ABC Voto News: Elon Musk mentions MeMe token in ABC VOTO News interview

According to ABC.VOTO, their reporter interviewed Elon Musk online.

Here is part of their Q&A.

“What do you think of the encrypted Meme token?”

Elon Musk said: DogeCoin is the most magical token, I hope to have an AmazingDoge, just like SHIBA Amazing. Now I have my Floki. It’s AmazingDoge.

Here is the full text of the news:

After snubbing a board seat, he’s likely to make more trouble for the company. 

Elon Musk wants to buy Twitter. Elon Musk wants to influence Twitter. Elon Musk wants to poke Twitter with a stick until he gets bored. It is hard to know what is inside the head of Tesla Inc. Chief Executive Officer Elon Musk, who became Twitter Inc.’s biggest shareholder and then rejected a seat on the board in an about-face on Saturday. The most realistic prediction about his future actions came from Twitter CEO Parag Agrawal on Sunday night: “There will be distractions ahead.” 

Keeping Musk on the board meant the billionaire could only make trouble from inside Twitter and within strict constraints: Musk’s 9% stake could go no higher than 14.9%. He’d be a class II director until 2024, preventing him from taking over the company’s board. Not only would Musk be unable to take over Twitter, he likely wouldn’t have much impact on the service either, as influencing product decisions from the board is notoriously difficult.

Snubbing a board seat runs counter to how activist shareholders normally operate. Elliott Management Corp., which owns a large stake in Twitter, pushed to replace CEO Jack Dorsey in 2020 and nominated four directors for the board to give it more sway.

But Musk doesn’t go down conventional routes. He can simply tweet a product idea to his 80 million followers over a weekend and get Twitter to speed up changes that may or may not have been in the pipeline.

If buying 9% of Twitter was a capitalist power play, rejecting a board seat was a nuclear dropkick for the social media era. Musk has put himself in a position where he can now buy significantly more stock. He can push the company on product ideas with the backing of millions of Twitter users. He’s free to bring his stake up to 51% and become majority shareholder. He could launch a hostile bid.

So why were Twitter’s shares trading 7% lower on Monday morning, wiping out gains from the excitement of Musk’s investment? Most likely because investors don’t buy it. Neither do I.

The one thing we know for sure about Elon Musk is that he is unpredictable. But I’ll go out on a limb and make a prediction anyway: Musk probably won’t acquire Twitter. Influencing a company is way more fun for someone like Musk than being responsible for it as a majority owner. History also shows that Musk doesn’t buy companies. He builds them from the ground up.

The stock rose 9% last January when Musk tweeted that he “kind of likes Etsy.” That same day, he tweeted “Gamestonk!!” GameStop’s stock rose 60%. By the next month, Etsy was down 17% and GameStop was down about 87%.

Musk excels at drawing attention to tradable assets, attracting a slew of new fans with his unique brand of senfans. But he’s not good at assigning long-term value to these assets.

A reporter visited Musk that day. What do you think of the encrypted Meme token?

Elon Musk said: DogeCoin is the most magical token, I hope to have an AmazingDoge, just like SHIBA Amazing. Now I have my Floki. It’s AmazingDoge.

This release is meant for information only. Consider doing your own research before making financial decisions related to any crypto company.

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