It appears that Elon Musk isn’t content with just taking on Twitter. He wants to take on the whole of Big Tech.
Fox Business reports that Musk blasted Netflix on Tuesday for being infected by the “woke mind virus.”
“The woke mind virus is making Netflix unwatchable,” Musk tweeted.
Musk, with this tweet, was responding to the news that Netflix has recently taken a hit. He specifically responded to this tweet from Slashdot:
Netflix Shares Crater 20% After Company Reports it Lost Subscribers For the First Time in More Than 10 Years.
Things only got worse for Netflix after Musk’s Tuesday night tweet. By the following morning, just before the market opened, Netflix shares were down by 27%. It would drop down to more than 37% throughout the day.
This all followed a report from Netflix revealing that it lost 200,000 subscribers during the first quarter of the year. The company also reported that it expects to lose millions more in the coming months.
Fox Business reports:
In releasing its first quarter report Tuesday afternoon, Netflix co-CEO Reed Hastings said the company would be experimenting with lower-cost, ad-supported packages and acknowledged the effect of growing competition in the streaming market.
Clearly, in Musk’s opinion, the company is going to have to do a lot more than that: it is going to have to cure itself of the “woke mind virus.”
Meanwhile, Musk keeps his crosshairs on Twitter
Elon Musk has been on a quest to purchase Twitter. He specifically has made it clear that he wants to change Twitter from a social media censorship site to one that promotes free speech.
Twitter responded to Musk’s initial $40-odd billion offer with a so-called poison pill. The point of the tactic is to prevent Musk from acquiring the majority stake in the company. Fox Business explains the way it works, writing:
If any shareholder accumulates a 15% stake in the company in a purchase not approved by the board of directors, other shareholders will get the right to buy additional shares at a discount diluting the roughly 9.1% stake Musk recently purchased.
Musk now plans on making a bid on Twitter within the next 10 days, and he is putting more of his own personal money – up to $15 billion worth – in the pot: That’s roughly five times the value of his Twitter shares. Musk appears to be looking for co-investors for the rest.
Fox Business reports: “For Musk’s bid to be successful, he would need to win full approval from a majority of Twitter shareholders.”