Musk offers to buy Twitter

[Cmaier]

True, but he should be able to subpoena the records he needs to prove his case.

Either way, advertisers may have questions.

Do you think the shareholders will have a suit against the board if they were not able to prove they didn't have over 5% bots?

In a derivative suit (a suit by the shareholders) they would have to allege that there were affirmative misrepresentations - again, the burden is on the shareholders. Whoever sues has the burden.

As for subpoenaing records, you presume (1) they exist and (2) he doesn’t already have access to everything. From what we’ve heard so far, he has firehose access, which means he can look at everything already.

His arguments are looking very pretextual given the circumstances: he rushed into a purchase agreement on a whim, he didn’t do due diligence, the stock fell so his offer became very overpriced, he actually *waived* due diligence, he complained that he was not given firehose access, so he was given firehose access, then he waves his hands and says “well, it’s not good enough.”.

If I got to pick a client in this case, I’d take twitter’s case in a heartbeat.

 

[Cmaier]

I don't think discovery would turn up what he expects. The thing that jumped out to me right at the start is that Musk is stomping his feet while committing a classification error. Twitter reports "monetizable users", Musk's claims are for "all users". These are not the same category. And as an advertiser, I'm more interested in the monetizable users (i.e. my reach) and the numbers of those which are bots (accounts that will see an ad but never click on it), hence why Twitter reports that.

But Musk is essentially claiming that Twitter is reporting "all users", which is not the case. And it does confuse the issue, going by the questions you've posed so far.

The hilarious thing is, had he not waived due diligence, he'd likely have the answers he wants. At the end of the day, the issue is going to be reliant on the question: Is Twitter executing the contract in good faith or not? Musk is claiming they are not. And the issue is ultimately not about the bots, but the contract. Musk's position isn't terribly strong on that front.

I’m not even clear what provisions Musk alleges were violated by Twitter. Does anyone actually have a link to whatever filing Musk made where he lays out his argument?

 

[Cmaier]

I’m not even clear what provisions Musk alleges were violated by Twitter. Does anyone actually have a link to whatever filing Musk made where he lays out his argument?

Ah.

https://www.sec.gov/Archives/edgar/data/1418091/000110465922078413/tm2220599d1_ex99-p.htm

 

[ronntaylor]

https://www.twitter.com/i/web/status/1545590417403559937/

 

[JayMysteri0]

Wait.

Won't someone think of the those REALLY affected?

What about all those "freedom of expression with no consequences on a PRIVATE platform" types who saw this as the social media "rapture"?

Won't anyone think about their feelings?

What are they called again?

Elon Musk quits Twitter deal, roiling Trump world

Twitter said it will sue Musk to complete the merger.

www.politico.com

Elon Musk officially terminated a $44 billion deal to buy Twitter on Friday, a move that would appear to dash the hopes of former President Donald Trump and his supporters that the social media platform would loosen content restrictions that have frustrated conservatives.

The move spurred fresh attacks on Twitter’s existing management, including from Donald Trump Jr., who said it showed that censorship is going to be alive and well.

If only someeveryone could have warned them that their fascination for trolls, would disappoint them.

 

[Eric]

All I can say is Amen to this, I was prepared to dump my account the day he took over and now I won't have to. Love his cars but he should keep his trap shut about politics and stop trolling world markets, he's basically just an asshole who does no good in this world with his ungodly fortunate other than fuck with people.

 

[Herdfan]

Looks like the market thinks something will be worked out.

Price dropped $3 to $34.04 in after hours when the announcement was made, but rebounded to $35.04 at 8pm.

I have to think it would have dropped much farther if the markets thought the deal was actually done.

All speculation of course.

 

[Nycturne]

On the other hand, if the market thought the deal was likely to go through, the stock price wouldn’t be in the mid 30s. Leaving nearly 20$/share on the table is not generally what the market does when the selling price is known.

 

[JayMysteri0]

ZING!

https://www.twitter.com/i/web/status/1545527495503527945/
In reference to the latest revelation concerning a guy who's worried about birth rates.

 

[JayMysteri0]

Bonus zing

https://www.twitter.com/i/web/status/1545625381272576002/

 

[SuperMatt]

I’m not even clear what provisions Musk alleges were violated by Twitter. Does anyone actually have a link to whatever filing Musk made where he lays out his argument?

Matt Levine has a twitter thread explaining why Musk is in a terrible position if he is trying to get out of the deal. In essence, the “bots” issue or even “due diligence” is inconsequential because he already signed a purchase agreement.

https://www.twitter.com/i/web/status/1545152302142689281/

 

[SuperMatt]

Uh oh… what will Trump and Musk lovers do?

Trump Tears Into ‘Bullshit Artist’ Elon Musk at Anchorage Rally

The former president used the opportunity to plug his own social media platform.

www.thedailybeast.com

Continue to worship “The Donald” or stick with their newfound love Elon?

“Elon. Elon is not going to buy Twitter. Where did you hear that before? From me,” Trump said. “You know, he said the other day, Oh, I’ ve never voted for a Republican. I said: ‘I didn’t know that.’ He told me he voted for me. So he’s another bullshit artist.” Trump concluded by calling Musk’s contract with Twitter to buy out the company “rotten.” “Sign up for Truth [Social]!” he said.

 

[Cmaier]

Matt Levine has a twitter thread explaining why Musk is in a terrible position if he is trying to get out of the deal. In essence, the “bots” issue or even “due diligence” is inconsequential because he already signed a purchase agreement.

https://www.twitter.com/i/web/status/1545152302142689281/

I posted a similar explanation here and then deleted it because I didn’t want to leave the false impression that I was providing legal advice to anyone.

 

[Eric]

Bonus zing

https://www.twitter.com/i/web/status/1545625381272576002/

Hilarious tweets coming out of this!

 

[Eric]

Uh oh… what will Trump and Musk lovers do?

Trump Tears Into ‘Bullshit Artist’ Elon Musk at Anchorage Rally

The former president used the opportunity to plug his own social media platform.

www.thedailybeast.com

Continue to worship “The Donald” or stick with their newfound love Elon?

Another con artist just like himself, nobody can project like Donald Trump. Next thing you know he'll be calling out other men who say "grab 'em by the pussy".

 

[Herdfan]

I posted a similar explanation here and then deleted it because I didn’t want to leave the false impression that I was providing legal advice to anyone.

Anyone who take legal advice from an internet message board...............

 

[ronntaylor]

I posted a similar explanation here and then deleted it because I didn’t want to leave the false impression that I was providing legal advice to anyone.

It would've been fine. These takes were already out there months ago when Mollusk first started his BS whining about bots. Matt Levine is a former M & A lawyer, investment banker and circuit court clerk. I trust his take on this. Especially since he immediately called BS.

edited for clarity: switched would've for wouldn't have

 

[GermanSuplex]

Well, Musk's honeymoon as an honorary member of the MAGA cult has come to an end, it seems. The MAGA cult was so excited.

Trump is right about one thing; Musk is a BS artist. He's more successful and insanely smarter than Trump... but like Trump, he's an asshole and a bullshit artist.

The irony of course, is that the cult will follow Trump's lead, but are for whatever reason blind to the fact that Trump is a much bigger liar and a much bigger bullshit artist.

https://www.twitter.com/i/web/status/1546663293909180418/

Elon Musk just went for Donald Trump

‘I don’t hate the man, but it’s time for Trump to hang up his hat & sail into the sunset’

www.independent.co.uk

 

[SuperMatt]

Well, Musk's honeymoon as an honorary member of the MAGA cult has come to an end, it seems. The MAGA cult was so excited.

Trump is right about one thing; Musk is a BS artist. He's more successful and insanely smarter than Trump... but like Trump, he's an asshole and a bullshit artist.

The irony of course, is that the cult will follow Trump's lead, but are for whatever reason blind to the fact that Trump is a much bigger liar and a much bigger bullshit artist.

https://www.twitter.com/i/web/status/1546663293909180418/

Elon Musk just went for Donald Trump

‘I don’t hate the man, but it’s time for Trump to hang up his hat & sail into the sunset’

www.independent.co.uk

They should put them on Celebrity Deathmatch...

 

[Runs For Fun]

Trump is right about one thing; Musk is a BS artist.

A broken clock is right twice a day.

But also, pot calling the kettle black.