So Elon and I take over Twitter today. If you haven’t been following the “and I” bit is tongue and cheek. I own ten shares. I think. My online “broker” (I guess – who knows these days what role anyone actually plays? I sent them a few hundred bucks and purchased my shares so…), anywho, Webull, my “broker” displayed a cryptic message last night (after I poked around) saying starting today Twitter shares would no longer be publicly traded. Okay I expected that, but back up a bit.
A couple of weeks ago, I received a letter from Webull about another stock I own. It’s a few shares of ADT and those were given to me as part my “sign-up bonus” from Webull. It’s one of those deals where they promise the moon and deliver a few grains of dust. The letter said there was an offer on the table for my shares. I diligently inquired only to find out that it would cost me $50 bucks to take up the offer. Well, gee, I don’t think my entire holding in that company is worth $50. So much for that.
Now. Twitter. Call me a dinosaur. Long, long ago I was a “stockbroker” myself. I held a series 7 license and was legally qualified to sell stocks, bonds, mutual funds, and maybe other stuff but leave it at that. That was long ago before time and the internet. Somewhere in the back of my mind I delusionally thought there would be an actual stock certificate laying around somewhere. Now I understand that there could be but I’d pay dearly for it if I insisted on something I could actually put my grimy fingers on. These days, it’s all electronic. So the question is, do I own Twitter stock and if so what happens now?
As I said before I’d rather keep my stake in the company than sell it off. Granted I know it could be worthless for all practical purposes. There’s no market for it and so if Elon wants to offer me fifty cents a share, take it or leave it, there’s nothing much I can do. And my pittance of a holding gives me no say in the company at all. All I am really entitled to as far as I can see is an accounting not publicly available. And still I want to hang on.
All of this is if I have any choice in the matter at all. For all I know there is some weird ass loophole somewhere that would allow Elon to buy me out whether I like it or not. I just don’t know where I stand right now.
My druthers is to hang on to my stake and tout my “part ownership” in the now private Twitter. It’s not much but it is something. Plus I’d get to be a bit of a thorn in Elon’s side. More like a mosquito bite but I really don’t expect to be all that antagonistic. As long as he promotes free speech and keeps an even hand, I’m fine with it all.
As with anything, time will tell.