Okay so the excitement, such as it is, about my “big Twitter buy” has passed. As been my habit lately, my ears perk up when I hear news about Twitter or Elon Musk. This morning Fox reported Elon is setting up for a move within 10 days. Okay fine. He’s not telling me, his new partner anything about this. Apparently he doesn’t give a whit about my holdings. While I kinda unnerstand, I think he’s missing something extraordinary – the potential of his fellow citizens.
Look, I know my idea is a longshot. Hell that’s why I don’t gamble – I’d spend all my living on longshots. If I ever hit one, I’d spend my winnings looking for another one. It’s my nature. I get that. But I’m no Elon. (You are welcome, Mr. Musk.) Whereas I don’t stand a chance in snowball’s chance in hell of pulling something like that off, but I think Elon could do it, IF he was of a mind to do so. Then again, he might not because he understands his own limitations.
In any case, he’s raising the money to buy Twitter outright. If I understand correctly he won’t need my holdings to take it private. I mean, I don’t think he can force me to sell my shares. I’d end up a very minority shareholder and if the company is private, limited options to sell my shares. Still, the entertainment value of owning a sliver of Twitter might be worth holding on to.
So that’s Elon’s side. Also in the article is the first news I’ve heard of the Twitter board’s “poison pill”. From the article linked above:
The poison pill would give stockholders as of April 25 the right to buy one one-thousandth of a share of preferred stock for each common share they own, at a price of $210. The rights are triggered if any person or group of investors buys 15% or more of the company’s shares without board approval.
WHAT?! They must be using common core math or something because it makes NO sense to me. I paid $46.50 per share for my stake. So my ten shares would entitle me to 10/`1000 = 1/100 or 1% of ONE Preferred share of stock at a price of $2100? (10x $210 for those of you on the board) What kind of special idiots are you anyway? Even at $50 per share I could quadruple my stake and have change left over. So the preferred stock is also a voting stock. This is not all that usual as far as I know but big freakin deal. With the Twitt board’s plan I’d gain 1/100 of a vote. Buying another 40 shares gives me an additional 40 votes. Go back to grade school fools. That plan is almost as bad as Nobama sending blankets to aid Ukraine. No, it’s worse. At least the blankets have some usefulness.
Okay, so here’s my plan so far… I’m holding on to my shares for the foreseeable future. Sure I could make a decent profit percentage-wise if Elon’s current offer stands but I’d rather keep my piece. In the grand scheme of things, my tiny sliver is of no consequence to anyone. It may or may not be worth something in the future but I’m not concerned about that. I didn’t get into it for the money.
Now if anybody would like to join me, please consider using my broker via my referral link below. You would pick up a couple of free shares from the current promotion just for signing up and three more if you fund your account by any amount. That’s a minimum of $15 in your pocket by my calculation. I’d pick up some shares for referring you. Sweet.
The broker is Webull and here is their current offer.