馃攳
Elon Musk鈥檚 Hostile Takeover Of Twitter Goes Horribly Wrong - YouTube
Channel: The Young Turks
[0]
being the wealthiest man in the world
[1]
isn't quite enough for him well musk he
[4]
attempted a hostile takeover of twitter
[6]
and today it got shut down by the social
[9]
media app now before we dive into what
[11]
occurred today let's go ahead and get
[12]
some context in order so earlier this
[15]
month musk announced that through stock
[17]
he had acquired
[19]
9.2
[20]
of twitter which essentially made him
[22]
the largest shareholder well the south
[24]
african billionaire was offered a board
[26]
seat in return for not increasing his
[28]
stake in the company above
[30]
14.9 percent for at least two years with
[34]
his board membership and while musk
[36]
while it was pending he had a lot to say
[39]
her vice news last weekend musk issued a
[42]
series of tweets which he subsequently
[44]
deleted criticizing the company and its
[46]
executives as well as asking his 81.6
[49]
million followers what they thought
[51]
about possible changes to the way
[52]
twitter works including a proposal to
[54]
convert the company's san francisco
[56]
headquarters into a homeless shelter
[58]
since no one shows up anywhere he says
[61]
in another he asked followers if the
[63]
company should get rid of the w from its
[66]
name
[67]
57 of those who voted agreed yeah that's
[71]
really special and very mature and
[73]
ultimately musk really turned down the
[75]
board membership instead expressing his
[77]
preference to dunk on the company
[79]
through the app and he also gave us big
[82]
takeover vibes in the meantime the
[84]
billionaire said as i indicated this
[86]
weekend i believe that the company
[88]
should be private to go through the
[90]
changes that need to be made after the
[92]
past several days of thinking this over
[94]
i have decided i want to acquire the
[96]
company and take it private and it was
[98]
not very long before musk put his plan
[100]
into action
[102]
and what he did is must filed an offer
[103]
letter with the securities and exchange
[105]
commission offering to buy a hundred
[106]
percent of the twitter for
[108]
54.20 per share in an all-cash deal
[111]
worth 43 billion must adds that his
[113]
offer is a high price and your
[115]
shareholders will love it the 5220 is an
[118]
18 premium over the closing price of
[121]
twitter shares on wednesday evening as
[123]
musk pointed out in his filing twitter
[125]
share price has risen 38 in the weeks
[128]
since his investment was made public
[131]
all right now there's been a lot of side
[133]
eye people uncertain what musk is up to
[135]
whether this is pump and dump market
[136]
manipulation and it's really disputed
[138]
but it's really clear here definitely
[140]
that twitter is not here from us it
[142]
responded to uh let's just say the u.s
[145]
online oligarchs uh demand
[148]
with this twitter adopted a limited
[150]
duration shareholder rights plan often
[152]
called a poison pill a day after the
[154]
billionaire elon musk offered to buy the
[156]
company for 43 billion the board voted
[158]
unanimously to adopt the plan
[160]
under the new structure if any person or
[162]
group requires beneficial ownership of
[164]
at least 15 percent of twitter's
[165]
outstanding common stock without the
[166]
board's approval other shareholders will
[169]
be allowed to purchase additional shares
[171]
at a discount basically diluting that
[174]
shareholder stake of the entity
[176]
that he is eyeing the takeover over so
[179]
i guess with this response by twitter
[182]
and it being such a big forum for people
[183]
to use their voices particularly in the
[185]
journalistic arena
[187]
ben what do you think of twitter's
[190]
response
[191]
i mean it's a pretty it's a pretty
[193]
gangster move right back on top of
[196]
musk trying to control the narrative
[198]
there also it's amazing how much musk
[200]
can say on an app with a limit of 280
[203]
characters he seems i think he gets more
[205]
i think he gets more in there per tweet
[207]
uh pretty amazing what uh
[210]
what an emotional rollercoaster he has
[211]
put us through in this last couple weeks
[214]
he buys nine percent of the company he
[217]
gets offered a board seat he turns down
[219]
the board seat he tries a hostile
[220]
takeover he trash talks the executives
[223]
he gets them to adopt a new rule they
[225]
make it impossible for him to do the
[227]
takeover
[228]
i think it would have been pretty
[229]
amazing if indeed he was just doing this
[231]
to
[232]
bump up the stock price if
[234]
they let him just buy it just let him
[236]
take it over and be stuck with it
[238]
the only problem is that trump would
[239]
probably be reinstated instantly that's
[242]
the only major negative i could see
[244]
come on you know the funny thing about
[247]
it when i was watching this all unfold
[250]
online i i thought it was crazy that
[252]
like elon musk could just have three
[255]
billion dollars to troll people with
[257]
right like that's that's insane right
[259]
and but you know immediately i thought
[261]
of stuff like dogecoin and others pump
[263]
and dump schemes that he's done via the
[266]
app um in the very recent past and then
[269]
when i saw 43 billion
[271]
um or or yeah 43 billion which is what
[274]
he offered i was like okay this is this
[276]
is the obvious sign that this is a joke
[279]
um elon musk doesn't have 43 billion
[281]
dollars just laying around like i know
[283]
his company is worth 270 billion but
[287]
like that doesn't mean that he has that
[289]
level of money to just throw around on a
[292]
whim he would have to go out and maybe
[295]
borrow that money or maybe raise it from
[297]
rich friends of his which is just like
[299]
nobody believed this was anything
[301]
serious right like he's good at electric
[304]
cars he's good at sending trillionaires
[307]
to mars and nothing else like this idea
[310]
that he could come in and take over a
[312]
social media company is ridiculous this
[314]
isn't his area expertise and the funny
[316]
thing is like the way that we sort of
[319]
think about the money and the wealth of
[321]
these oligarchs like people can't even
[324]
fathom like the
[326]
the the difference by
[328]
degrees between 3 billion and 43 billion
[331]
like that's a that's a major difference
[333]
that's an insane amount of money that
[336]
even elon musk can't put together on a
[339]
whim i think this was just you know this
[340]
guy's bored he's extremely rich he has
[343]
nothing better to do so he decided to
[345]
pick a fight with his favorite social
[347]
media company but yeah but sending
[349]
sending billionaires and the ultra
[352]
wealthy to mars is not a bad strategy i
[355]
think it's a it's got
[356]
some legs behind it and i think yeah if
[358]
you leave them there
[360]
but otherwise it's just a waste of my
[363]
time but no i do appreciate that i agree
[365]
with you ben uh but i can also tell you
[367]
that there are people out there who
[368]
really thought that you know what
[370]
there's no chance he's actually going to
[372]
do this uh musk is really just trying to
[374]
manipulate the market and that kind of
[376]
seemed to be the tone that mark cuban
[377]
was giving off uh he thought that musk
[379]
really just wanted to artificially
[381]
inflate twitter stock the mavericks
[383]
owner tweeted this my conclusion elon
[385]
musk is effing with the sec his filing
[388]
with the sec allows him to say what he
[390]
wants to a company private for
[393]
20 versus his am considering taking
[396]
tesla private at 420 funding secured
[399]
price go up his shares get sold profit
[402]
goes up sec like wtf just happened yeah
[407]
these billionaire boys got a lot to talk
[409]
about and i do think they definitely
[410]
have too much money on their hands but
[413]
just in case you don't really follow
[415]
what mark cuban was talking about so
[418]
mediaite had this insight in 2018 musk
[421]
tweeted he had secured funding for a go
[423]
private bid for tesla at 420 per share
[426]
in the middle of the trading day no less
[428]
causing the stock price to spike 11
[430]
percent but it turned out the funding
[432]
wasn't secured and musk had not filed
[435]
the requisite paperwork with the sec
[437]
elon musk could also really just be
[439]
trying to distract people from the news
[440]
uh that on wednesday a federal judge
[442]
rejected tesla's claim that it's not
[444]
liable for disturbing racist abuse
[446]
suffered by ex-factory workers u.s
[449]
district judge william orrick rejected
[451]
what he called tesla's watered-down
[453]
revisionism that cast the plaintiff owen
[456]
diaz's suffering as mild and short-lived
[459]
and there's a lot potentially on the
[461]
line when it comes to these lawsuits
[463]
going against tesla so i don't know
[465]
necessarily if elon musk just had too
[468]
much time on his hands but i i really
[470]
don't know what's going to happen next
[471]
what do you think man
[473]
well
[474]
first of all that certainly is
[476]
quite a noble move of tesla to decide
[480]
for the
[482]
injured employee who has suffered
[484]
emotional trauma and stress that his own
[487]
trauma was mild and short-lived i always
[490]
liked it when the oppressor tells you
[492]
how mild your trauma is i feel like
[493]
that's a real nice move and
[496]
elon musk i think he just proves over
[498]
and over again that he has more fun just
[500]
playing with the world using us all as
[503]
his pawns and he does about being a
[504]
serious person i mean even look at the
[506]
fact look i'm somebody who enjoys
[508]
marijuana but if i was trying to take
[511]
over in a hostile take over one of the
[513]
biggest companies in the world i
[514]
wouldn't put 420 in the amount that i'm
[516]
trying to buy it for
[517]
and the same thing he did for his tesla
[519]
for both with 420 in it that's not an
[521]
accident happens once fine happens twice
[524]
this is a stoner having fun with us and
[526]
laughing in his tiny home made of gold
[529]
bars it's got to stop
[531]
god i didn't even see that 420. you are
[534]
just you've got problems
[540]
i i don't think that's an accident i'm
[542]
kind of with ben here i think what's
[544]
most important for the folks at home to
[546]
understand is like the day after he does
[548]
this
[549]
fraudulent sec filing um
[552]
the the uh twi twitter closed that 54
[556]
bucks had opened that 54 bucks the
[558]
actual market everybody everybody on
[560]
wall street he's like this guy is joking
[563]
he's bluffing this isn't real once you
[565]
see that nobody's moving on it um it
[568]
just tells you that everybody sees the
[570]
fraudulence in this entire play thanks
[573]
for watching the young turks really
[574]
appreciate it another way to show
[576]
support is through youtube memberships
[578]
you'll get to interact with us more
[580]
there's live chat emojis badges
[583]
you've got emojis of me anna john jr so
[586]
those are super fun but you also get
[589]
playback of our exclusive member only
[592]
shows and specials right after they air
[594]
so all that all you gotta do is click
[596]
that join button right underneath the
[598]
video thank you
Most Recent Videos:
You can go back to the homepage right here: Homepage