3/ This year, they didn't sell much of anything.
— Angelo Carusone (@GoAngelo) November 5, 2022
A coalition called Stop The Deal spent time educating and using media buyers and big advertisers at the event to ask Twitter some basic questions about potential Musk takeover before giving him a guaranteed income for 2023.
Media Matters president confesses that a related activist group pressured advertisers into boycotting Twitter to the tune of $600-900MM
https://x.com/GoAngelo/status/1588696160520507392
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That would be some massive level of securities fraud if true. Even though there's a deal, Twitter would have to tell the public that revenue was expecting a 900 million shortfall for 2023. I don't think the executives would be that... well idiotic.
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Can you elaborate. Me not good with geleogogy
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The company is supposed to let the shareholders know of events in a timely manner that have an adverse, material effect on the company. When they sold basically no ads for 2023 after this event instead of $900 million worth, they would have to let the shareholders know that if the deal doesn't go through they own a company whose revenue is projected to decline by 25-30% YoY.
It's what the government pinned the Qwest CEO with after he pushed back against Bush's surveillance program. They cancelled a government contract with him and then said he didn't tell the shareholders quick enough for his own personal gain.
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Have they had to release a quarterly report since the new fronts event? If not, I think there's an argument to be made that they're still being timely with informing investors of future revenue projections
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You still have to say something when large changes like that happen. But Q2 twitter earnings were released 7/22, and some comments say this event happened in May so they 100% new about it before.
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that sounds like a shareholder lawsuit to me
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Wtf that's some bullshit
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To be fair, he was selling shares and didn't tell the public about the deal saying he thought he could get the contract back (yeah right).
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That's a classic government - company interaction. There was a refining company where I grew up that sold some sort of product with an additive because the New Hampshire government asked them to, it turned out that additive was harmful and the government banned it like 10 years later. They then sued the refining company for 5 billion citing negligence among other things, the company had to settle due to litigation costs + the small change they lost meant the whole company went under.
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This could get interesting but media matters is known for pedaling BS so I have my reasons to not believe and think this guy is just trying to farm some clout
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Yeah, that's why I'm guessing it's BS. It's one of the for sure ways to go to prison as a c-suite person.
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Have you seen this timeline we're in? We have a Facebook CEO sinking billions and can't even make legs for his wii-u clone.
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Did you miss the part where Elon Musk bought Twitter? As in took it private?
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Twitter still had to release earnings reports and it massively impacts the stock to learn that earnings projections should have been cut by 30%
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Oh yeah, look at all that publicly-traded stock movement in the company that was taken private
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you rn
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What, exactly, do you think stock is?
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dude if you show a house to a guy and he wants to buy and it then starts to be on fire you have to tell the guy before he signs a contract even though he saw the house before.
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A house is not a company. Private companies don't have to publish their financial statements.
https://www.investopedia.com/ask/answers/062415/private-company-required-disclose-financial-information-public.asp#:~:text=In%20short%2C%20not%20in%20the,financial%20information%20to%20the%20public.
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a) lmao dude, this is not related to those statues
and b) irrelevant when relating to a deal
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