Elon Musk Buys Twitter

[Endus]

Yeah and I hope the courts side with him. The top executives have failed investors so badly they jumped at the first offer to buy the company

Executives don't determine who buys shares in a company. And investors weren't "jumping" at offers to buy them out; Musk had to work to get enough shares together. This still wouldn't amount to "cause", and definitely not when the guy who fired them was the guy who bought the company, which directly contradicts the argument you're trying to make here.

[Rasulis]

whats the deal with people taking those kinda comps? some tax dodge or what?

Standard compensation package for tech companies going back to the 1980s. Back then, Oracle even gave it to the part-timers.

Base Pay – based on employment level.

Bonus – percent of base pay with multiplier. Multiplier depends on performance review. Depending on the companies, at the highest level of multiplier the bonus can be as much as the base pay. Or higher.

Equity – basically fractional ownership of the company. I'll use Google as an example. New employees at Google get a certain amount of Restrictive Stock Units (RSUs) as part of their compensation. Those are basically promisory note. The actual Google Stock Units (GSUs) are deposited at at brokerage. Those RSUs will be converted to GSUs bases on a schedule set in the employment contract. For example, 1st year – 20%, 2nd year – 20%, 3rd year – 20%, and 4th year – 40%. There are taxation benefits to both the employers and employees. The most obvious is that, unlike salary, capital gains are taxed at a much lower rate and capital losses can be used as tax deduction.

Equity is why so many young people flooded the Bay Area and put up with living with multiple roommates in cramped apartments. My wife helped a UX designer with Instacart last year. She had 0.0133% ownership as part of her compensation. Back then Instacart valuation was 39B, so her account was worth 5M. Not bad for a 30-year old single female with a degree in economics from a no name university in the Midwest. She cashed out part of her account to pay cash for the home. Good move. Since then, Instacart valuation has gone down to 13B. While the house that she bought has doubled in value.

In Twitter's case, it is my understanding that around 700 employees will become fully/partially vested on Tuesday. Since Musk is taking Twitter private, in lieu of stock, Twitter will have to pay those employees cash to the tune of 100M. Or more.

[D Luniz]

So Hillary posted about Paul Pelosi attack and the CEO Elon Musk chimed in.
*snip*

https://twitter.com/MollyJongFast/st...zCwit8kTtoWGVw

https://twitter.com/HillaryClinton/s...zCwit8kTtoWGVw

https://twitter.com/elonmusk/status/...zCwit8kTtoWGVw


So Elon linked some article from smobserved.com and if you try the link the server is down. Not even familiar with this "news" site.

Found someone who screenshotted the article best you not click on website even though it is down.

https://twitter.com/oneunderscore__/...zCwit8kTtoWGVw


The owner of Twitter retweeted this earlier this morning, and his post is being reposted by QAnon and right-wing accounts all over multiple social media platforms. The owner of Tesla and Twitter posted it. The dark corners of the internet are now mainstreamed.

guess GM wont be coming back anytime soon

[Ripster42]

Yeah and I hope the courts side with him. The top executives have failed investors so badly they jumped at the first offer to buy the company

Investors approved the deal. Sold for way over stock price. Take off the clown shoes.

[Rasulis]

Yeah and I hope the courts side with him. The top executives have failed investors so badly they jumped at the first offer to buy the company

You shouldnt recieve a golden parachute for failing

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Elon going for the throat

༼ つ ◕_◕ ༽つ Take my energy ༼ つ ◕_◕ ༽つ

The odds are against him. California is an “at will” employment state. Employers can fire employees at will, and employees can leave at will. With a big exception. If there is an empoyment contract, then the contract supercedes. I don't know of any tech workers that does not have an employment contract. Typical contract requires 30-day notice of termination from both employer and employee. Except for just causes which are listed within the cotract.

California court is the worst place in the world to litigate this for Musk. The California State Court has a long history of high tech employment litigations with companies such as Microsoft, Apple, Google, etc. Not wanting to pay agreed upon compensation is not considered just cause. Finding just cause to fire 50% of Twitter work force, other than for not wanting to pay vested compensation, will be near impossible.

[Edge-]

Wow, so Elon bought Twitter then basically immediately started posting unhinged conspiracy theories from a suspect as fuck media source?

And use of the N-word increased 500% in a single day?

Y'all, I have great confidence in the future of Twitter and its ability to attract and retain big-dollar advertisers. Elon seems like the smartest of cookies out there. Fuckin lol, this is hilarious.

Does this mean all the journos and everyone else needs to learn how to use TikTok or some shit now?

[Forogil]

Yeah and I hope the courts side with him. The top executives have failed investors so badly they jumped at the first offer to buy the company

It was an offer 60% above the share price. It's their duty to accept such an offer.

As for Twitter itself: the most insane part is Elon Musk having the employees print out and go over their code now. M&A 101 says that you start doing that during due diligence (well, except for the dead-tree part).

[Draco-Onis]

Wow, so Elon bought Twitter then basically immediately started posting unhinged conspiracy theories from a suspect as fuck media source?

And use of the N-word increased 500% in a single day?

Y'all, I have great confidence in the future of Twitter and its ability to attract and retain big-dollar advertisers. Elon seems like the smartest of cookies out there. Fuckin lol, this is hilarious.

Does this mean all the journos and everyone else needs to learn how to use TikTok or some shit now?

It seems that billionaires are so rich now they are setting their billions on fire first Zuckerberg with the metaverse now Elon.

[NED funded]

The odds are against him. California is an “at will” employment state. Employers can fire employees at will, and employees can leave at will. With a big exception. If there is an empoyment contract, then the contract supercedes. I don't know of any tech workers that does not have an employment contract. Typical contract requires 30-day notice of termination from both employer and employee. Except for just causes which are listed within the cotract.

California court is the worst place in the world to litigate this for Musk. The California State Court has a long history of high tech employment litigations with companies such as Microsoft, Apple, Google, etc. Not wanting to pay agreed upon compensation is not considered just cause. Finding just cause to fire 50% of Twitter work force, other than for not wanting to pay vested compensation, will be near impossible.

I hope he wins the battle. Twitter employees deserve nothing

[Endus]

I hope he wins the battle. Twitter employees deserve nothing

That's a whole lot of utterly baseless misanthropy you've got going on there.

[NED funded]

It was an offer 60% above the share price. It's their duty to accept such an offer.

As for Twitter itself: the most insane part is Elon Musk having the employees print out and go over their code now. M&A 101 says that you start doing that during due diligence (well, except for the dead-tree part).

Above the share price after Elon Musk wanted to renege on the deal. The recent price trends were 100% driven by Musk

Tagging @Ripster42 cuz he said the same thing. Investors wouldnt have been so willing to sell if they thought that current management had better alternatives. Twitter in its current state is parasitic, draining money from everyone to offer a social media platform. Musk bought that so he kind of is a sucker there but I wont judge how individual ppl choose to spend their money

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That's a whole lot of utterly baseless misanthropy you've got going on there.

Its not misanthropy. Its more to do with the nature of twitter. I wouldnt say the same thing of Meta employees

[Endus]

Above the share price after Elon Musk wanted to renege on the deal. The recent price trends were 100% driven by Musk

Which, again, was very very good for the investors. They sold their shares for well above market value. How is that a negative, again? Musk driving the price he had to pay up was a problem for Musk, it was straight profit for the previous shareholders selling at that price.

Tagging @Ripster42 cuz he said the same thing. Investors wouldnt have been so willing to sell if they thought that current management had better alternatives.

That is not in any way how investing is done. It's all about profit. Selling well above market price is a win.

Twitter in its current state is parasitic, draining money from everyone to offer a social media platform. Musk bought that so he kind of is a sucker there but I wont judge how individual ppl choose to spend their money

You're describing capitalist economics. All capitalism is parasitic in this way. That's what capitalism is. Are you coming out as a socialist? If so, welcome!

Its not misanthropy. Its more to do with the nature of twitter. I wouldnt say the same thing of Meta employees

And that's the responsibility of the rank-and-file employees, why, exactly?

[NoiseTank13]

Oh cool, Musk sharing conspiracy theories that Paul Pelosi's attacker was actually his secret gay lover haha those reptillian baby eaters!

Truly the bastion of dialogue.

[Forogil]

Above the share price after Elon Musk wanted to renege on the deal. The recent price trends were 100% driven by Musk

I compared with the share price before Musk started buying Twitter shares; that's one normal baseline to compare against.
And with the general decline in the stock market, it became even more attractive.

Obviously, the share price after an offer is made would normally not be much below the offer price (unless there concerns about due diligence - but there wasn't any, and in some bids it increases beyond it - hoping for a better offer). That's also part of M&A 101.

Musk bought that so he kind of is a sucker

Remove the "kind of" and you have the truth.

44 billion $ down the drain, and he had to bring the drain himself.

It's just that some people have bought into the myth about Musk.

[Ripster42]

Above the share price after Elon Musk wanted to renege on the deal. The recent price trends were 100% driven by Musk

Twitter, before musk's offer, was selling @ $14 below the offered price. A 35% premium on the stock price. Tell me more about how you don't know shit about what you're talking about.

[Forogil]

Executives don't determine who buys shares in a company.

Technically true, but that isn't the whole story.

The board accepted the offer in April, pending approval by shareholders (which happened later), https://www.prnewswire.com/news-rele...301532245.html - that's the normal way it is done.

They could have tried the poison pill to stop it, and/or Musk could have made an unfriendly acquisition.

However, I agree with you that it doesn't show that the executives failed in any way - on the contrary they did their duty.

[Calfredd]

Its not misanthropy. Its more to do with the nature of twitter. I wouldnt say the same thing of Meta employees

Isn't Meta slowly collapsing crypto trash? Is it because it's crypto and NFTs that you won't speak ill of them?

[Endus]

Isn't Meta slowly collapsing crypto trash? Is it because it's crypto and NFTs that you won't speak ill of them?

Not so slowly; it's parent company has lost about $650 billion (yes with a "b") since the Meta name change:. https://globalnews.ca/news/9233468/m...-market-value/

[NED funded]

Isn't Meta slowly collapsing crypto trash? Is it because it's crypto and NFTs that you won't speak ill of them?

Its got more to do with Twitter being unprofitable and being a parasite on our society but that is another topic

[Paranoid Android]

Three days after completing a $44 billion deal to buy Twitter, Elon Musk on Sunday morning used his new platform to spread a bizarre, anti-LGBTQ conspiracy theory about the attack on Paul Pelosi in San Francisco.

Wonder if I post on Twitter; "There is a tiny possibility might be more to the story" and link the article which is pure bs and yes, mentioning sexual orientation as a reason and I get reported. Free speech I guess to post conspiracy and use it has to be some attack because of sexual orientation.