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Twitter Turning Into X Is Set to Kill Billions in Brand Value
(www.bnnbloomberg.ca)
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this post was submitted on 25 Jul 2023
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Technology
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What I don't understand is how he can still be in charge, at all? Do shareholders not have any legal mechanism to get him removed?
He is the only share owner. He bought the whole company.
Oh shit, I thought he just bought a majority stake in it. Sucks that he's able to disrupt so many employees' lives in the process of his tantrums & acid trip ideas.
The second largest investors in Elon's Twitter are the Saudis. They might not take kindly to such antics.
The Saudi Arabians have hated Twitter for over a decade now thanks to the role it played in the Arab Spring movement. I wouldn't be surprised if they helped Elon buy it just to kill it.
Yes, that does make a lot of sense. A few billion to take down Twitter is a great investment for them.
He’s the largest shareholder and it’s a private company, which is why we depend on companies holding his debt for guesstimates about the valuation. There’s no market forces that are punishing him for bad decisions, other than him not being able to service his/twitter’s debt based on twitter’s dwindling income.
Jack Dorsey and his Saudi partners agreed to hold onto their shares (ie, not force Musk to buy them) and together they held about $3.5B out of the $44B valuation when it went private. Dorsey just started offering some super gentle criticism while saying it’s a very hard job.
I don’t know if they’re under NDAs, or if they’re afraid of crashing their investments further by criticizing him in public, or if they just don’t care because what’s a few billion between friends. Maybe they’re sending him angry texts.
I’m just hoping that someone comes out with a tell-all that ends up being a movie called The Anti-Social Network.
Musk bought it, he's the sole shareholder now. It's not a public company anymore.