The $FUBO / Hulu "NewCo" merger is an accounting masterclass in how to legally "rob" retail shareholders and the worst part? Shareholders voted for it. 🚨 If you’re wondering why the stock is drilling despite "beating" earnings, you need to understand the RNCI (Redeemable Non-controlling Interest) poison pill you approved. 🧵👇 1/ The "Scale" Distraction: Leading up to the Sept 2025 vote, Fubo MGMT banged the drum on one thing: SCALE. They promised 6M+ subscribers and a "transformative" future. What they conveniently skipped in the headlines? The $2.38B RNCI liability that eats 70% of the value. 🤫 2/ The Vote: Shareholders, blinded by the "Growth" story, officially voted "YES" to the business combination. By doing so, you signed off on a structure where Disney (Hulu) owns 70% of the economics and absolute voting control. You voted for the chains. 🗳️📉 3/ The "Hulu Tax": Because of the deal MGMT pushed, Disney takes $0.70 of every $1.00 in profit NewCo makes. Fubo shareholders are now fighting over 30% scraps. MGMT got their "big" company, but you got a "smaller" slice of the pie. 🥧✂️ 4/ The "Success Paradox": You voted for a structure that punishes success. If $FUBO stock goes UP, the "Redemption Value" of Hulu’s stake increases, creating "Deemed Dividends" that crush EPS. The better the stock performs, the worse the accounting looks. 📉 5/ The Loss of Choice: Your "YES" vote was the last one that mattered. Disney now holds 70% voting power and just used "Written Consent" to force a 1-for-12 Reverse Split. No new meeting. No new vote. You gave them the keys to the car, and they’re driving it to the scrapyard. 6/ The Endgame: Disney isn’t a partner; they are an occupier. They dumped the low-margin Hulu Live business into Fubo to clean their own books, and shareholders authorized it. Once the 2027 lock-up ends, they can "Redeem" and dump their shares on you. 🚪🏃‍♂️ Summary: $FUBO MGMT sold you a dream of "Scale" while hiding the "Poison Pill" in the fine print. Shareholders didn't just lose their seat at the table; they voted to give the table away. Book forthcoming?! #CNBC #FUBO #Hulu #Stocks #ReverseSplit #InvestorEducation #RNCI $FUBO This is my most current personal opinion based on public filings; not financial advice."