This is a little like forcing someone by law to be in a relationship with you. If you could do that, would you even want to? Doesn't sound like a very productive, happy situation to be in to me. Better to just let the person go and move on.
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Twitter Sues Elon Musk to Force $44 Billion Merger
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He also called a cave rescuer a paedophile for having the temerity to refuse his over-engineered offer of help, which would have been more of a hindrance under the circumstances. You can't come back from that. Ever.
Except Twitter Board members have a fiduciary duty to get maximum value for their shareholders and at this point they have assessed this is to be acquired by musk rather remain shareholders of the continuing business.
No one else is willing to pay this much 💰
This is wreck and hilarious at the same time. A lot of the same people that were losing their minds when said he was going to purchase Twitter are the same same ones losing their minds again or being overly judgmental when he backs out. Can't win with some folks.
His concerns are valid and request for real user data should be fulfilled, especially with 44B dollars on the line.
With that said Elon has been trolling the internet for years now. I think he revels in being able to manipulate the markets with a single Tweet. He loves to trigger people online, which he does so successfully. I take whatever Elon says with a grain of salt and at times do have to chuckle at his trolling.
His concerns are valid and request for real user data should be fulfilled, especially with 44B dollars on the line.
With that said Elon has been trolling the internet for years now. I think he revels in being able to manipulate the markets with a single Tweet. He loves to trigger people online, which he does so successfully. I take whatever Elon says with a grain of salt and at times do have to chuckle at his trolling.
It’s a bit like when you buy a used car. You want to see the in stuff inside and check the engine, structure are all good. But when the seller says nah you can’t see that, not gonna show you. Do you still buy the car?
Over the Target, truth hurts. When this is over twitter could become a penny stock.
I am not sure what kind of message the twitter board is sending when on one hand, it’s clear the sort of damage Musk would do to the company and its brand were he to take over, and yet they will want him to acquire the company for the quick payday regardless.
The billion dollar penalty was signed. Then they can argue detrimental reliance, restitution damages and a few other legal paths. Saying its verbal doest work in this case, not at all. Remember this was agreed upon by teams of lawyers on both side, to say its verbal is being disingenuous.
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I am a bit conflicted, as I like StarLink and Spacex, but Elon himself seems to be terribly full of himself.
I quit using twitter 6 years ago, and fake accounts and bots were a lot of the reasons why. So both sides have very valid points about the honesty and integrity of the other side.
How about we declare both sides to be ******s, fine both of the parties huge amounts and give the money to people who could really use a hand up?
I really hope this hits Elon where it hurts (as much as possible -- I realize he's already won the game of life)
I'm absolutely exhausted with his petulant child antics.
I'm absolutely exhausted with his petulant child antics.
“For example, there are a number of false or spam accounts in existence on our platform. We have performed an internal review of a sample of accounts and estimate that the average of false or spam accounts during the first quarter of 2022 represented fewer than 5% of our mDAU during the quarter. The false or spam accounts for a period represents the average of false or spam accounts in the samples during each monthly analysis period during the quarter. In making this determination, we applied significant judgment, so our estimation of false or spam accounts may not accurately represent the actual number of such accounts, and the actual number of false or spam accounts could be higher than we have estimated.”
Seems like there is a fair bit of CYA in their statement to the SEC, and since they actually say it could be higher, I’m not sure where exactly that fraud would be in their statement. On the other hand, Elon apparently didn’t disclose his purchase of the stock in a timely manner, which is an issue for the SEC. https://www.axios.com/2022/05/27/sec-investigating-elon-musks-twitter-disclosures
Well, the report I read mentioned $1B, unsure if it was $10 or otherwise. In the end, saving $1B by investing $1M in lawyers and court makes sense.
I don't think you read every detail.
Twitter didn't hide their finances. Musk was too eager to move the deal forward and didn't take the time to properly perform due diligence on Twitter before signing the final contract.
He either had ulterior motives and no intentions of every acquiring Twitter in the first place, or he was mislead by his own legal team, or made a terrible decision.
But legally, he was provided with all the necessary info by Twitter and is therefore bound to acquire it. Well, unless he can prove beyond reasonable doubt that Twitter withheld key financial info.
But just to get this straight: Musk not taking the time/effort to dig through Twitter's finances before finalising the deal is not the same as Twitter deliberately withholding key information. If Musk cannot prove the latter then there's no way out of the deal.
The fact that Musk publicly disparaged Twitter during the acquisition also doesn't help his case as there's a clause in the deal stating he musk avoid doing so.
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But without Twitter, how would the intellectual elite get gems like these out to the masses?
I am not sure if Twitters 'tough luck' defence will work in court because basically it appears Twitter is telling Musk that once he agreed to the deal he lost the right to investigate the contents of the deal any further and therefore must accept the deal he agreed to, which is why Twitters board has persistently denied Musk access to the company data he has been requesting to inspect.
When Musk agreed to the deal and some of the specifics of the deal was made public, numerous tech media critics poured scorn on Twitters claim that they only had 5% of fake/spam accounts. I therefore have no doubt that Musk's team saw such tech news which put doubts into their minds as to if Twitter falsified the figure of 5% because saying they only have 5% of fake/spam accounts makes the company more desirable and valueable than if the figure was say 25-30% which is what the tech media are saying the figure actually is.
Musk therefore wanted to confirm this, to see if what the tech media was saying is true but Twitters board has persistantly denied Musk access to company data to allow him to see who is right, Twitter with their 5% claim or the tech media with their 25%-30% claim.
Twitter will not provide the data Musk has requested therefore Musk has said he will pull out of the deal which would invoke the $1 billion cancellation clause but Twitter are not accepting this and instead want the deal to be forced through, which is wrong in my opinion. They should accept the $1 billion cancellation and be done with it.
You do realize he was given the information he asked for. This is the second time the link is being posted. Its not a long read. He got the data so that argument you are making is dead on arrival. Thats where damages come in. They have every right to sue and are on good legal basis to do it. Musk is his own worst enemy here.
https://www.wired.com/story/elon-musk-twitter-firehose/
I believe it was an updated post on MR but if memory serves me correct, yes Twitter handed over data but it was not the specific data Musk had actually requested.
Musk would have the worst legal team in history allowing it to go to court if it turns out Musk said he requested data A but kept being given data B,C or D and thus decided to pull out of the deal but Twitter is then able to prove they did in fact give Musk data A, case closed Musk has to hand over billions to Twitter in damages.
A bad lawyer can string along a case for 10-20 years.
A good one can do so forever.
This case is going to take years in court and the decision by the Delaware Court of Chancery will certainly be appealed since both sides have a lot at stake if they lose their case.
I dont think its an issue on the competency of his lawyers, its more of Musk being Musk. The Billion dollar fee is the least of his worries here. They will sue for damages, they can try to force the sale or have him pay the profit price from the sale to offset the drop in stock valuation.
The Billion is not the real issue here. Its interesting from the contract law perspective. I dont use twitter and if anything i like Tesla cars but Musk behavior here is not helping him. Dont be your own worst enemy.
