I just started reading an article in Time magazine on Elon Musk who they named Person Of The Year. I haven't finished it yet, but I got to wondering, what does he have that the rest of us do not? Any ideas?
He actually seems to be one of the "Good Guys". He has bought the largest share of Twitter because he thought they censored to much and were interfering with free speech. He was offered a seat on the board but refused, as that would (perhaps) prevent him from buying the entire company. I personally doubt he will invest that much in a single Big Tech company, but he might lead a consortium of billionaires who will conduct a hostile takeover and vote out the exist board of directors. I actually am surprised that Time didn't name someone who used to be some other gender.
I heard that he already made some changes regarding the amount of advertising n Twitter. Apparently a corporate spokesperson confirmed that "Musk did it," but did not offer what his motives were.
So he is being sued now by the share holders of twitter, saying he broke some silly laws. No doubt a desperate attempt to hold on to their communist platform.
I just happened to see an article about this. Apparently Musk did not disclosed his purchase of the stock when he was supposed to, causing some existing shareholders to his out on potential profits because they sold their shares around that time frame. Supposedly they would have hung on to their shares a little longer, knowing that Musk's activities would have bumped the value. The stock rose 27% between April 1 and April 4 (when Musk made his announcement.) The lawsuit is on behalf of those who held stock between March 24 and April 1. -He was supposed to file notice within 10 days after his ownership exceeded the 5% level -He exceeded that level on March 24 -He should have filed notice by April 3 (Sunday) --He did not file notice until April 4 (Monday) Of course, there's lots to pick at here, the main thing [to me] being that Filing Deadline Day 10 (April 3) was a Sunday, and Day 9 (April 2) was a Saturday. The article doesn't say anything about this issue. My internet search on this is clouded by articles on recent (Feb 2022) proposed changes to this regulation. Some proposed changes incorporate "business days" language, while according to an extract that I just read, the existing reg just says "days" and does not specify "calendar days" or "business days." I gotta think this is the key issue here (if the extract I read is accurate), but it would shock me if this timing issue has not been raised and addressed before...I would assume that's why proposed changes specify "calendar days." Another thing driving the 27% spike in value is that Musk was offered--and declined--a position on the Board of Directors, which would have limited the amount of stock he could own. Since he did not accept the position, he can buy as much as he wants, thus adding fuel to the fires of speculation. Punitive damages are involved. Lawyers will (continue to) get rich. All others get crumbs...and the satisfying glow that only self-righteous indignation can bring.
In the case of Elon Musk, hopefully, we can see future generations with some traits of an actress, an author and a musician, partially.
I tell you what's fascinating is that his cars are expensive and the quality is horrible. I've seen vids and pics of things like huge gaps in body seams (where the doors and fenders meet.) Some of the stuff is cosmetically shocking. Yet there is this cult of customers who know this, yet cannot be shaken loose. I agree with the need for Renaissance Men. But as with Musk, they gotta be self-funding. Few in the corporate world are gonna take the risk of hiring someone who is a worldly generalist, even if that person might be a "best fit." There used to be an expression in corporate America when the Ma Bell monopoly broke up and a ton of start-up telecommunication businesses arose: "No one got fired for buying AT&T." I other words, since AT&T was a known quantity, regardless of how many times their system failed relative to the other guys , you were shielded from accountability because you bought "the best." This also applies to hiring people. It's all risk-avoidance. It's all about perception.
It is just now on Twitter that Elon Musk has made an offer to buy Twitter outright. There is a link to the website where he filed the offer, so I looked at the link and it does appear to be real. Here is a portion of what he wrote to the owners of Twitter. https://www.sec.gov/Archives/edgar/
Musk said: However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company. As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder. Twitter has extraordinary potential. I will unlock it. Total Price $43.4 billion That kind of premium is gonna make a lot of shareholders very rich...and they vote. The issue is gonna be whether the government can contrive a reason to block this. I wonder if he'd take it private?
I suspect he WOULD take it private if he wants to put that much money into a single basket. It appears that Truth Social has fallen flat, as not even Trump has used it--he only posted once according to reports, and I don't think they have moved from the iPhone Only platform as promised.
I think that Musk has them in a bad position (for them, not him). The offer is a good one for shareholders, so if the board of directors does not accept the offer, then they are not doing their duty, which is to the shareholders, and they will all lose their positions. Also, if they do not sell to Elon Musk, then he will be selling all of the stocks that he has , the twitter market will start crashing, and the shareholders will be even more angry with the board. Plus, if the stock drops enough, it could ruin the company. If that happens, then they would be begging for Musk to buy the company, and he would get it at an even cheaper price.