https://www.usatoday.com/story/money/2022/07/08/e…
“Skadden Arps attorney Mike Ringler said in a letter to Twitter's chief legal officer that “Twitter has not complied with its contractual obligations." For nearly two months, the company has failed to provide Musk with information about fake or spam accounts, the letter said.”
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I stand corrected then. From what I understand he had all the financing lined up but this bot thing is really a sticking issue. Shame, would've been one for the record books. It'll be interesting to see the lawsuit over the breakage clause because if his findings about the % makeup of bots turn out to be substantially higher than what Twitter publicly reports there could some serious fallout.
Elon made the biggest vanity purchase in history: 45 billion to buy Twitter, a tech stock that has in the dumpster since it’s IPO, and turn it into fucking Parler. I’d be more surprised to see him actually follow through with the deal.
I’m a huge, huge Musk fanboy and have been for 10 years so it’s hard for me to be unbiased in my analysis but I’ll give it a try for once.
Musk entered the Twitter deal like a week before the broader stock market utterly collapsed. Twitter, even at its current $29B valuation, is grossly over valued, so the contract price of $44B is looking even uglier. Also, the Twitter deal immediately had a negative impact on Tesla stock as Musk’s Tesla stock would, in part, be used to finance the Twitter deal.
Musk is either trying to get out of the deal entirely (ideal from a business perspective) or is trying for some lower negotiated settlement. The whole bot thing is a false premise.
Edit:
Also, to make a broader point, as someone who agrees with Musk’s politics, it was a mistake for him to get so specific with his political goals. Since then, there was a huge sell off of Tesla stock, EV journalists turning on Musk, a mini revolt at SpaceX, and an obviously false but still existing sexual harassment claim getting exposed. Musk for over 20 years remained above politics and thrived doing that.
I think it's just a tactic to get lower price, because at this price he is grossly overpaying for a very badly run company, aside from the blatant selective censoring.
LVMH used this tactic with theTiffany's takoever.
Twitter is gonna sue him, and Musk has to have very strong evidence that they misreprensented the financial situation etc at the company, the bar legally speaking is set quite high on these situations. I don't think Musk's arguments will reach this bar.
In the end Musk and Twitter will probably settle for a lower price.
I agree. No point in analyzing the lawsuit, it's just a red herring being put up to distract from the first offer that Musk made and the total shitshow the markets have been since then. He just wants a lower price, that is all.
nicee
Who what an absolute shocker, hope Twitter sues the shit out of him. Elon stans with the 5D mental gymnastics rn.
Side note - when did the elon go from liberal Jesus to MAGA Jesus? Covid? As a supreme intellectual rather than mere sheeple, I never really cared for worshipping a billionaire but that’s just me
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