were accurate or complete.

SEC.gov | Elon Musk Settles SEC Fraud Charges; Tesla Charged With and Resolves Securities Law Charge





 

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Number37

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That’s why I love what he’s done ha ha, whatever happens the pot has been officially stirred. I just hope it means Trump comes back on Twitter, it’s boring without him

Trump said he doesn't want to come back to Twitter.
Why would give a leg up to his competition when his own Twitter is having so much trouble?
 

Big_Luch

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He's tried this s**t before and got pinged by the SEC.



According to the SEC’s complaint against him, Musk tweeted on August 7, 2018 that he could take Tesla private at $420 per share — a substantial premium to its trading price at the time — that funding for the transaction had been secured, and that the only remaining uncertainty was a shareholder vote. The SEC’s complaint alleged that, in truth, Musk knew that the potential transaction was uncertain and subject to numerous contingencies. Musk had not discussed specific deal terms, including price, with any potential financing partners, and his statements about the possible transaction lacked an adequate basis in fact. According to the SEC’s complaint, Musk’s misleading tweets caused Tesla’s stock price to jump by over six percent on August 7, and led to significant market disruption.

According to the SEC’s complaint against Tesla, despite notifying the market in 2013 that it intended to use Musk’s Twitter account as a means of announcing material information about Tesla and encouraging investors to review Musk’s tweets, Tesla had no disclosure controls or procedures in place to determine whether Musk’s tweets contained information required to be disclosed in Tesla’s SEC filings. Nor did it have sufficient processes in place to that Musk’s tweets were accurate or complete.

SEC.gov | Elon Musk Settles SEC Fraud Charges; Tesla Charged With and Resolves Securities Law Charge





If it's erroneous, why have the board pressed what is described as a nuclear option? I'm sure they would be across the above before doing that.
 

Number37

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If it's erroneous, why have the board pressed what is described as a nuclear option? I'm sure they would be across the above before doing that.

To stop him from incrementally gaining control.
 

the_interloper

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He was asked if he would return to Twitter if Elon bought the company and he said no.

Yes I know what you said and I believe you, I just think Trump might sometimes say s**t and then do something else, I can’t see him passing up a platform like that
 

Gough

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It wasn't an offer because an offer requires a detailed explanation of how it will be paid for...otherwise it is just like Bart Simpson at an auction.
When your fortune is originally derived from a Zambian emerald mind things like ethics and honesty are rarely at the forefront of the agenda.
 

FireKrakouer

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I get the hate for billionaires and often agree with it, but it must be acknowledged that Musk has catapulted humanity ahead with regards to EVs, space travel, satellite internet, the list goes on.

Everyone was dragging their feet in terms of bringing EVs and battery storage to the mainstream, particularly the world governments (who mostly continue to do very little).

I'm all for taxing the s**t out of billionaires when they're buying up mega yachts and other luxuries, but when a guy is using his money more effectively than the government at creating a green economy and getting people and equipment into space... why tax him more so that politicians can waste it? And do we really prefer Twitter remain the property of Saudi Arabia and the big investment firms?

Inb4 "simp" "bootlicker" etc. Debate the points raised!
 

Nuggs Bunny

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I get the hate for billionaires and often agree with it, but it must be acknowledged that Musk has catapulted humanity ahead with regards to EVs, space travel, satellite internet, the list goes on.

Everyone was dragging their feet in terms of bringing EVs and battery storage to the mainstream, particularly the world governments (who mostly continue to do very little).

I'm all for taxing the s**t out of billionaires when they're buying up mega yachts and other luxuries, but when a guy is using his money more effectively than the government at creating a green economy and getting people and equipment into space... why tax him more so that politicians can waste it? And do we really prefer Twitter remain the property of Saudi Arabia and the big investment firms?

Inb4 "simp" "bootlicker" etc. Debate the points raised!
If we're going to acknowledge that Musk has "catapulted" humanity ahead with his EVs, space travel and satellite internet, we should probably also acknowledge that none of what he has accomplished would have been possible without the billions in government loans, handouts and contracts that were awarded to his companies since the first term of the Obama administration. It's wild to read about "governments dragging their feet" and "doing very little" when Musk would be a nobody today without them.
 

Big_Luch

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If we're going to acknowledge that Musk has "catapulted" humanity ahead with his EVs, space travel and satellite internet, we should probably also acknowledge that none of what he has accomplished would have been possible without the billions in government loans, handouts and contracts that were awarded to his companies since the first term of the Obama administration. It's wild to read about "governments dragging their feet" and "doing very little" when Musk would be a nobody today without them.
With SpaceX the contracts came after he invested tens of millions of dollars of his own money proving out the concepts.

And then nasa paid him to do something, that they couldn't at anywhere near that price. They didn't write him cheques for shits and giggles
 

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