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JPMorgan made money that it did not, you would have to say, "deserve" to make
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other than *maybe* Jack Dorsey, I think Musk would clearly be the first true *poster* on Twitter’s board
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the SEC’s Elon Musk Division is going to be annoyed
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rofl
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The important things in modern corporate finance are unhinged tweeting, public association with Elon Musk and vague plans to accept Dogecoin for goods and services.
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matt levine said elon musk probably won't buy more twitter then took the rest of the week off for spring break and elon musk immediately tried to buy all of twitter
that means it's up to you folks to tell me how this works
does the board get to accept the offer on behalf of shareholders? that doesn't sound right
or the board has to accept and then have a shareholder vote? i guess that's gotta be right. if so does musk get to vote
that means it's up to you folks to tell me how this works
does the board get to accept the offer on behalf of shareholders? that doesn't sound right
or the board has to accept and then have a shareholder vote? i guess that's gotta be right. if so does musk get to vote
wow, [you]. that all sounds terrible. i hope it gets better for you
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After extensive research (googling both "how to buy twitter" and "can elon musk buy twitter"), I can safely say that I don't really know. Hope this helps!
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If the board can approve or disapprove the sale, that seems to imply that the board members are the ones with the shares. But that doesn't prove that that's what that means
EDIT: As more people write about this, apparently there's a shareholder agreement under which the board can indeed sell people's shares if the offer is above some threshold (which it is). But it's still a little unclear
EDIT: As more people write about this, apparently there's a shareholder agreement under which the board can indeed sell people's shares if the offer is above some threshold (which it is). But it's still a little unclear
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yeah i really expect the shareholders have to vote if the board approves it
i guess there's no way musk gets to vote if that's the case though. like if you own 51% you can't just vote to own 100% instead. this isn't bitcoin
wow, [you]. that all sounds terrible. i hope it gets better for you
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Here’s a schematic description of how modern distressed-debt investing works[1]:
[1] We have talked about this schematic model before, when Serta Simmons Bedding LLC did a trade like this.
[2] As is common but not quite technically accurate, when I say “a majority of creditors” I mean “creditors holding a majority of the principal amount of the loan or bond issue.”
- A company borrows $1 billion, in a syndicated loan or a bond issue, from a bunch of different investors.
- As is customary, the loan agreement or bond indenture says “this agreement may be amended by a majority of the investors.”[2]
- Time passes and the company runs into some trouble.
- The company goes out to 51% of the investors — holders of $510 million of the bond or loan — and says: “Psst. We will pay you back 110 cents on the dollar — $561 million total — if you agree to let us stiff the other guys.”
- So the 51% holders vote to amend the agreement to say “these holders will get 110 cents on the dollar, and the other holders will get zero.”
- The other 49% are really mad and surprised.
- The amendment works, 51% of the holders make a nice profit, 49% of the holders lose all their money, and the company pockets the extra $439 million.
[1] We have talked about this schematic model before, when Serta Simmons Bedding LLC did a trade like this.
[2] As is common but not quite technically accurate, when I say “a majority of creditors” I mean “creditors holding a majority of the principal amount of the loan or bond issue.”
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wow, [you]. that all sounds terrible. i hope it gets better for you
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i like the little blip where Elon Musk is only in the subheader
wow, [you]. that all sounds terrible. i hope it gets better for you
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checking the muskometer for the day
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Still I imagine that Twitter's bankers at Goldman Sachs will sit down with Musk's bankers at Morgan Stanley and Goldman will say “so uh where's the financing coming from” and Morgan Stanley will say “oh the financing is in this can” and hand Goldman a can and Goldman will open the can and a bunch of fake snakes will pop out. “AAAHHH,” Goldman will scream, and then they will chuckle and say “oh Elon, you got us again” and everyone will have a good laugh.
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What would be wrong with that
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That happens so often
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fyi twitter's poison pill has an exercise price of $210, allowing each shareholder to pay $210 to acquire stock "having a then-current market value of twice the Exercise Price." 2 x $210 is $420. https://www.sec.gov/ix?doc=/Archives/ed ... 740d8k.htm
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I don't understand that. What is the exercise price and why is it $210? My understanding is that a poison pill works by allowing existing stockholders to buy additional shares at a devalued price which serves to dilute the value of individual shares and functionally guts the stock's price.Blissful wrote: ↑Tue Apr 19, 2022 9:42 amfyi twitter's poison pill has an exercise price of $210, allowing each shareholder to pay $210 to acquire stock "having a then-current market value of twice the Exercise Price." 2 x $210 is $420. https://www.sec.gov/ix?doc=/Archives/ed ... 740d8k.htm
Pour like Hemingway's last call.
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matt levine's explanation is: the matters don't number as long as it allows everyone to get discounted stock because the whole thing is designed to never actually get triggered. so they made up a number: you pay $210 to get $420 in stock, countering musk's weed joke with another weed jokeDantes wrote: ↑Tue Apr 19, 2022 12:31 pmI don't understand that. What is the exercise price and why is it $210? My understanding is that a poison pill works by allowing existing stockholders to buy additional shares at a devalued price which serves to dilute the value of individual shares and functionally guts the stock's price.Blissful wrote: ↑Tue Apr 19, 2022 9:42 amfyi twitter's poison pill has an exercise price of $210, allowing each shareholder to pay $210 to acquire stock "having a then-current market value of twice the Exercise Price." 2 x $210 is $420. https://www.sec.gov/ix?doc=/Archives/ed ... 740d8k.htm
wow, [you]. that all sounds terrible. i hope it gets better for you
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and made up is everythingSkeletor wrote:the matters don't number
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and easy is nothing
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When a Brazilian company’s dam in Brazil collapses and kills 270 Brazilians, the SEC will step in to protect American shareholders.
wow, [you]. that all sounds terrible. i hope it gets better for you
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All of this is, I think, quite straightforward and correct, except for Point 7, which is insane.
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yesterday [Elon Musk] tweeted “[face with tongue emoji][popcorn emoji],” which might be deal-related, who knows. I guess we’ll see if his lawyers file that tweet with the SEC. If they do, you know it was a material communication about the deal.
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Back in 2019 I proposed the Money Stuff S&P ESG Fund, “a mutual fund whose stated mission would be to invest in the 500 companies in the S&P 500 index with the best environmental, social and governance ratings judged by my proprietary rating system.”
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I am ashamed to admit I did not get the joke the first time I read that sentence.
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it took me a while to get the joke because if you replace "in the 500 companies" with "in the companies" then that seems like an actually reasonable idea
u gotta skate