So Twitter was at $70 per share a year ago. So what? Jack Dorsey was CEO a year ago, too. The share price was $33 less than a month ago. But, despite an absolutely incredible roller-coaster news cycle, things have been definitely trending down at Twitter ($33/share last month), which was reflected in its share price. The current executive team (and Dorsey) had wasted time focusing on things that didn't matter instead…
Elon Musk makes $43B unsolicited bid to take Twitter private
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Re: Elon Musk makes $43B unsolicited bid to take Twitter private
#572> As an all-cash offer, this generates for the shareholders a substantial return with NO RISK, and so the board has a serious legal obligation to carefully review this offer and make a decision. What a gut check. I'm sure this is an obvious comment by now, but seeing the board's response to turning down something like this is going to be an olympic level display of mental gymnastics. Exciting times.
Re: Elon Musk makes $43B unsolicited bid to take Twitter private
#573Imo, he's taking responsibility. If as an individual you can deploy the most money in the world, what do you do with it? Twitter became a negative-sum game of people competing to debase themselves in service of narrative in exchange for nothing but the approval of others who had already done the same. Unlocking that negative cycle can release a lot of captive value for everyone. The best way to do that is to connect…
That seems unlikely. USD$43 billion could buy ~1,150,000 homes[0], which is double the number of homeless people in the US[1].
Getting a 1/2 million people into stable living situations could boost the economy by adding a couple hundred thousand to the work force (it's really hard to hold a decent job if you have no place to store your stuff or take a shower), with the median income for all workers over the age of 15 at ~USD40,000 [2] would add ~US$8,000,000,000 to the economy, as well as reducing dependence on public programs to help support them.
Of course, buying whole houses for half a million people isn't actually necessary. A reasonably sized apartment (based on household size) for each set of homeless folks would cost significantly less than that.
What's more, the children who could be helped by something like this are more likely to have good school experiences and improve their education -- boosting their lifetime earnings potential as well. Not to mention the economic boosts to local communities hit hard by homelessness.
So, no. Buying Twitter isn't anywhere close to the best use of US$43B. In fact, I suspect we could end homelessness in the US for significantly less than that. That seems a lot more useful than a payout to TWTR shareholders and making it one of Musk's vanity hobbies.
[0] https://worldpopulationreview.com/state-rankings/median-home...
[1] https://endhomelessness.org/homelessness-in-america/homeless...
[2] https://www.census.gov/library/publications/2021/demo/p60-27...
Re: Elon Musk makes $43B unsolicited bid to take Twitter private
#574For $1B he could make an exact twitter clone, and he could probably do it for much less than that. You might say, yes, but he's paying for the brand, and no one would use his clone. He could pay for a flood of advertising and other promotions to get people to switch. He could pay 42,000,000 people $1000 each to switch to his twitter clone.
Re: Elon Musk makes $43B unsolicited bid to take Twitter private
#575Quoted post unavailable.
Re: Elon Musk makes $43B unsolicited bid to take Twitter private
#576> "if my offer is rejected i will reconsider my ownership in twitter." Thats an immense amount of selling pressure on the stock... This is a threat. He's negotiating with a gun to their head.
I read it as a threat too... is it not against the SEC's rules for market manipulation?
Re: Elon Musk makes $43B unsolicited bid to take Twitter private
#577So Twitter was at $70 per share a year ago. So what? Jack Dorsey was CEO a year ago, too. The share price was $33 less than a month ago. But, despite an absolutely incredible roller-coaster news cycle, things have been definitely trending down at Twitter ($33/share last month), which was reflected in its share price. The current executive team (and Dorsey) had wasted time focusing on things that didn't matter instead…
Re: Elon Musk makes $43B unsolicited bid to take Twitter private
#578The thing that is absolutely puzzling to me in these conversations is it seems that people who generally believe in the free market desire what amounts to regulation on social media platforms, inversely, to protect 'free speech' when in fact Twitter has the absolute right in the free market to moderate as they see fit when free speech only protects from governmental actions. And to those who would make the argument t…
Personally I would agree with the argument that Twitter (and Facebook, Reddit and Youtube) are too big to not be regulated into behaving more responsibly at minimum. They're microcosms compared to the real world, but they're big parts of the internet world and thus influence many people's lives heavily, especially young people and especially over the past 2 years.
Currently it's standard practice for social media platforms to have content policies that intentionally avoid providing specifics on unacceptable content, many of them also avoid telling users exactly what the offending content is and don't offer any way to seriously appeal decisions. I think this is responsible for the vast majority of these free speech complaints, people are effectively left to assume the worst, which is extremely irresponsible for companies so large.
We see these frequently on HN too, where someone had their twitter or youtube account banned, are assuming they've been censored for saying something about the company and can't get in touch with a responsible human to find out. Usually they're just forced to start over with a new account.
Thus, I think the fix would be regulations on content policies of sufficiently large social networks that require the policies to be more well-defined, require the specific offending content to be shown along with the exact policy violated and requiring the availability of an appeals process which at least eventually reaches a human.
It might also be worth requiring some amount of disclosure on the automated moderation system's performance (ie how many automated takedowns happened and how many had to be reinstated upon appeal).
Re: Elon Musk makes $43B unsolicited bid to take Twitter private
#579Quoted post unavailable.
Re: Elon Musk makes $43B unsolicited bid to take Twitter private
#580> "if my offer is rejected i will reconsider my ownership in twitter." Thats an immense amount of selling pressure on the stock... This is a threat. He's negotiating with a gun to their head.
Were I a Twitter stockholder I might perceive a different emphasis.