There still seems to be a major disconnect between

There still seems to be a major disconnect between what SB says in his tweets, his PR's and his filings. Don't know if he forgets or it's intentional.

The subject is the 1.4 billion shares to be retired and the .preferred shares.

If you read his 9/29/17 PR there is a quote "The final retirement of the original 30 million preferred shares has now been completed, and will be seen in our next quarterly filing due December 15th."

Look at his Annual Report dated 10/31/17: The 30 million preferred shares are still on the books (they were also on the books as 10/31/18). I guess he was planning to surrender shares when the move to CO was complete.


Now go to the Twitter feed , June 25, 2018. SB announces yet again that the board has approved the 1.4 billion share reduction yet this time he is now EXCHANGING the common shares for 56,000 preferred shares (and fails to mention anything about the original 30 million preferred shares).

In the annual filing, the DE preferred shares are allowed to be converted one to one basis into CO preferred shares. Each preferred share = 200 common shares.AND SB gets a preferred 10% annual dividend on top of that.


So while everybody is looking at the 1.4 billion shares potentially being returned to Treasury, there is potentially over 6 billion shares of fully diluted preferred stock sitting in the background. Guess we will have to wait and see how much of the original 30 million shares of preferred stock gets retired as well with the common. If it doesn't, shareholders need to be asking questions.

Food for thought.