Originally published at: Vanguard Group swooped in and knocked Elon Musk off his top shareholder perch at Twitter | Boing Boing
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He’s the biggest prick with Twitter shares so that probably counts for something.
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Battle for the biggest twit.
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I’m pretty certain there’s more than one voice in Elon’s head.
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If there’s some way for everyone involved to lose this contest put my vote in for it.
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Index funds gonna Index.
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That’s interesting(?), given that Musk illegally failed to disclose when his holding exceeded 5%, which the SEC (and the other shareholders now suing him) reckon saved him something like $150million, because he would have had to pay a lot more for his 9.2% if people had known he was trying to acquire it.
So if someone else was buying up shares at the same time, you might idly speculate whether they had access to the same secret info.
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Jezz, rich folks are shifty AF. Who knew…
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He also suggested Twitter convert its headquarters into homeless housing, “since nobody shows up to work anyway.”
All the SanFran advocates for the homeless are turning a blind eye to tone of this sarcastic jab at Twitter for allowing employees to work from home so that they can interpret it as a philanthropic revelation. If Musk worms his way in, Twitter is going to see so much of its workforce walk, it’ll never recover.
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Vanguard is just a (huge) indexer, which is emphatically not a billionaire thing.
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You presume Vanguard missed their filing deadline. They already owned 8.8% before Musk bought his stake. So it’s only a 2% increase. And unlike Musk, Vanguard (who manages my 401k program) isn’t missing filing deadlines or other fiduciary duties, nor are they pushing/pulling companies they invest in. It’s a passive index fund. They buy/sell stocks and bonds, that’s it. Very different type of entity.
That said, I’ll need to check my Vanguard plan and make sure I’m not invested in this twitter fucking nonsense. There’s a wide selection of plans to choose from, and I suspect the twitter stocks fall into one of the ones I probably avoided.
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I meant more like, someone from the Musk squad calls up someone at Vanguard and tells them Twitter’s share price is about to go up, in exchange for X.
Obviously I don’t know, but that’s what cynical wild speculation is for.
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In the spirit of “the decade everything turned to dreck”, I fully expect some interested party to complete the NFTization of Twitter, and somehow make it so that every tweet has to be minted on a blockchain before being automatically offered through an NFT marketplace. And then Mr. Musk’s famous Edit button will allow whoever acquired the NFT of your tweet to change the text after the fact to say whatever they like. I mean, that would make sense, wouldn’t it? Very Web3, much profit, wow.
The recent experience of the gentleman who acquired an NFT of Jack Dorsey’s first tweet for $2.9M and then struggled to sell it for much more than the price of a used Chromebook gives us some idea how this will all play out, of course, but don’t think for a minute that that would stop someone trying it.
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Again, if I wasn’t clear: Vanguard already owned 8.8% before Musk began his buy up of stock. And Vanguard isn’t the type of entity that Musk would call up and say “I’m doing this.” It’s not run by venture vultures or billionaire grifters. It exists mainly to manage 401k plans, something Musk and his ilk don’t give a shit about except insofar as it stabilizes the market for them to play around with and makes sure everyone has skin in it so they won’t vote for politicians who will regulate it too hard.
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Vanguard operates at cost and they don’t have the ability to do anything but transfer earnings to their customers. No evil corporate skimmers like we see in publicly held firms (like um twitter)
They aren’t able to retain earnings… simple homework to find out what their at cost business model means.
If your like your 401k to earn money, then you like Vanguard fund managers including a rising stock in the fund.
If you care only about politics and personalities… dig a hole and invest your money there.
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Or that Musk and Vanguard are working together, like Valeant Pharma and Pershing Square Capital Management did when they tried to take over Allergan. Pershing Square was quietly buying up stock in the background before Valeant went for the grab.
Unlikely of course!
