Announcer: Wall Street Unplugged looks beyond the regular headlines heard on mainstream financial media to bring you unscripted interviews and breaking commentary direct from Wall Street right to you on main street.

Frank Curzio: How’s it going out there? It’s Tuesday, April 19th. I’m Frank Curzio, host of the Wall Street Unplugged podcast, where I break the headlines and tell you what’s really moving these markets.

Frank Curzio: So, it’s earnings season, favorite time of the year. You guys know I love it. All the companies now are going to report their earnings for the past quarter, but they give you an update of what’s going on around the world and also offer their guidance, usually over the next three months, sometimes a little bit further. One trend I’m noticing thus far, very, very early into earning season, next couple weeks is going to be absolutely nuts. It’s very early. One trend I’m noticing is companies beating earnings, but missing on sales, meaning they’re finding ways to operate more efficiently, whether it’s raising prices, which we’re seeing from every company out there with inflation running wild or by reducing expenses. And the problem with that when it comes to reducing expenses is it comes in the form of what? Maybe lowering marketing budgets and the fast way to cut costs by laying off employees.

Frank Curzio: But when a lot of that money is coming from raising prices, that can’t happen forever. And we’re now seeing data indicating transportation companies are seeing a slowdown demand first time since COVID. So, we’re seeing that take place now with inflation moving higher, rates moving higher, people’s bills and more money coming out of the system with the Fed going to aggressively raise rates, which they haven’t really done yet, but you’re seeing a 10 year rise tremendously, almost at 3%. Mortgage rates over 5% or five in a quarter a couple days ago. I don’t know where exactly they are now. So, these companies have to find ways to earn more out of those sales and they have to operate much better because margins are incredibly high, higher than they’ve ever been, with everything so with the moving to digital. It’s a lot easier. A lot of these companies are smart, but raising price? You’re not going to be able to do that forever. Again, those cracks in that foundation you’re seeing.

Frank Curzio: But what are they going to do? How are they going to cut costs? They’re going to say, “Wow, the employment market is great. Anybody who wants a job, they can have it. There’s millions and millions of jobs available.” Let’s see if that’s going to remain the case going forward. And that was before all this shit was taking place. So, that’s a trend I’m looking for in urgency. What are they going to do, where they’re talking about supply chain issues? They’re saying, “Hey, we’re able to pass on,” most companies, “These higher costs, but the costs are tremendously higher now.” I know. I’m building a house. I was just told my pool that I wanted to build is pretty much double the price it was five months ago, which is insane, to the point where I’m probably not going to be building it and looking for someone else to do it. It’s crazy.

Frank Curzio: So, that’s a trend I’m looking forward to seeing what they report and what their guidance is going to be. The supply chain issues, which I’m seeing if you’re looking at a couple of semiconductor companies that have already reported, they said that their chips, their sales got nailed because of massive supply chain concerns from March, last month, with China, the lockdowns and COVID. But yet, you’re hearing on TV that everything’s topping inflation. We’re going to be okay. Think it’s cool. These are the things you want to listen to at earning season, get an indication, especially the larger companies who have access to every place all over the world. That’s what they’re operating in and despite earning season, which always gives us great headlines at a daily basis. Nobody really cares right now.

Frank Curzio: I mean, the biggest story’s not Russia either, or Ukraine, how the war’s entrance was a deadly phase thus far at a time when many thought the situation would ease by now, including myself. The topic this week isn’t really inflation because all of a sudden, it’s turned to everyone, economists, research firms, you watch your media outlets, believe inflation is close to peaking now. We’re really close to peaking on one piece of data, which CPI, the core CPI, which doesn’t include China’s massive lockdown, which we get it, how much this applies from, but it’s easing. Everything’s okay. So, nobody’s talking about it.

Frank Curzio: The biggest story, however, again, not earning season, not the war, not inflation, is Elon Musk who is being offered to purchase Twitter, the social media site, $43 billion, which amounts to a little over $54 a share. And Elon Musk, his character, I get it. People love him. People hate him. And he has a huge following. You can’t ignore what he’s accomplished. I think Twitter, not Twitter, but Tesla should be trading maybe at $300 a share, except where it is now, 900, where it is now. But when you have a loyal following and believers and people believe you, they hold this stock forever and they love it. And he’s delivered on a lot of those promises. Again, you have those tractors, people who’ve been saying you should short Tesla since it was a 100, 200, 500, 900 and they’re still going to say it regardless of the production numbers going up and the profitability going up and the fact that they don’t have any liquidity concerns anymore. But make no mistake because this is a huge story, and I don’t think it’s a huge story for the reasons that you’re hearing on TV.

Frank Curzio: Especially when we’re watching, again, there’s just so much shitty coverage. I won’t single out anyone, but there’s so much shitty coverage on this event where they’re talking about how Twitter should not be sold to a billionaire or the borders against Elon because he wants to turn us into a free speech platform. Those are the big debates and guys, that’s the bullshit you want to avoid. That’s the bullshit, okay? That you want to avoid. It gets you fired up. It gets you to want to say things on social media. That’s the point. That’s why they’re telling you this. That’s why that’s the reason for this story to be so big. Another billionaires going to own an outlet. He shouldn’t be able to own a media outlet. The board of directors should be against this. You’re going to say he wants to turn it into a free speech platform. No. No free speech. Just it’s anti-American.

Frank Curzio: I mean, again, a lot of this is BS when you look at Twitter and these are narratives created by the media to make your blood boil, right? So, you’re going to post more crap on social media. You’re going to watch more TV, which is great for these company, but does nothing for you. It does nothing for you except probably get you angry, but the political narrative BS, it astonishes me. It really does. And Elon shouldn’t be allowed to purchase Twitter because he’s a billionaire? Really? Zuckerberg has full control over Facebook, right? One of the largest media outlets on the planet. The Washington Post is owned by Jeff Bezos, right? And again, the Murdoch Family owns Fox, which includes the Wall Street Journal and the New York Post.

Frank Curzio: Bloomberg became the Mayor of New York City, also ran for president. Lost, got smoked and became a massive donor for the Democrats, especially finding those governor races that were super tight and providing hundreds of millions of dollars to them, right? In Georgia, South Carolina, whatever. You could do what you want with your money, but you saw what type of stories that were coming out of Bloomberg and what was published during the election. Atlantic is owned by Steve Jobs’ widow, who’s a massive liberal. Backed Kamala Harris for president, maybe the only Democrat to do it during the democratic presidential primaries. Democrats hated Kamala Harris. I mean, she was the first major candidate to drop out of the race because she got crushed during the debates by Tulsi Gabbard, Elizabeth Warren, and Biden. And she was out immediately. Marc Benioff, billionaire, CEO of Salesforce, he owns Time. Steve Forbes with Forbes. What are you talking about?

Frank Curzio: I mean, it amazed me that so many of these sites, they’re writing stories through their sites and they have articles on how Elon Musk should not be able to purchase Twitter because he’s a billionaire. Now Twitter’s going to become this haven where false information is published, really false information and fake stories, if that’s what you’re worried about. It’s fucking hypocrites. You got to be kidding me, but that’s the narrative being pushed. That’s what you’re seeing on all posts in every place right now. And then you go to the free speech argument, which is being pushed by Musk. So, you want it to be a free speech platform, but conservatives saying, “You know what? If he’s not allowed to purchase Twitter, that’s anti-American, as Americans are turning away from the founding principles of free speech.” Again, this narrative is bullshit as well.

Frank Curzio: And look, Twitter, like all social media sites, they’re platforms. They’re run by companies, board of directors. So, free speech is not in play. You can’t have free speech on someone’s platform where you’re working for someone or a company. If you think so, and you’re listeners at work, stand up on your chair and say, “Women deserve less money than men and everyone that’s gay should not be allowed to work in the office.” Try saying that. You’ll get fired in about 30 seconds. You don’t have free speech on these platforms. That’s the way it is. They’re owned by somebody and now they’re polling people who do not support their agenda, which we saw during election, which is crazy. You’re like, “Whoa.” I mean, a lot of people didn’t know it, but that you’re suppressing full stories and now, a lot of things that were suppressed, we’re seeing come back to light that happen to be true, which is pretty crazy.

Frank Curzio: But free speech, that’s not available on Facebook, Twitter, Instagram, TikTok. And if look at it and take a step back for just a second, I mean, the control that they have that we bitch about all the time is our fault. It’s our fault. I mean, at the end of the day, we control Facebook. We control TikTok. We control Twitter, Instagram. We, the people, right? We’re on those platforms talking all the time, telling everyone what we do every minute of the day, where we’re going on vacation, which yeah. We’re creatures of habit. So, we’re going to go on vacation the same weeks during a year, shop at the same places during school season, whatever. Go away in the summer months and what do we do? We share everything we like. Again, every place we are. We’re here right now, I’m checking in. And we share everything, our entire lives, on these platforms, which they use so marketers could just put shit in front of us immediately, which we see.

Frank Curzio: Try doing a Google search on whatever. You’re going to see all the ads pop up on every site you look at for the product you just wanted. So, if you stop using or we stop using all these social media platforms, they go out of business or at least they’ll have to change their business models from advertising to something else, which Facebook is doing, right? They’re doing the Metaverse. That’s not going to happen right away. Give it the next few years, I expect all social media companies to change into Metaverse companies over the next three years or so. It’s happening now. Look at all the major retailers, tech companies, buying up real estate on certain forms.

Frank Curzio: It’s a way to use decentralization and security checks to where you need to put in your phone number. You need to have an accurate address to be in the Metaverse, which removes fake accounts, limits the bots that are controlling and stuff being pushed at you. It’s a reason why you’re seeing billions pour into this industry right now and when I say right now, this year, the past four months, Epic just raised $2 billion for the Metaverse, Bored Ape’s, 400 million, there’s an Australian company, 300 million. The Qualcomm, major company, starting funds to invest in Metaverse companies.

Frank Curzio: I mean, you don’t really see things like this with market conditions like that, with money pouring in where inflation’s running wild, major war taking place, supply chain concerns heating up, the markets around the world selling off, right? The Fed’s going to be aggressive, raise rates, and you don’t really see money pouring, you’ll see it in a few ideas, really good ideas. Maybe it’s an AI idea or a climate change idea, ESG, whatever, but an entire sector to see this much money flow in during these times when SPACs can’t raise money right now, IPOs are getting put on hold, is interesting. But that’s the trend. That’s where it’s going.

Frank Curzio: But getting back to Twitter, the story that’s being fed to you, especially over the past few days, even during earning season, surprise, there’s so many good headlines, but I guess everybody wants a comment and say shit about this because of the narrative they’re pushing out where billionaires owning media sites, it shouldn’t happen. Our free speech is being threatened, which is not even relevant in this case because it’s a platform. But there’s a much bigger threat going on here and it’s how public companies are supposed to operate and why the system is becoming broken. That’s the real story here. The rest is just smoke and mirrors and getting you fired up. That’s massive.

Frank Curzio: I mean, look, when you buy a company, you become a shareholder. All of you are shareholders of companies. So, you’re probably listening to this and you might be shareholders of my company and own tokens. A publicly traded company, then what? They hire a board of directors who are supposed to act in the best interests of you, the shareholder. That’s their job. So, forget politics and free speech for a minute. Forget if you’re a Democrat or a Republican for a minute, just for a minute, which is hard to do these days.

Frank Curzio: The facts are, Elon Musk made a bid to purchase Twitter a week ago at $54 a share. That’s over a 50% premium since the day before he started to accumulate shares. In other words, if it wasn’t for Elon Musk and you’re a shareholder, I’m talking to you as a shareholder, Twitter would still be trading around 33, $34 a share instead of $48 a share with a $54 bid on the table. So, if you’re a shareholder, this is ecstatic news. I don’t care if you like Elon, if you hate him. As a shareholder, you’re buying a stock because want to appreciate to value. When you get that value, you could sell it, and then your family becomes more wealthy. You could take vacations, you could do whatever you want with it. Buy your kids more stuff. That’s why we invest, is to improve our lives, to increase our wealth. And this is what’s exactly what’s happening right now. It’s ecstatic news.

Frank Curzio: Considering every tech and media company is getting smoked. They’re down 20% plus. Even the Nasdaq-100, we take the largest companies, you just say take maybe the five largest because you’ll get Microsoft and Apple holding up rather well, down, but not as down as everything else, but the Nasdaq-100, the average company’s down over 15% year to date. So, you’re looking at a technology stock getting smoked, growth names getting nailed, but Twitter being a low 30s right now without this bid.

Frank Curzio: I mean, you see this thing, it could easily push into 20s because it’s not really growing anymore. I mean it is, but not as fast as other social media platforms that are getting smoked even more. And do you think the market for growth stocks looks good? Do you really think it looks good over the next 12 months with the Fed? They aggressively raise rates and reduces balance sheets, taking leverage out of the system. There’s so much money sloshing around, you deserve that higher premium when you’re growing much, much faster than the overall market, but now that premium has to shrink. That multiple has to come down, just like it went from 19 on average to 22, 23, 24, because we have super low interest rates in such a long time. And with flood of the market with money, you have to have that multiple start coming back down now and interest rates higher and they’re higher.

Frank Curzio: Forget about with the Fed being behind the curve. You’re looking at every rate across the board is signaling that the Fed, listen, you guys are idiots. This thing’s got to be at 3%, the Fed funds rate. Whatever you want to put it there, put it there. And I’m still seeing people on TV going, “I don’t think the Fed’s going to be that aggressive.” Like they have a choice. Whatever, regardless of what you do, if you keep it at this level, inflation is going to skyrocket. Imagine if the Build Back Better bill was passed. Imagine if that was passed. Holy cow. You know where inflation would be right now? Forget about the eight, 9%. I mean, they just wanted to throw trillions more into the system. Holy cow. And we had one Democrat that was against that. Just one.

Frank Curzio: I’m not picking favorites here or not, or saying anything, but it just shows you that something that ridiculous with inflation already running out of control before the war, before you were trying to pass this bill, that power trumps everything. It trumps everything. But you’re a shareholder in a technology stock that is getting smoked where no one’s really… There’s money flowing out of technology right now like crazy because this is a growth area and we’re probably not going to see strong growth at least for the next 12, 18 months until the Fed gets its act together.

Frank Curzio: With that said, shareholders should be an ecstatic and so should the board of directors, but they’re not, the board of directors, interesting. They actually put in a poison pill, which is legal. It’s used to prevent a takeover, try to get a better offer for shareholders. So, that’s why when you’re considering buying a public company, you’re going to try to do everything you can to persuade those board members, right? A special deal, like they could stay on for a year or two, special incentives for their vote. Whatever. Believe me, this stuff happens behind the scenes. And it’s usually a good deal because usually the board of directors owns a lot of shares, but not in this case. They own less than 0.1% of the company.

Frank Curzio: I like how Barron’s comparing that to Face… Not Facebook, Facebook, Zuckerberg owns a majority of that. But usually the board of directors, you have the founder or the CEO, the co-founders, who’s usually a large shareholder. Dorsey’s on the board. He’s the largest shareholder. He was much, much larger. He’s only 2%, but he’s coming off the board next month, and he’s probably going to sell his shares in Twitter. I thought it was funny because he slammed Twitter’s board after this saying, “It’s consistently been the dysfunction of the company,” of what he called, “A Silicon Valley proverb, which good boards don’t create good companies, but a bad board will kill a company every time.”

Frank Curzio: Interesting because when you look at this board, outside Jack Dorsey, again, he’s not going to be there next month. He wants 2%. The rest of the board owns less than 0.1%. I know they want to compare this to Apple or Microsoft, but I mean, this is Twitter, where you don’t have the founders. And the people involved in the company alone is even if they’re not on the board, they’re usually large shareholders, but usually they’re on the board, but yeah. These are guys that don’t have a large stake in this, but yet the board of directors, they get paid a lot of money, 3 million combined every single year in cash and stock rewards, that you get paid to be on the board, which Elon tweeted and said he’s going to eliminate if he buys the company. Another good thing for shareholders. Probably not good if you’re looking to persuade the board in any way possible because they could do everything they can to not get this deal done, even though it’s by far amazing and in the best interest of shareholders.

Frank Curzio: So for me, why is the board of directors so adamant about refusing this bid? I mean, to me, this is the much bigger deal than all the free speech shit and the billionaire stuff. As board of directors, they’re not operating the best interest of the shareholders at all because if they did, they would really be considering this and really saying, “Wow, this is amazing,” considering it’s a 50% premium than where the stock was trading a month ago. But this is the case in the way the board of directors is acting, then why would anyone, any of you listening to this or anyone that buys stock, why would you ever want to buy a publicly traded stock again? If you have a board of directors that doesn’t have a lot of shares outstanding, their interests are not in your best interest, which they should be at all times, that’s fiduciary responsibility.

Frank Curzio: There’s no company that’s publicly traded that should say, “I’ll never sell out,” because if the bid is right and it’s right for shareholders, you should sell out. Maybe you don’t, maybe you believe in a vision, and I want to get bigger and whatever it is. But if somebody comes up with a price that shareholders, that shareholders think is fantastic for a company, especially like Twitter. And now, you’re going against that because of some narrative I don’t even know, is it the billionaire narrative? Is it this free speech narrative? But why? Why is this happening? Who knows?

Frank Curzio: But let’s look at the data here because Twitter’s doing five billion in sales and this is a shareholder you should be concerned about. Doing five billion in sales in 2021. They expect to grow over the next two years while earning expected to grow around 15% annual over the next two years. Not bad. But Twitter has 220 million daily active users, which they monetize that stuff from, that’s about 15% over the past 18 months. So, again, you’re seeing a little bit of growth, but this is a company that’s getting smoked by Facebook, which has almost three billion users. These guys have 220 million. In fact, if you go over the social media platforms, YouTube, WhatsApp, Instagram, TikTok, WeChat, LinkedIn, Reddit, Snapchat, all the major ones, all have more users than Twitter. YouTube, 2.5 billion. A lot of these guys have hundreds and hundreds and hundreds of millions of daily active users. They’re blowing Twitter away. So, if you look at Twitter not growing as fast and it’s seen as a mature platform.

Frank Curzio: Now you look at TikTok, which is brand new, they generated 4.6 billion in sales last year compared to Twitter. You’ve been around forever. I mean, you’re looking at Twitter’s sales and where they’re supposed to be, and I have the numbers in front of me here, but you’re looking at they generated more revenue than Twitter. And again, five billion is supposed to go up to 5.9 billion in 2022, these expectations. But if you just take 2021, I mean, TikTok’s 4.6 billion in sales, close to five billion in sales, for Twitter, it’s been around forever. And I can tell you TikTok’s probably done 4.6 billion in sales just the first four months of the year and that platform is exploding.

Frank Curzio: This is pretty big, right? From Elon Musk and give that Twitter is one of the slower growing mature social media platforms. But Elon Musk providing a very super attractive price and an offer, especially given how much of a force he is on this platform in terms of engagement. I mean, he’s everywhere and everyone comments. And if he buys this, you know what he’s probably going to do? Maybe he said, like he said, free speech or whatever. He brings back Donald Trump, which if you were a shareholder, regardless if you’re conservative or liberal, you should be ecstatic about. He’s one of the following common persons on Twitter, which when his account was active and they threw him off.

Frank Curzio: But as a shareholder, you want more posts. You want more engagement, which leads to more advertising dollars, which leads to more earnings and which leads to a higher stock price because earnings drive stock prices. This is what you want. So as a shareholder, this is a perfect deal for you. But the board of directors doesn’t think so for some reason. And that’s a major problem because like I said, even you got to put your politics aside really quick. We’re talking as a shareholder because if you’re looking at the top 10 Twitter accounts, which include Justin Bieber, Taylor Swift, a whole bunch of other people, Lady Gaga, they’re not posting on Twitter anymore. They barely post anymore. Look, Taylor Swift has a post a month, I think. Justin Bieber maybe once a year. And they’re all posting on Instagram. That’s their core market. Not this.

Frank Curzio: The core market for Twitter is 30 to 45 year old’s. Instagram, all that Justin Bieber, the younger crowd, that’s the Instagram. You need influential people who are on a platform that people like and dislike, who are controversial, like the Elon Musks, the Donald Trumps, whatever, but that’s going to be great for the company if he purchases it at this level. But again, the board of directors are like, “Huh? I don’t know. Not really.”

Frank Curzio: Are they considering the offer? I mean, they have to consider it, but they’re doing everything they can to try to find another bid. They’re not going to find another bid because his offer’s amazing. His offer’s freaking amazing in this market. For the next year, you think technology companies are going to outperform? Really? With inflation running wild, even if it moderates here? With the Fed raising rates, who raise rates a quarter percent, that has to raise another two full percentage points by the end of year? At least that’s what the 10-year is telling us. Are you kidding me? I mean, come on. You’re going to find someone else that’s interested in this bid? But you have a board of director looking like he’s trying to do everything in his power to make sure Elon does not buy Twitter even though he’s paying this hefty premium that’s absolutely great for shareholders, which is the reason why you bought the stock, for the stock to go higher.

Frank Curzio: This is a major concern, guys. To me, this is the story. It’s a very dangerous path we’re taking and we know how fucked up politics is where they put our children’s safety at risk to gain more power. We see that in cities and mask wearing and lockdowns and stuff. This is a major story. It’s threatening the foundation that stocks were built on and likely empowering the move, you could see why Bitcoin and crypto, get innovation taking place, more decentralized for the most part, operating out of the scope of politics and central governments. You can see why that’s such an attractive alternative when we see shit like this happen, but how do you make an excuse not to accept that bid if you’re a shareholder? How? Who’s going to bid higher for it? Maybe you get some guy, but I don’t know. You’re going to really bid higher for that? I don’t know.

Frank Curzio: But Twitter’s board, they should be ashamed. And I have to say, for the board, for the board of directors, right? If you really think Twitter is worth so much more than the current price or more than the 50% premium Musk is offering for it, which that’s what you’re going out there seeing, “Hey, Twitter’s worth a lot more money, guys. Who’s going to buy it? Let’s not make Elon Musk buy it. Who’s going to buy?” If you really believe that, then why the fuck were all of you not buying the shit out of Twitter over the past four months when it was trading in the low 30s? Could someone answer that question for me? Why weren’t you buying it in the low 30s over the past month, two, three, four months? Why?

Frank Curzio: Now Elon Musk comes out with a bid, you’re like, “Hey, it’s not worth that much,” but why weren’t you buying if you didn’t think it was worth that much? And not only that, how are you pitching this to somebody else when you weren’t buying it $32 a share? And I think that the average target price at 32 analysts is like 41, $40 before this offer. I think it was like 40, 41. It’s trading at 47. I mean, these are all the analysts, the average price, he wants to buy it at a 20, 30% premium, 20% premium, whatever, from where the average target price is and that’s not good enough? And the politics involved and the things involved, this is very scary because if you have a board of directors that’s not acting in the best interest of shareholders, then why as a shareholder, would you ever buy a publicly traded stock again?

Frank Curzio: Because if he decides to pull out and says, “F- you,” just like Bezos said when he was going to build a massive complex and headquarters in Long Island City, a place that I lived at, melting pot of the world, hardest workers, great people, average job probably paying 90 grand plus. And you have some little freaking politician girl who doesn’t know anything about economics, forced them to leave and Bezos was like, “You know what? All right, fine. You don’t want my business here? Fine.” Like these tax incentives were going to be given to them before they started generating hundreds of billions of dollars or even more billions in revenue or in profits, they were going to filter down and offer more affordable housing and places like that in a place that is the best place in the world to actually do this, well, okay, fine. You don’t want it?

Frank Curzio: So, if Elon Musk just decides, “Hey, you know what? I’m out of here.” This stock’s trading at 30. So as a shareholder, what do you do here? I mean, it’s almost forcing you to get out. I mean, he said he had a plan B. Who knows if he has a plan B or whatever, but it’s pretty crazy when you think about it. Anyway, pay close attention to this story. Not for the billionaires owning another media company and these guys, their sites, and the people writing for the sites saying, “He’s a billionaire. He shouldn’t go.” Which is, again, it doesn’t get more hypocritical than that. It’s hilarious to me and don’t pay attention for the free speech narrative because you really don’t have it.

Frank Curzio: Just like Colin Kaepernick didn’t have it in the NFL. They gave it to him for a certain time, but then when you saw how people getting sick of it and the numbers were going down, the NFL was like, “Okay, enough of that crap. We’re a business. We need to make money. Let’s not focus on politics because that’s why people watch sports, to get away from all the bullshit and the fake garbage.” But yeah, if you’re displaying a platform, which basketball is seeing, look at their ratings. They continue to do it. But that’s a platform where you don’t have the right or the freedom of speech.

Frank Curzio: But yet we’re hearing about the freedom of speech, the freedom of speech. You can’t buy this platform, make it freedom of speech. Again, it’s you want to comment on your social media? Whatever. But as a shareholder, I mean, this is a much bigger deal and it’s threatening the foundation of our financial system, our public traded companies whose board of directors are hired, they’re hired to be acting in the best interest of shareholders. If it’s not the case in Twitter, and it’s not the case anymore, then why should anyone own a publicly traded company again? That’s the biggest story.

Frank Curzio: So guys, a lot to digest there. I’m sure I’ll get some questions. Lots of them, frank@curzioresearch.com. Feel free to email me anytime. I’m here for you, but that’s it for me. Enjoy the day and I’ll see you tomorrow with the one and only Daniel Creech to break down lots of earnings, lots of fun stuff. Again, a very busy week. This week, next week, and the following week, where you’re going to have a ton, probably 60, 70% of S&P 500 companies reporting earnings. You need to listen, focus on their guidance and see what’s going on because man, there’s so much craziness and volatility with supply chain issues, with China, with the war, with agriculture. I mean, it’s disrupting so many different industries. Now, we’re going to get a real time look of exactly what’s happening over the next couple weeks as these companies report. So, pay close attention and I’ll see you guys tomorrow. Take care.

Announcer: Wall Street Unplugged is produced by Curzio Research, one of the most respected financial media companies in the industry. The information presented on Wall Street Unplugged is the opinion of its host and guests. You should not base your investment decisions solely on this broadcast. Remember, it’s your money and your responsibility.