I noticed Gates didn't cancel his Tesla shorts after Musk trashed him over it.
Got a tip for us?
Let us know
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
Elon Musk Wants to Terminate $44 Billion Twitter Acquisition [Updated]
- Thread starter MacRumors
- Start date
- Sort by reaction score
I never said his financial wealth was the reason for his success.
You know what they say about assuming.
It makes an ass out of Uma Thurman?
This whole thing was another example of Elon letting his mouth get ahead of his brain. The guy loves the attention that comes from making grand public claims but in very few instances do they come to fruition. He has done a good job of keeping Tesla production ahead of the global shortages, but we can toss the Twitter acquisition in the bin with taking Tesla private and delivering non-beta functional “Full Self Driving” to the customers who paid for it years ago. With only cameras and no other sensors like radar, it is unlikely that Tesla will ever get passed beta Level-2 autonomous driving.
I think this is false, the fee only comes into play if a third party (like the FTC, SEC, etc.) cancels the deal.
Elon Musk can't just walk away from his Twitter deal by paying a $1 billion breakup fee
Musk can't just walk away from buying Twitter, despite a $1 billion reverse break fee attached to the deal.www.cnbc.com
So doing a fair bit of searching on the subject, it looks like it is a reverse-breakup fee that was structured to come into effect if either party willingly or unwillingly backed out of the deal. So at the moment, Twitter can demand Musk pay them that fee as he has stated he is willingly backed out.
That being said, I do not expect Musk to willingly pay the fee, so Twitter will go to the courts to determine if he will and enforce payment if they rule in Twitter's favor.
We shall see whether the courts agree with you or not. Twitter has made many official statements in their financial reporting that they do not have a way to identify "bot" accounts with 100% accuracy and therefore they are only giving estimates.
And even if it is found that those statements were...optimistic...Twitter can - and will - argue that Musk signed a legally-binding agreement to buy the company regardless of how many account were "bots". Only if the Delaware courts find that this deal is null and void explicitly because the Twitter Board deliberately misled Musk on the number of bots would they subsequently possibly be liable for legal repercussions (financial repercussions via shareholder lawsuit would be a given in such a situation).
Have you read anything about Elon? His success and opportunities were generated by his parents wealth and political connections. Yes he’s co-founded a lot of things but he’s not an engineer or hands on with anything to my knowledge. He has a simple bachelors degree so he’s not an evil genius either.
Long gone are the days of billionaires who originally founded a startup in a garage with their actual skills and then made themselves successful. Long live the new money billionaires who made their money from their parents millions.
Thank you, I’m not 100% sure if it’s just 1 bil or more either. What I‘ve read seems to indicate more but that’s what lawyers are for.
You hit the nail in the head. This is all going very badly for Twitter very fast. Not a lot of choices for the board really. 1) Sue Musk. Great. Let’s spend billions on litigations that would take years and years to even come to any resolution. They are up against a man with unlimited resources, vs a public company that needs to spend next 7-10 years of profits and income to give to lawyers. And maybe, if somehow Twtr wins, it gets back that 1 billion. Do you really want this if you are shareholder? 2) Twitter is opening itself up to discovery in court. Is the board ready to really find out there are 10x or more bots than they have stated in years of financial statements? Imagine the number of lawsuits, criminal and civil this will bring. The best course is probably renegotiation at $25 to $30 price to be sold to Musk. There’s not a lot of value left in Twtr. It’s a disaster platform. Just look at numbers of retweets of anything popular and there’s no way there’s an actual human behind those tweets. Twitter is pretty much done. I would dump stocks asap if I were a shareholder.
It's really funny that a few years ago when Musk was saving the planet from another warming cycle, you all loved him. Now he sticks up for a few people on the right who have been banned from twitter and says he may vote republican, he is the biggest dolt on the planet, and his cars are crap.
Most of us never loved him
I don’t blame him, personally. It’s not worth that initial price at all, and the more he’s had the chance to look under the hood so to speak the more clear it is that Twitter isn’t worth half that offer.
Something I find funny though is how the very people who were initially losing their minds over the thought of Musk buying twitter are now all-in on the deal like some kind of punishment. It’s just bizarre and illogical. Those people should be cheering at this news but instead it’s the opposite.
Something I find funny though is how the very people who were initially losing their minds over the thought of Musk buying twitter are now all-in on the deal like some kind of punishment. It’s just bizarre and illogical. Those people should be cheering at this news but instead it’s the opposite.
What degree does Steve Jobs and Bill Gates have?
You’re missing or deliberately ignoring the fact that he came out as a republican just as news of his sexual assault surfaced…
I don’t know why this isn’t exposed and straightened out right away. Is it 5%? Is it 0%? Is it 25%?
Everybody here has been calling Elon man-child, troll, etc instead of focusing on what’s the deal about (I guess it makes people feel all powerful and happy about the average lives we drive by insulting a far from a average billionaire).
If you are calling out Elon Musk anything is because you know the right number and know that the deal clauses haven’t been tampered with… so please, share with us where all of that is straightened and explained out because I can’t for the sake of me get to a conclusion, it currently feels like a “he said, she said” state. I.e I can’t take a stand either pro or against Elon nor Twitter.
Elon agreed to the purchase sight unseen; it’s not board’s fault he didn’t do his due dillegence before agreeing on a price. He’s either going to have to buy Twitter at a huge markup or pay a heft exit fee.
Most likely Musk’s financial backers have realized its not a good investment and he’s in a bind, knowing he’s going to owe a lot of shady people a lot of money he has no way of paying back if the deal closes.
There is a big difference between opinion and flat out lies. It’s critical we expose the latter, no matter their origin. Doing so isn’t bias, it’s having integrity.
Liars that hide behind the shield of “opinion“ as some bizarro form of justification to continue lying, is the opposite of integrity. It’s complete cowardice. And transparent af.
No, Twitter wants the benefit of the deal they signed. That deal imposes an enormous breakup fee, in part to avoid the inherent damage caused to a company in a situation like this. Twitter wants the fee; Musk wants to avoid the fee by pointing to something that arguably necessitated the breakup (other than the obvious real reason, which is that the company is no longer worth what his deal would have required him to pay).
I knew it wouldn’t happen. Elon Musk is the king of big talk. Everything he says is BS and yet he has cult like devotion. It’s scary.
And yet weirdly familiar.
I don't think he exposed anything of the sort. We all knew that Twitter prohibits certain posts that it doesn't like, and we can argue whether this is for legitimate reasons or not (with our own views as to what companies should be doing in the marketplace of ideas).