If Elon Musk and Twitter get their way, the company will soon be privately held and under his control. The most obvious immediate change would likely be Twitter’s stock being taken off the New York Stock Exchange. But the company would also likely get freed from having to give regular updates about its business to US regulators and to Wall Street. One important change for Twitter users is that the company would likely have more freedom to make big or unpopular changes. That’s because it wouldn’t have to worry about potential blowback from Wall Street.
Here’s a look at what it means for a company to go private. WHAT WILL HAPPEN TO ITS STOCK? If the merger closes as planned, Twitter investors would get US$54.20 in cash for each share they own. Those shares would then be canceled and cease to exist. WHAT DIFFERENCE DOES THAT MAKE? Twitter would likely no longer have to file documents with US regulators every three months to show how much money it`s making. It also likely wouldn’t have to announce changes to its strategy or operations that are big enough to materially change its fortunes. Now, it risks getting sued if it doesn’t make such disclosures.
”The biggest distinction is that Musk as an owner would be beholden to his own desires or to his and whatever remaining shareholders are still around, rather than to the wide investor base that it has now,’’ said Eric Talley, a law professor at Columbia University.
Photo: Reuters 照片：路透
WHO WOULD BE IN CHARGE? The company would still have a board of directors, Talley said. It would also need to still follow state-level corporate governance rules, as well as all applicable tax, environmental and other laws.
WHAT ARE THE BENEFITS OF BEING PRIVATELY HELD? Going private removes the possibility of Twitter having to answer to angry shareholders if it makes big changes to its business. Musk has already floated the idea of depending less on advertising, which is Twitter’s main way of making money. Investors often send a stock price lower if they think a company’s decision is wrong, or at least being made at the wrong time. And the fiduciary duty of the board of directors for a publicly traded company is to generate a return for its investors. A privately held company, meanwhile, doesn’t need to worry about short-term drops for its stock price. It can also jump more whole heartedly into plans, say by hiring slews of new workers to transform it, without having to explain the jump in expenses to shareholders in its next quarterly report.
WHAT DOES A COMPANY LOSE BY GOING PRIVATE? A potentially quick way to raise cash. Companies that are publicly traded can sell more shares of their stock if they need to raise cash in a pinch. COULD MUSK DECIDE NOT TO CARE ABOUT MAKING PROFITS AT ALL? If he’s the only shareholder, he could ostensibly do whatever he wants. But he is also borrowing up to US$25.5 billion from a slew of banks to pay for the takeover of Twitter. And they’re going to want their money back, plus interest.
Tourists will benefit as yen falls 日本6月將開放觀光！日圓「貶值」學換匯英文 自疫情爆發至今已超過兩年，全球逐漸邁向與疫情共存的方式，日本政府也將陸續鬆綁邊境管制，最快有機會六月就開放外國觀光客以團體旅遊方式入境。加上日圓近期狂貶，來到二十年來新低點，專家預估，日本將迎來新一波的旅遊熱潮。今天我們就從國外報導的日圓貶值現象，提前為旅日做好準備吧！ yen weakness 日圓疲軟 Yet economists see building pressure for a shift if persistent yen weakness exacerbates inflation by raising import costs, particularly for energy, and reckon that 125 is a key level. （然而，若是日圓持續疲軟而提高進口成本，尤其在能源上，將加重通貨膨脹，經濟學家認為政策轉變的壓力很大，並預估貶破125是關鍵點。） yen weakness是「日圓疲軟，weak (a.)意思是「虛弱的、疲弱的，加上「-ness」名詞字尾，代表「疲軟的概念；加上「-en」動詞變化則有「弱化、削弱」的意思。 The bill would seriously weaken environmental protections. （這項法案將嚴重削弱對環境的保護。） exacerbate (v.)「惡化、加劇、加重，英文的定義為to make something that is already bad even worse（使某件已經很糟的事情更糟）。文章中提到通膨（inflation）加劇，將會對經濟造成負面的影響，因此可以看出作者的態度是不樂觀的。 This attack will exacerbate the already tense relations between the two communities.（這次襲擊將令兩個原本已經處於緊張狀態的團體關係更加惡化。） 提高成本raise、rise怎麼用？ raise import cost是「提高進口成本，討論數據「上升、下降時，經常使用raise和rise這兩個動詞，但是特別注意兩者使用方式有所不同。raise是及物動詞(vt)，後方必須要接一個受詞（名詞），如raise your hand、raise the eyebrows；然而，rise是不及物動詞(vi)，不能直接加上受詞，而是要在中間穿插一個介系詞作為連結功能的用途，如常見的go (to) school、listen (to) music等，因此rise的用法就是inflation rises，常見的the sun rises in the east就是如此。 The government plans to raise taxes. （政府計畫增稅。） Inflation is rising by 2.1 percent a month. （通貨膨脹一個月增長百分之二‧一。） 升值、貶值怎麼說？ Japanese yen depreciation is a big problem for the Japanese economy, because
After causing a stir with his first appearance at the Cannes Film Festival in 30 years for his new film Top Gun: Maverick, Tom Cruise made another stunning appearance at the film’s London premiere in Leicester Square on the evening of May 19. Having been given the honor of walking the red carpet with Prince William and his wife the Duchess of Cambridge, Cruise, being the perfect gentleman, extended his hand to the Duchess as she navigated a set of stairs. The sweet moment was spotted by onlookers and greeted with a barrage of camera flashes from the assembled media, while
The Grammys: Music Lovers’ Festival 葛萊美獎：音樂人的盛典 There are few awards ceremonies that get more attention than the Grammys. This annual ceremony, first held more than six decades ago, recognizes outstanding achievements in the music industry. The trophy that is presented to winners is in the shape of an old-fashioned record player called a gramophone. The idea for the Grammys first came about in the 1950s. People in the recording industry were concerned that musicians, singers and songwriters were not getting the same recognition as people working in film and television. The movie industry, for example, had been awarding Oscars since 1929, and the television industry handed out
The Fullon Hotel Fulong has announced that this year’s Fulong International Sand Sculpture Art Festival will take place from tomorrow until Oct. 10 at the Fulong Beach Resort in New Taipei City’s Gongliao District. This year’s sand sculpture festival has joined hands with Taiwan’s classic Pili budaixi glove puppet theater to create 36 sand sculptures that depict more than 30 popular characters from the Pili puppet shows. The centerpiece is an 8 meter-high sculpture of one of the main characters, Su Huan-chen, displaying his martial skills. Transforming into three different styles on the beach, he will defeat his greatest foes. In coordination