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Elon Musk Wants to Terminate $44 Billion Twitter Acquisition [Updated]
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You got a big storm drain with room for a few Teslas to drive through, one at a time. What more could you ask for?
Gee, who could have predicted this? Elon Musk is such a tool.
If this goes to trial I don't see anyway the judge doesn't order an independent investigation into the active users.
Don’t blame him
Spend it on something more useful , like Reddit … /s
Spend it on something more useful , like Reddit … /s
Yep. Musk is an ******* but so many people just have tunnel vision if they want whatever he doesn't want in this moment.
This is going to get interesting. There will be many lawsuits and there will either be an answer to the DAU question or a large settlement. Reasonably there's no way Twitter can force him to acquire them for 44b. Even if that's what the contract says, with everything happening the financiers won't go through with it and the payment won't be able to be remitted.
If the DAU are legitimate Twitter will end up with a hefty settlement and remain public, if they aren't and are meaningfully different the whole thing really gets ugly because shareholders and customers of Twitter (advertisers) will be lining up to take legal action.
*Planned comment removed because people can't discuss/debate without being 100% left or 100% right, and accusing anyone with an opposite opinion as fascist/racist/uneducated/shill/boot licker/etc...*
Would be interesting if this ends up with a discovery phase of some kind
Would be interesting if this ends up with a discovery phase of some kind
I feel he simply bit off more than he could chew. It certainly ties in with this reputation of not really thinking things through before he dives headlong into them, thinking that he will be able to work things out on the fly.
It didn't help that (I suspect) Tesla stock was way overinflated, he had already overextended himself, and the plunging Tesla stock price didn't help his fortunes either.
Perhaps. If it exposed the hypocrisy of the left in the process then great. Not that they even recognize the concept.
He used the Twitter deal as an excuse to sell more Tesla stock after he said he was done selling because Tesla stock was so ridiculously high. This excuse tricked other Tesla stock owners in to not selling and prevented Tesla stock from plummeting. Now, he will back out of the Twitter deal and keep all the profits from his sale of Tesla stock. He still makes out after the $1B breakup fee.
Elon is right on SPAM / bot accounts issue. There a lot of bots and multiple fake accounts, many spreading misinformation. They probably are 10-20% but for sure not 5%, you can see all those in Italy with pro Putin propaganda, writing the same things, triggered by the same thing, automated propaganda.
PS: I criticize Elon for many reasons, but as everyone I don’t judge people if they are 100% aligned with me and I don’t demonize or the oppure anyone, just talking about spam issue.
PS: I criticize Elon for many reasons, but as everyone I don’t judge people if they are 100% aligned with me and I don’t demonize or the oppure anyone, just talking about spam issue.
Spam and bot accounts that everyone has known about for years and years. There are spam bots/account all over the net, including MR.
I’m sorry, but that is just misrepresentation of the situation, and of course his legal counsel is going to try and push for his position.
No one has said that Musk waived his right to information from Twitter which is why they supplied him with firehose data. What he waved was his right to diligence, which would have given him the ability to terminate the deal based on that information without needing this massive unproven MAU hoax —basically a substantial misrepresentation of the business operation, which he has to prove to walk away from this deal with his hands clean. This means proving that they lied in SEC disclosures for years, and I just don’t think Elon somehow happened to stumble upon a conspiracy because he was upset about his own Twitter interactions.
This is literally the wording from the agreement he signed:
Twitter only began limiting private and business critical information after they felt a material breach and concern from his public mischaracterizations and influence which have effected them:
For example, his conflation of spam accounts on the platform and spam accounts counted as MAUs. He made claims with no evidence or even information available to back them.
Don’t get me wrong, I don’t know how this case will lay out (though I do have my opinions) and I don’t know every in and out, but his legal counsel isn’t going to just say, “yes he has no leg to stand on”. Their rebuttal and claim is not evidence.
The number of such false accounts may represent much more than 5% of the total accounts on Twitter. But that isn't the issue; Twitter hasn't made claims in that regard. Twitter's estimates (of fewer than 5% for such accounts) relate to Twitter's mDAU counts. Twitter doesn't count every account as an mDAU. It, e.g., excludes accounts which it has determined are false or spam accounts.
I've seen this claim made a number of times and I wonder what it's based on? Where in the merger agreement does Mr. Musk waive such rights? I've not been able to find such a waiver.
I just happened to look it up today because I had the same question: Section 5.11 of the merger agreement (I posted it above for reference).
Twitter is embarrassing. They silence anyone who has a different view than far left liberal.
kinda like when speaking about the debunked Russia Russia Russia hoax bought and paid for by Hillary Clinton, or, the Hunter Biden laptop. just sayin.
He’ll at least be sued for the full breakup fee which he’ll dispute crying “fraud due to bots” which Twitter will say “but you tendered without due diligence so your fault”.
But you raise an interesting question, namely will Twitter sue because musk’s carelessness has harmed Twitter’s reputation and stock price. There may be validity in this.
I also wonder if musk was playing stalking horse for some other entity, like:
- Truth Social to somehow juice folks to move there (not so sure about this theory) or
- (more possibly) for a different acquirer where Musk offers, harms, bails, pays a billion, the next guy (Thiel?) steps up and buys more than a billion below Musk’s offer (if this could be proven that would be a hell of a lawsuit.)
Will be even sweeter if Twitter just bans him for being a jackass.
So when Alex Berenson was banned for "disinformation" when he said that the vaccine doesn't prevent infection, was it correct censor him? Was he wrong? Have any vaccinated people gotten infected?