Two business stories converged as Elon Musk took a Twitter kick at Netflix after the streamer’s stock sank on subscribers losses.
“The woke mind virus Is making Netflix unwatchable,” Musk tweeted in a chain responding to news of Netflix’ share crash following yesterday’s earnings report. He didn’t elaborate. Netflix stock is down 35% today, a massive hit, as confluence of factors (not really content related) have slowed its once mighty growth trajectory.
Musk has also been pretty busy slamming the board of Twitter in other posts on Twitter, which he wants to buy. Twitter’s board of directors put in place a so-called “poison pill” to make that harder. Musk is attempting to raise funds for a $43 billion cash offer with the help of Morgan Stanley and if he does, has hinted he’ll launch a public tender — going to directly to Twitter shareholders to buy their stock over the head of management.
How do we know? Three words – he tweeted “Love Me Tender” (an Elvis Presley song) after the poison pill, or shareholder rights plan, was announced. That allows current holders to buy stock at a discount if any entity acquires more than 15% of the company, diluting the position. Musk currently own 9.1% of Twitter.
The New York Post on Tuesday cited sources saying that Musk is willing to invest between $10 billion and $15 billion of his own money to take Twitter private.
Twitter shares have been volatile since Musk disclosed his investment and since his offer of $54.20 per share to buy it. The stock is pretty flat today, up 0.06% at $46.18.
Tesla reports earnings after market close today.
The woke mind virus is making Netflix unwatchable
— Elon Musk (@elonmusk) April 20, 2022
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