Elon Musk now owns 9.2% of twitter...update.. will soon be the sole owner as Board of Directors accepts his purchase offer

Page 352 - Seeking answers? Join the AnandTech community: where nearly half-a-million members share solutions and discuss the latest tech.

Zorba

Lifer
Oct 22, 1999
14,979
10,404
136
Turns out Vanguard switched their vote to yes on Elon's pay package, and they are the second largest shareholder at 7%, after Musk himself.

I really don't get why they'd vote for massive dilution of their shareholders for a completely checked out part time CEO.

This will also usher in a new era of ridiculous CEO pay growth.
 

fskimospy

Elite Member
Mar 10, 2006
85,042
49,838
136
He filled a form late.
Imagine to be able to make a move that essentially lets you act like an insider trader and make millions off of other unsuspecting investors and then getting to be like ‘oops, it’s just a late form!’

Nice work if you can get it.
 

Brovane

Diamond Member
Dec 18, 2001
5,534
1,732
136
And essentially saved himself that $143 million on the backs of other investors by disguising the real price of the stock.

Yup and usually in these instances the fine should be triple what he saved himself, so $429M SEC fine. Another record for elmo. Buying Twitter is just the gift that just keeps on giving. Should be easy since his Tesla shareholders just voted him a large payday.
 

VRAMdemon

Diamond Member
Aug 16, 2012
6,622
7,886
136
Hey ...if the stockholders/owners of Tesla want to pour billions of dollars into Musk's pocket… it’s their money. I suppose Tesla owners who disagree may be VERY unhappy with the result of this vote, but that’s what lawyers are for.

Coercing the shareholders to hand over this cash is exactly what he did. The shareholders are under no obligation to vote yes, if they choose to vote yes, it’s because they think yes is the best way for them to earn more money. It is their money to flush down the toilet. Tesla may become a meme stock in the not so distant future. By the time the 5 years are up, its entirely possible that Tesla’s bubble will have burst and the price may have come back to reality so that in the end it will be worth much less than the current $55 billion. On the other hand if this deal is what is needed to provide the Musk magical fairy dust that keeps Telsa’s stock price disconnected from reality it may be worth the price. Musk seems to want Tesla to be considered an AI company, and not just a car manufacturing company. Will Musk put his money into the company now for autonomy? I have my doubts
 

IronWing

No Lifer
Jul 20, 2001
69,696
28,093
136
Hey ...if the stockholders/owners of Tesla want to pour billions of dollars into Musk's pocket… it’s their money. I suppose Tesla owners who disagree may be VERY unhappy with the result of this vote, but that’s what lawyers are for.

Coercing the shareholders to hand over this cash is exactly what he did. The shareholders are under no obligation to vote yes, if they choose to vote yes, it’s because they think yes is the best way for them to earn more money. It is their money to flush down the toilet. Tesla may become a meme stock in the not so distant future. By the time the 5 years are up, its entirely possible that Tesla’s bubble will have burst and the price may have come back to reality so that in the end it will be worth much less than the current $55 billion. On the other hand if this deal is what is needed to provide the Musk magical fairy dust that keeps Telsa’s stock price disconnected from reality it may be worth the price. Musk seems to want Tesla to be considered an AI company, and not just a car manufacturing company. Will Musk put his money into the company now for autonomy? I have my doubts
It's crap like this that makes one question the wisdom of index funds. The S&P 500 please, except for Elon, thanks.
 

MrSquished

Lifer
Jan 14, 2013
22,388
20,451
136
Well we can add the harm caused by violating securities laws to the list of things you are ignorant of and unconcerned about.
We all know if it was George Soros, he'd give a shit. He may not like Elon much as a person, but he is on the same team. Just like Greenman may not 'like' Trump, but he'd be happy with a Trump win vs a Biden win.
 

Zorba

Lifer
Oct 22, 1999
14,979
10,404
136
Hey ...if the stockholders/owners of Tesla want to pour billions of dollars into Musk's pocket… it’s their money. I suppose Tesla owners who disagree may be VERY unhappy with the result of this vote, but that’s what lawyers are for.

Coercing the shareholders to hand over this cash is exactly what he did. The shareholders are under no obligation to vote yes, if they choose to vote yes, it’s because they think yes is the best way for them to earn more money. It is their money to flush down the toilet. Tesla may become a meme stock in the not so distant future. By the time the 5 years are up, its entirely possible that Tesla’s bubble will have burst and the price may have come back to reality so that in the end it will be worth much less than the current $55 billion. On the other hand if this deal is what is needed to provide the Musk magical fairy dust that keeps Telsa’s stock price disconnected from reality it may be worth the price. Musk seems to want Tesla to be considered an AI company, and not just a car manufacturing company. Will Musk put his money into the company now for autonomy? I have my doubts
My issue are the index funds that voted for this over the recommendations of the rating corps. It's one thing to vote for your own shares to be diluted, it's another to vote to dilute the shares of millions of other people.