Soldato
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This is "very angry"...
Penfold you need to calm down mate, you're boiling over and it shows. Go lift some weights and let off some steam
The ongoing Elon Twitter saga: "insert demographic" melts down
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This is "very angry"...
I think people can voice reasonable and even somewhat unreasonable opinions on both sides now without fear of being banned. Of course you can't go around spewing overt racism i.e. Kanye, but no one wanted that anyway.
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Penfold you need to calm down mate, you're boiling over and it shows. Go lift some weights and let off some steam
Despite two decades of military service, I’m more likely to be lifting a doughnut to smash into my face than a gym weight…
^^ Sounds like ex Airforce to be honest....and when serving as well....
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It’s entirely his ego - he thought the rules didn’t apply to him and he could do what he wanted without legal comeback.
You haven’t explained WHY he paid too much - there is no reason to do so. You wouldn’t pay too much to buy a car, you pay an asking price or less - unless you’re in a bidding war. Seeing as the only other person around desperate enough for attention to want their own social media platform went and built his own (which is absolutely dying a death) he had no competition.
I don’t give a crap what people choose to do if it doesn’t effect others, cannabis is no different to alcohol, but to base an offer for a multi-billion dollar company which you can only afford by taking out enormous loans and tanking the share price of your other company on a joke is, quite frankly, insane, and shows he was never serious in the first place, but was caught out and is paying the price for it.
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Still serving - my legs get plenty of workouts, but all my arms do is my push-up test once a year…
ofc, and when on exercise the first criteria is how many stars the hotel has....
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Check in, don’t dig in…
Let's remember that the Twitter board didn't actually want to sell him Twitter - an offer way above asking price was the only way to actually buy it.
Got to love the banter, shame whats happened to all forces since i did my time (39 RA) end of the 80`s / early 90`s.
Remember when Musk promised that he would be releasing 'the Fauci files' within 2 weeks, and it never happened because he was just lying his arse off to impress the crazies, and ever since then there's been not even a whisper of any genuine 'Fauci files' from Twitter? That was hilarious.
Which doesn't mean anyone forced Musk to buy twitter.
He could have decided not to buy it...
It's not on the board of Twitter for him massively over spending on it, he could have waited and made another offer later on at closer to the actual value of the company, but he decided he wanted it now* and made an offer they legally could not refuse to at least seriously consider**. Then he decided that he didn't want to go through with the deal, having waived the right to do a lot of basic normal pre purchase checks (the stuff any sensible business owner would do on say buying a 500k shop, let alone a $44b tech company), and signed a document that was about as binding as any contract can be in the US for purchasing a company, and signing it so that it was enforced in a state that is renowned for enforcing that sort of contract.
At the time there were lawyers on twitter going "what the heck, did he even bother getting legal advice?" because it was such a stupid thing to waive due diligence, let alone do it with the contract he signed. Remember most/all of the legal documents for the sale were IIRC public, as it was a publicly traded company so the shareholders had to be kept informed and by default in the US most court documents are open to public scrutiny, so anyone interested could find out most of the information.
*To be fair, who hasn't done an impulse buy that they later regretted, although in my case it was "The expendables" on blu-ray, but that was only fiver.
**They have to do the best for the shareholders, and if that meant accepting an offer the shareholders would never see again then so be it, even if they considered it a bad move for the future of the company (the primary responsibility of the board of a publicly traded company is the benefit of the shareholders).
That's the best part, Musk made an insane offer out of sheer bravado, the board accepted it, then he spent the next few months desperately trying to dig his way out of his own hole, and ended up paying exactly what they wanted all along. Hew thought the rules wouldn't apply to him, and he was very, very wrong.
It's rare that we get to see such a spectacular foot shot in the world of high stakes business.
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You seem insistent on it being "bad business", yet so is owning a private rocket company, or investing all of your money into an electric car company to try and compete with the likes of Ford and General Motors. I don't think Elon Musk cares as much about his bank balance as you and a lot of other people think he should. You seem continually baffled that a man who has consistently made very risky business choices continues to do that. Perhaps the logical explanation is that he did it for the reasons he stated. He obviously isn't worried about going broke, he's never going to be poor, it doesn't matter if you overpay when you're still the richest man alive (or there abouts)
Even more stupid than that, he made the insane offer, then when the board said they would accept it he signed the contract
He could have not made the offer, or made the offer and pulled out at any time before he signed it, but sign away he did, and without giving himself the get out clause that any half decent lawyer would have insisted on.
Mind you he did from memory go through a few lawyers (presumable the ones who suggested he not rush into it, then the ones that couldn't see a way out of the contract), and made some public comment about wanting to build a crack legal team.
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I overpaid for some land to the side and to the rear of my existing property, in order to have control over what and who came there. It would appear Musk decided overpaying for this chat site was worth it for him to have control over what is said there and by whom. It seems pretty straightforward and unremarkable to me even if outsiders think it was sheer madness financially, or dubious morally.
Soldato
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Having bought it he can choose to swing either way, how and when he feels like it. Wealth such as Musk possesses allows him spontaneous and fickle changes of mind and financially unsound extravagances beyond us mere mortals.
No. He decided it wasn't worth it, and desperately tried every legal trick in the book to wriggle out of the contract. Twitter took him to court and enforced it, and then Musk was stuck with a social media platform he'd already decided he didn't even want at the price he'd just paid.
Ever since then, he's been trying to come up with new ways to monetise a social media platform that's haemorrhaging money at a prodigious rate.
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