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If mywebsite.com is 301'ed to some other page, then mywebsite.com will no longer be reached buy requests, so the content will never be read. The content when talking about a 301is irrelevant, all a 301 does is redirect the request. when google follows a link to your old page it is redirected to the new page and the link juice will now fall on the new page. The content on the new page is read instead,