Elon Musk now owns 9.2% of twitter...update.. will soon be the sole owner as Board of Directors accepts his purchase offer

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sportage

Lifer
Feb 1, 2008
10,488
2,191
136
It might be better if at this point Musk just walks away and loses his $1B deposit.
That comes out to be 3.3 million each for our 330 million US citizens. Me thinkest it time for a little socialism to kick in. Forget about twitter.... Besides, what would a little old billion mean to Elon Musk? Pocket change? Musk probably has that much in the cushions of his sofa. Someone call Bernie Sanders. This isn't American capitalism, this is just pain WRONG.
 

fskimospy

Elite Member
Mar 10, 2006
75,596
29,685
136
That comes out to be 3.3 million each for our 330 million US citizens. Me thinkest it time for a little socialism to kick in. Forget about twitter.... Besides, what would a little old billion mean to Elon Musk? Pocket change? Musk probably has that much in the cushions of his sofa. Someone call Bernie Sanders. This isn't American capitalism, this is just pain WRONG.
That math is off by a factor of one million.
 

guidryp

Platinum Member
Apr 3, 2006
2,049
2,285
136
That comes out to be 3.3 million each for our 330 million US citizens. Me thinkest it time for a little socialism to kick in. Forget about twitter.... Besides, what would a little old billion mean to Elon Musk? Pocket change? Musk probably has that much in the cushions of his sofa. Someone call Bernie Sanders. This isn't American capitalism, this is just pain WRONG.

That's $3.30 for each citizen, not 3.3 million.
 
Mar 11, 2004
21,874
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But if he does enough damage they may be in a "damned if they do, damned if they don't" situation.

Musk shooting his mouth off, seems to be causing employee churn and decision turmoil, as well as loss of confidence.

If Musk abandons them, they end up in a worse position than before he started this nonsense with a falling stock.
I'm pretty sure that's been his actual intention this entire time. I can't imagine he wasn't aware Twitter had little means to actually make real money, and that the unfettered posting he wants would actually cost plenty of money, plus potentially puts them at liability risk. And that attempts to monetize Tweets have failed pretty hard. Sure Republicans are on board with "freeze peach" now, but we know that's not their actual want (just like we've seen them be completely full of shit, they'll want crack downs on anything that doesn't support them, and Musk himself has wanted crack downs on stuff like the one tracking his plane among other things), which means if he doesn't enable that then he's going to be in their crosshairs. Granted I'm 50/50 on him just straight up being a fascist and joining, or he's just another fool that thinks he's being some objective idealist and is going to enable fascism and then he'll be surprised when it turns on him if he doesn't fall in lockstep.

What an idiot. Obsessing over fake accounts that he had to know actually existed before he made his bid. Well he'll only lose a billion if he backs out and probably 10 billion or more if he actually ends up buying Twitter. Sometimes following your own counsel doesn't always work out so well.
There's no way he wasn't aware of how much bots/spam accounts are on there if he'd done any due diligence. I think Musk is a clown, but I really couldn't imagine him being that stupid. This is about trashing Twitter. And he thinks he'll get out of it with a relative pittance.

Actually, if he backs out, the Twitter board could sue him for breach of contract...potentially costing him MUCH more than the $1 billion.

Good luck with that. Especially if Republicans win Congress back.
 
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cytg111

Lifer
Mar 17, 2008
18,810
8,161
136
And so it begins...


How long before Twitter sues Elon Musk when he eventually backs out of the deal?
Elon tweets. Wrecks the company and the stock. Elon backs out.
Elon got a lot of press.
Everyone else got screwed.
Elon is a child.
 

Greenman

Lifer
Oct 15, 1999
18,467
3,344
126
And so it begins...


How long before Twitter sues Elon Musk when he eventually backs out of the deal?
That will be interesting to see play out. Twitter reported to the SEC that 5% of their users were bots or fake accounts. If that number turns out to be four or five times that amount it has a very real effect on the company's value. I don't see how they could enforce a contract that was based on incorrect or false data, but I'm not an attorney and have never stayed at a Holladay In Express.
 

fskimospy

Elite Member
Mar 10, 2006
75,596
29,685
136
That will be interesting to see play out. Twitter reported to the SEC that 5% of their users were bots or fake accounts. If that number turns out to be four or five times that amount it has a very real effect on the company's value. I don't see how they could enforce a contract that was based on incorrect or false data, but I'm not an attorney and have never stayed at a Holladay In Express.
You can definitely enforce a contract based on incorrect data so long as you were upfront about your data being potentially inaccurate, as Twitter was.

Elon seems to very obviously be trying to tank Twitter’s value to lower the price because again his argument here is either that he’s lying or he’s a moron as if this was a genuine concern he could have, you know, conducted literally any due diligence on the matter before signing the contract.
 
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hal2kilo

Lifer
Feb 24, 2009
19,805
6,513
136
You can definitely enforce a contract based on incorrect data so long as you were upfront about your data being potentially inaccurate, as Twitter was.

Elon seems to very obviously be trying to tank Twitter’s value to lower the price because again his argument here is either that he’s lying or he’s a moron as if this was a genuine concern he could have, you know, conducted literally any due diligence on the matter before signing the contract.
He should have been fined a long time ago for his public comments about stock.
 

Greenman

Lifer
Oct 15, 1999
18,467
3,344
126
You can definitely enforce a contract based on incorrect data so long as you were upfront about your data being potentially inaccurate, as Twitter was.

Elon seems to very obviously be trying to tank Twitter’s value to lower the price because again his argument here is either that he’s lying or he’s a moron as if this was a genuine concern he could have, you know, conducted literally any due diligence on the matter before signing the contract.
Disclosure is the key. I have no idea what was or wasn't disclosed, but if they told the SEC one number and Musk another number, they have a problem.
I would assume the price offered was based on public information reported by twitter, so that's where I would look for the fly in the ointment.

I know nothing about contracts of this type, I'm just applying disclosure laws I have to deal with, and that could be entirely incorrect.
 

fskimospy

Elite Member
Mar 10, 2006
75,596
29,685
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Disclosure is the key. I have no idea what was or wasn't disclosed, but if they told the SEC one number and Musk another number, they have a problem.
I would assume the price offered was based on public information reported by twitter, so that's where I would look for the fly in the ointment.

I know nothing about contracts of this type, I'm just applying disclosure laws I have to deal with, and that could be entirely incorrect.
They didn’t, it’s all in the public SEC filings. I think this is a pretty transparent bad faith effort on his part to get the price down because not only is Twitter worth a lot less today than it was when he made the offer, his Tesla shares are worth a lot less too.
 
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fskimospy

Elite Member
Mar 10, 2006
75,596
29,685
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Why? As long as he follows the terms, why can't he back out?
He will have a tough time proving Twitter was deliberately supplying fraudulent information that has a material adverse effect on the company’s performance. If he can’t do that Twitter can sue him for breach of contract. The $1 billion breakup fee doesn’t just let him back out if he feels like it, Twitter can force him to buy it.

I assume again, this is some form of bad faith breach of terms just like he’s breached the terms of his prior agreements with them.
 
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