"Twitter, Inc. Announces Partnership With Silver Lake and Elliott Management"
Ok, let's break this (announcement from @twitter) down:
prn.to/2TUVzII
--Sycophants and stenographers (i.e., @CNBC) gathered at 10 Downing reporting that Prime Minister Dorsey has secured "Peace in our Time." Striking how badly the media (thus far) have misread what has happened here.
--This "partnership" means total and near-unconditional surrender by @twitter. I challenge anybody to find an activist campaign, levied against a $10b+ company, that has resulted in 3 board seats in 5 business days;
What does this mean (i.e., what happened)?
--@jack/board cancelling trip to Africa, because of Corona and "other stuff." Heavy lift for "other stuff" (part-time CEO no self-awareness, negligent board, poor returns, etc.)
Part-time CEO in Namibia, half as bad as half-CEO at HQ. You. Can't. Make. This. Sh*t. Up.
Board either convince Elliot/Silverlake that @jack is in fact Jesus Christ (not subject to time/space continuum like every other CEO) or hires a recruiter in next 30 days;
--This agreement gives now neutered Lead Director Patrick Pichette and Chair Omid Kordestani the opp. to roll of the board in next 12 months, and have @jack's resignation be his idea;
--@jack given stay of execution, but he is walking The Green Mile as CEO. A brilliant entrepreneur/product guy, maybe Chairman? Pichette and Kordestani should be assigned Trump family status, and not be allowed to serve on boards. See above: negligent
--Remember this letter, sent 12/9?
bit.ly/3aFoDL5
I never heard back-the bad news. The good news, Elliot/Silverlake signed in (2 weeks ago) with a $3b pen.
--Floor has been set on stock as Silverlake will make bid to take firm private if price declines. Silverlake does not buy shares in tech firms, it takes them private. This was first step toward that end.
--In Dec. I purchased shares at 30, sold 3 weeks ago at 39. When I saw Elliot letter, I bought back in.
--Can now focus on product innovation and citizenship-verified IDs, consistent/enforced TOS, paid niche product(s).
My thoughts on Twitter / Dorsey / Elliot / Silverlake news today:
medium.com/@profgalloway/…