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So Musk can come in and fire the entire Board? What's even the point of a Board of Directors then? I thought Boards could convene and fire lovely CEOs if necessary, not the other way around.
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Nov 1, 2022 00:53
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Nissin Cup Nudist posted:So Musk can come in and fire the entire Board? What's even the point of a Board of Directors then? I thought Boards could convene and fire lovely CEOs if necessary, not the other way around. That's how it works if the CEO isn't also the owner. The board members act as the trustees of whoever owns the company, be that a person, a group of people, or the shareholders, which is why they can hire and fire principal officers of the company.
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Nov 1, 2022 01:01
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Nissin Cup Nudist posted:So Musk can come in and fire the entire Board? What's even the point of a Board of Directors then? I thought Boards could convene and fire lovely CEOs if necessary, not the other way around. Public companies must by law have a board of directors elected by shareholders. The board acts on behalf of the shareholders and one of their primary responsibilities is to hire and fire the CEO and the CEO very much can't dissolve the board. Musk bought Twitter though so it's no longer a public company. It's a private company and he and the other owners can do whatever they want with it.
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Nov 1, 2022 01:13
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I like how CEOs have been crying about remote workers having multiple remote jobs, and fire them for it, but they can be the CEO of a bunch of companies at the same time. You'd think if the CEO was so important, they wouldn't have time.
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Nov 1, 2022 01:26
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Nissin Cup Nudist posted:So Musk can come in and fire the entire Board? What's even the point of a Board of Directors then? I thought Boards could convene and fire lovely CEOs if necessary, not the other way around. I had to go and look this up, and apparently in Delaware, where Twitter is registered, the Board of Directors of a Title 8 corporation only has to have a minimum of one member. So what he's doing is totally legal, and left as an exercise to investors as to whether they think it's wise. The investors are a bunch of his TechBro buddies and the House of Saud, who all seem pretty A-OK with the idea of despotism.
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Nov 1, 2022 01:29
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Owling Howl posted:Public companies must by law have a board of directors elected by shareholders. The board acts on behalf of the shareholders and one of their primary responsibilities is to hire and fire the CEO and the CEO very much can't dissolve the board. Was Twitter public before Musk bought it? I think it was, so did the deal include a stock buyback thing then?
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Nov 1, 2022 02:24
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Nissin Cup Nudist posted:Was Twitter public before Musk bought it? I think it was, so did the deal include a stock buyback thing then? Yes. Every stockholder got paid out 54.20 per share, which closed out the stock and made Twitter private again. I think there was some talk of certain investors getting equity in the private version of Twitter in exchange instead, like Jack and other investors close to Musk, but I'm not sure if that ended up happening.
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Nov 1, 2022 02:28
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The Saudis "kept" their shares - they published a letter saying that they were the 2nd largest investor in twitter now after Musk. (technically they got paid out like every other public investor/owner, and then bought back shares from Musk at the same price)
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Nov 1, 2022 02:42
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unknown posted:The Saudis "kept" their shares - they published a letter saying that they were the 2nd largest investor in twitter now after Musk. (technically they got paid out like every other public investor/owner, and then bought back shares from Musk at the same price) I don’t know if it’s funnier if they paid fifty‐four dollars and twenty cents per share or if they did not.
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Nov 1, 2022 02:50
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Platystemon posted:I don’t know if it’s funnier if they paid fifty‐four dollars and twenty cents per share or if they did not. Funnier if they did because some poor advisor might have explain 'weed number' to Saudi royals
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Nov 1, 2022 03:00
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Rotten Red Rod posted:Surely THIS will be the event that causes people to finally stop using Twitter!!!! Ah, nevertheless! Xand_Man posted:Funnier if they did because some poor advisor might have explain 'weed number' to Saudi royals Lol if you think they care how much it costs, when they can use it to persecute political enemies.
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Nov 1, 2022 03:21
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golden bubble posted:https://www.cnbc.com/2022/10/31/elon-musk-has-pulled-more-than-50-tesla-engineers-into-twitter.html I'm curious about who is even giving Musk legal advice at this stage, given that Tesla has no legal counsel, and he just fired Twitter's.
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Nov 1, 2022 03:21
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Certainly none of those white-shoe dweebs at Perkins or Cooley.withoutclass posted:Probably just rides on the YouTube code/infra so does it take a lot extra to keep the lights on. It does, you can just replace /shorts/ with watch?v= and have it play in the normal youtube format on desktop. Better to just get an extension to do it for you since youtube forces every vertical video under a minute into being a short and they're obviously pushing this poo poo hard. BeeSeeBee fucked around with this message at 04:01 on Nov 1, 2022 |
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Nov 1, 2022 03:59
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BeeSeeBee posted:It does, you can just replace /shorts/ with watch?v= and have it play in the normal youtube format on desktop. Better to just get an extension to do it for you since youtube forces every vertical video under a minute into being a short and they're obviously pushing this poo poo hard. https://chrome.google.com/webstore/detail/youtube-shorts-block/jiaopdjbehhjgokpphdfgmapkobbnmjp for a link to the Chrome version of such an extension, it works well in Edge also.
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Nov 1, 2022 04:24
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Quorum posted:Yes. Every stockholder got paid out 54.20 per share, which closed out the stock and made Twitter private again. I think there was some talk of certain investors getting equity in the private version of Twitter in exchange instead, like Jack and other investors close to Musk, but I'm not sure if that ended up happening. What then is the hubub about laying off workers the day before new stock options vest? There's no more stock, right? (I've worked in the public sector all my life and have absolutely no idea how stock options work)
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Nov 1, 2022 05:13
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Tayter Swift posted:What then is the hubub about laying off workers the day before new stock options vest? There's no more stock, right? Even if the stock is non public, it still represents ownership of the company, and has value.
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Nov 1, 2022 05:43
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Tayter Swift posted:What then is the hubub about laying off workers the day before new stock options vest? There's no more stock, right? apparently the merger agreement includes provisions that it would be paid in cash instead https://www.nytimes.com/2022/10/29/technology/twitter-layoffs-musk-jobs.html
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Nov 1, 2022 05:44
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'You can't solve sociological problems with technical solutions' is common sense to us but you gotta realise it runs counter to literally every principle of the executive class. We're in the end of history where Great Men are meant to invent gidgets and whizmos that solve all the problems through little tweaks without actually having to change anything, notably all the money that they're making.
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Nov 1, 2022 06:07
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Firing a bunch of people the day before they were due equity grants is a lawsuit waiting to be filed. Unlike one gently caress you from management I was subject to. The first company I worked full time for was hosed up in a few ways, but it had open book management and good bonuses based on EBITDA. Then one year, the incoming IT Manager and my first rear end in a top hat boss finalized the Tech Plan. It was a major overhaul of every system we had and would be very expensive. But good news ! We'd had a great year and bonuses were going to be huge ! Then management put the Tech Plan on the books as an expense and our bonuses were wiped out. By some amazing coincidence this paid for the Tech Plan. I was personally out of pocket $11,000 as a result. In January 1998 dollars. It will come as no surprise that the commitment to open book management quietly ended in December 1997. It will also come as no surprise that they ended up suing their CRM vendor chosen under the Tech Plan. Our (the IT department) preferred vendor (Siebel) dropped out after one demand for a discount too many. The other party was only promising maybe 65% of our wish list but would try for the peanuts we were willing to pay. Naturally, they got clowned on in the breach of contract lawsuit and paid attorney's fees. At one point in 1997 the owner/CEO told me he'd never pay me more than $27k a year. My next job was double that, and my current job is 4x that before bonus and equity, let alone benefits. gently caress you Barry, I hope you cried when your business finally failed.
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Nov 1, 2022 06:39
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Perestroika posted:W-why would you want to look at vine code in the first place? Twitter already has a wholeass infrastructure for uploading, hosting, and playing video files, so if you did want to make a pseudo-vine or tiktok you'd likely be better off building on that instead. Counterpoint: Drag out the backup tapes, use the old code almost zero changes, and make vine suddenly exist again with the same UI and the same users it had before. It'll be much more ridiculous and entertaining than a new site.
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Nov 1, 2022 10:05
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Vested they get money to. It's like firing you the day before you get your bonus
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Nov 1, 2022 13:19
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Elon going to get sued over not paying the CSuite their golden parachutes too. Definitely a fabulous start to the new Twitter.
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Nov 1, 2022 13:26
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Dylan16807 posted:Counterpoint: Drag out the backup tapes, use the old code almost zero changes, and make vine suddenly exist again with the same UI and the same users it had before.
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Nov 1, 2022 13:34
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I hope that shithead tanks it. Please do it.
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Nov 1, 2022 13:37
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withoutclass posted:Elon going to get sued over not paying the CSuite their golden parachutes too. Definitely a fabulous start to the new Twitter. He has to come up with a compelling reason for firing them for cause but them managing to force the sale kinda proves they were at least competent. This was the best possible outcome for shareholders. The c-suite - Got bought out of all their equity at an inflated price. - Most likely gets their parachutes. - Most likely gets a bonus for wrongful termination. - Won't have to manage Twitter anymore. Infinite wins all the way down.
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Nov 1, 2022 14:01
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Owling Howl posted:He has to come up with a compelling reason for firing them for cause but them managing to force the sale kinda proves they were at least competent. This was the best possible outcome for shareholders. Thankfully there's no cause that will meet the definition. He's just a piss baby that thinks he can do whatever he wants. 
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Nov 1, 2022 14:34
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withoutclass posted:Thankfully there's no cause that will meet the definition. He's just a piss baby that thinks he can do whatever he wants. It's beCAUSE I hate them
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Nov 1, 2022 14:46
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This is happening more rapidly than I expected: https://twitter.com/Ryanbarwick/status/1587439989050179588 IPG clients include American Express, Spotify, and Johnson & Johnson. There's also typically a bit of a contagion effect where, at minimum, this gets other brands asking their agencies "why?". The worst case scenario for Twitter (though not likely yet) is that this kicks off an advertiser death spiral where reputable brands drop and standards are further loosened to allow scammier bullshit to prop up operating revenue, driving away more brands and soon it's just pillow ads, reverse mortgages, and colloidal silver
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Nov 1, 2022 15:02
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Paracaidas posted:an advertiser death spiral where reputable brands drop and standards are further loosened to allow scammier bullshit to prop up operating revenue, driving away more brands and soon it's just pillow ads, reverse mortgages, and colloidal silver
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Nov 1, 2022 16:08
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https://mobile.twitter.com/atomicthumbs/status/1032939636904026113
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Nov 1, 2022 16:11
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I rewatched a TED 2022 interview with Elon Musk that, coincidentally, happened several hours before Musk publicly proposed his intent to buy Twitter. He mentioned open sourcing the algorithm. So funny how things changed so quickly.
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Nov 1, 2022 16:27
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Sagacity posted:Just create an app to make even shorter videos and call it Nibble Not memorable enough, need something that feels quicker, how about Quibi, is anyone using that word?
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Nov 1, 2022 19:34
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duz posted:Not memorable enough, need something that feels quicker, how about Quibi, is anyone using that word? Quibi and Quibbl were both already taken.
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Nov 1, 2022 20:00
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Can we do qbit? How about qbert?
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Nov 2, 2022 00:34
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Paracaidas posted:This is happening more rapidly than I expected: My mortgage for a checkbox. ✅ Gotta get that drip! Sadly, I bet someone actually tries to do this, some "get twitter verification for life if we reverse mortgage your house!" poo poo.
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Nov 2, 2022 03:36
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notwithoutmyanus posted:Sadly, I bet someone actually tries to do this, some "get twitter verification for life if we reverse mortgage your house!" poo poo. That's gonna suck when twitter dies a week later.
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Nov 2, 2022 03:39
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Clarste posted:That's gonna suck when twitter dies a week later. if allah wills it
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Nov 2, 2022 03:53
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Paracaidas posted:This is happening more rapidly than I expected: Welp, this might explain why Twitter stopped responding to marketers and agencies. https://twitter.com/TaylorLorenz/status/1587533540236791809
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Nov 2, 2022 04:51
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Doggles posted:Welp, this might explain why Twitter stopped responding to marketers and agencies. https://twitter.com/bckieffer/status/1587511930721165312
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Nov 2, 2022 09:09
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withoutclass posted:Thankfully there's no cause that will meet the definition. He's just a piss baby that thinks he can do whatever he wants. The comedy option - fired for gross negligence because they sold the company to a known dipshit.
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Nov 2, 2022 17:42
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