It wouldn't surprise me in the least if true, to be honest. He's rich, eccentric, and finds amusement in doing the oddest things (apparently he thought his portrayal in the Simpsons was amazing?).
Technology Elon Musk: The Worlds Richest Man
- Thread starter Husky_Khan
- Start date
Agent23
Ни шагу назад!
He has massively overpriced stock, when the bubble bursts he will have maybe a tenth of what he has now if he is lucky.
The P/E ratio at the moment is something like 200, there is no dividend.
When the market was still sane back before covid starter the stock was trading at around 50$ and even then the company wasn't anywhere near profitable, now it is around 1k.
This is insane and he needs to diversify into real money.
I think he's hoping the bubble will burst. It will allow him to buy up a greater percentage for cheap, and he won't be capped on how much he can own because he DID NOT take a seat on the board. I feel a hostile takeover coming.
Agent23
Ни шагу назад!
Twitter has actually been one of the worst-performing big tech stocks.
The company has never never been profitable, pays no dividends and functions on good will.
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Pray for Twitter Employees.
It's been a super stressful time since Elon Musk boosted their companies value and brand.
nypost.com
New York Post said:
It's been a super stressful time since Elon Musk boosted their companies value and brand.
Twitter ‘a s–t-show’ for employees since Elon Musk took major stake: report
Musk’s surprise rejection of a Twitter board seat emerged ahead of a scheduled “day of rest” for company employees, according to a report.
nypost.com
bintananth
behind a desk
Some shareholder is suing him for failing to disclose his purchase quickly enough.Pray for Twitter Employees.
It's been a super stressful time since Elon Musk boosted their companies value and brand.
Twitter ‘a s–t-show’ for employees since Elon Musk took major stake: report
Musk’s surprise rejection of a Twitter board seat emerged ahead of a scheduled “day of rest” for company employees, according to a report.
Grasping at straws would be my guess.
Yup
Bear Ribs
Well-known member
Aaand... Elon just made a bid to grab the whole enchilada and buy out Twitter entirely.
edition.cnn.com
Elon Musk offers to buy Twitter
Elon Musk has made an offer to buy Twitter and take it private, saying he believes the company needs to be "transformed."
edition.cnn.com
Elon Musk said:
Darn it, I might actually have to get a twitter account now.
bintananth
behind a desk
Well, that's one way to get everyone's attention.
I don't think he's that rich.
ParadiseLost
Well-known member
Those companies are way bigger than Twitter.
Bear Ribs
Well-known member
Twitter has struck back at Musk by adopting a "Poison Pill" policy.
www.cnbc.com
The board unanimously voted for it. In effect, the Poison Pill means that if any person (Namely Elon Musk of course) acquires more than 15% of Twitter without the board's approval, they've given themselves permission to have the share-printing machine go Brr and print tons of extra shares to sell at deeply discounted rates, causing Musk's percentage ownership to drop like a rock and all shares, his included, dilute in value pretty much just like inflation does to money.
This forces anybody buying Twitter to go to the board and negotiate with them directly, a move that concentrates power to the board and removes it from shareholders. It's not an uncommon tactic in business* though it's called a Poison Pill for good reason, it hurts the company as much as the buyer since all other shareholders become really leery since their stock could lose value massively and also shareholders aren't always fond of a board that hogs the power instead of allowing shareholders to make their own decision. Institutional investors also tend to steer clear of companies that use Poison Pills, because bad managers and incompetent boards tend to use them to protect their own position and keep the shareholders from electing new board members and managers. The collateral damage tends to be high but sometimes worth it to avoid a hostile takeover.
Musk has stated he has a plan B but not revealed what it is.
*Papa John's board used a poison pill in 2018 to prevent John Schattner, the actual founder of the company, from buying stock to get his own company back. Netflix's board used one in 2012 to prevent Carl Icahn from acquiring more than 10% of the company.
Twitter board adopts 'poison pill' after Musk's $43 billion bid to buy company
The board voted unanimously to adopt the plan.
www.cnbc.com
The board unanimously voted for it. In effect, the Poison Pill means that if any person (Namely Elon Musk of course) acquires more than 15% of Twitter without the board's approval, they've given themselves permission to have the share-printing machine go Brr and print tons of extra shares to sell at deeply discounted rates, causing Musk's percentage ownership to drop like a rock and all shares, his included, dilute in value pretty much just like inflation does to money.
This forces anybody buying Twitter to go to the board and negotiate with them directly, a move that concentrates power to the board and removes it from shareholders. It's not an uncommon tactic in business* though it's called a Poison Pill for good reason, it hurts the company as much as the buyer since all other shareholders become really leery since their stock could lose value massively and also shareholders aren't always fond of a board that hogs the power instead of allowing shareholders to make their own decision. Institutional investors also tend to steer clear of companies that use Poison Pills, because bad managers and incompetent boards tend to use them to protect their own position and keep the shareholders from electing new board members and managers. The collateral damage tends to be high but sometimes worth it to avoid a hostile takeover.
Musk has stated he has a plan B but not revealed what it is.
*Papa John's board used a poison pill in 2018 to prevent John Schattner, the actual founder of the company, from buying stock to get his own company back. Netflix's board used one in 2012 to prevent Carl Icahn from acquiring more than 10% of the company.
Agent23
Ни шагу назад!
Well, Icahn is cancer but this is basically fucking over the shareholders.Twitter has struck back at Musk by adopting a "Poison Pill" policy.
Twitter board adopts 'poison pill' after Musk's $43 billion bid to buy company
The board voted unanimously to adopt the plan.
The board unanimously voted for it. In effect, the Poison Pill means that if any person (Namely Elon Musk of course) acquires more than 15% of Twitter without the board's approval, they've given themselves permission to have the share-printing machine go Brr and print tons of extra shares to sell at deeply discounted rates, causing Musk's percentage ownership to drop like a rock and all shares, his included, dilute in value pretty much just like inflation does to money.
This forces anybody buying Twitter to go to the board and negotiate with them directly, a move that concentrates power to the board and removes it from shareholders. It's not an uncommon tactic in business* though it's called a Poison Pill for good reason, it hurts the company as much as the buyer since all other shareholders become really leery since their stock could lose value massively and also shareholders aren't always fond of a board that hogs the power instead of allowing shareholders to make their own decision. Institutional investors also tend to steer clear of companies that use Poison Pills, because bad managers and incompetent boards tend to use them to protect their own position and keep the shareholders from electing new board members and managers. The collateral damage tends to be high but sometimes worth it to avoid a hostile takeover.
Musk has stated he has a plan B but not revealed what it is.
*Papa John's board used a poison pill in 2018 to prevent John Schattner, the actual founder of the company, from buying stock to get his own company back. Netflix's board used one in 2012 to prevent Carl Icahn from acquiring more than 10% of the company.
INB4 Musk urges all his zombie-like fanboi followers to buy stock and give him proxy rights.
Or he can just do what I think he is actually doing and dump all his stock while secretly shortselling the company, the nice bump his antics probably caused, followed by the massive downward movement if he decides to ditch the project will probably give him a very nice profit.
Yeah, I have the feeling that the Twitter Board are being outplayed by Musk, and they don't even see it, haha.
Agent23
Ни шагу назад!
Fuck them, I'd trigger a massive selloff in their stock and force their bigger investors to oust the current board if I were him.
And use all sorts of dirty tricks to make money on it.
Too much venture capital, passive investing and low interest rates have made these degenerate commie swine forget that they serve at the pleasure of the shareholders and creditors, not the Woke Mob!
Gamer Gate 2: Wall Street Boogaloo!!!!
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sillygoose
Well-known member
Based on your description it sounds like it is to tank the price of the company and create lawsuits to bankrupt it and put it out of business.
Robovski
Well-known member
One can only hope.