Broken Financial System

The Traditional Financial System Is Broken

By hifi.bitcoin | HiFi Bitcoin | 20 Apr 2022

Read now to learn how a "defensive" move from Twitter against Elon Musk's takeover bid may be a disaster for many of the company's smallest investors.

The traditional financial system is broken. People around the world, living under all types of governments, work day in and day out only to struggle immensely to afford the same quality of life that their parents and grandparents were able to enjoy while expending much less effort. Sure, technologies have improved a lot. But the cost savings that are typically associated with technological advancement have been completely wiped away by the atrocity of government-sponsored inflation. It’s difficult to get ahead when you’re systematically robbed over the course of decades.

Even so, governments aren’t the only culprits behind the brokenness of the traditional financial system. Businesses are also often guilty of egregious offenses against society’s finances, although that behavior frequently isn’t readily apparent to onlookers. Such is the case with the defensive strategy Twitter has chosen to employ against a takeover attempt by billionaire Elon Musk.

A Poison Pill For Thee

It seems like Elon Musk is bordering on nearly legendary these days, at least in the eyes of many of his 82+ million followers on Twitter. Elon Musk is currently the world’s richest person and is CEO or co-founder of nearly half a dozen active technology companies, including Tesla Inc. On top of that, Elon Musk seemingly has the ability to move financial markets with his comments on social media and in other public forums, especially when it comes to cryptocurrencies. Veteran Bitcoiners will likely remember how the price of Bitcoin jumped around fifteen percent in mere minutes after Elon Musk changed his Twitter profile to “#Bitcoin”. Nor have we forgotten how his adoption of Bitcoin energy FUD in May of last year likely contributed to sending many new and institutional participants in the Bitcoin space scrambling for the exits.

Elon’s interests over the past several weeks appear to have shifted towards protecting free speech on the social media platform Twitter. In order to achieve that goal, he went so far as to buy over 9% of the company’s publicly-traded stocks and then submitted an offer to buy the entire company outright in order to take it private. Given what we’ve already discussed, this type of freewheeling behavior from Elon Musk is basically expected. Rather, it’s the response from Twitter’s Board of Directors that has me up in arms. The Board, in what they claim is an effort to rebuff Elon Musk’s acquisition of Twitter, announced that it has adopted a “Limited Duration Shareholder Rights Plan” with the following conditions: 👇🏻

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