The ongoing Elon Twitter saga: "insert demographic" melts down

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I doubt he had any serious intention of buying Twitter anyway. Seems like a big publicity stunt to get people talking about him while he rides his ego train and the more of his posts I see the more convinced I am that he's just a self obsessed liar.
 
DisrupTor75 said:
I doubt he had any serious intention of buying Twitter anyway. Seems like a big publicity stunt to get people talking about him while he rides his ego train and the more of his posts I see the more convinced I am that he's just a self obsessed liar.
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A bit like BOJO and Busgate, or BOJO and Weights and Measures scandal, or BOJO and Rwanda Deportation, or BOJO and....
 
DisrupTor75 said:
I doubt he had any serious intention of buying Twitter anyway. Seems like a big publicity stunt to get people talking about him while he rides his ego train and the more of his posts I see the more convinced I am that he's just a self obsessed liar.
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That doesn't add up in reality given that pulling out now could cost him billions. More likely the fall in tech stocks means that he'd be massively overpaying at the price he offered now and so he either wants to cancel the deal or buy at a lower price.
 
dowie said:
That doesn't add up in reality given that pulling out now could cost him billions. More likely the fall in tech stocks means that he'd be massively overpaying at the price he offered now and so he either wants to cancel the deal or buy at a lower price.
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Can't really speak to his motivations in this but he seems to have been putting up roadblocks to his aquisition of Twitter and some of his social media posts have been a bit odd to say the least. I don't know what game he's playing here but it's certainly keeping his name in the papers.

Who knows, maybe it's some brilliant 4d chess level move but as an average joe I can't see it yet. And even if he does buy it, will it really change anything anyway aside from Trump & co being back on there?
 
I doubt there is anything overly complex/sinister to it other than tech stocks fell and he'd be a bit of a chump/is overpaying at the price he offered now so he's looking for excuses to withdraw or lower his bid.
 
Higher Than Average said:
Oddly, wasn't it right about after Elon's bid that stock prices fell, tesla being one of the first and everything kind of followed?
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Yes.

dowie said:
I doubt there is anything overly complex/sinister to it other than tech stocks fell and he'd be a bit of a chump/is overpaying at the price he offered now so he's looking for excuses to withdraw or lower his bid.
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He's locked into the price he agreed with Twitter. To lower his bid, he'd have to withdraw from the contract, pay the penalty, and renegotiate a new contract.
 
Sankari said:
He's locked into the price he agreed with Twitter. To lower his bid, he'd have to withdraw from the contract, pay the penalty, and renegotiate a new contract.
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Yes, which might work out cheaper... or, as pointed out already, he might simply look for an excuse to pull out.
 
dowie said:
Yes, which might work out cheaper... or, as pointed out already, he might simply look for an excuse to pull out.
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It would be unlikely to work out cheaper, since he'd have to pay the $1 billion breakup fee, then persuade Twitter to renegotiate a lower price (which they are under no obligation to do, and have no motivation to do) while fending off lawsuits from Twitter, as they sue him to increase the amount of compensation (which they are legally entitled to do).

It's a huge risk for no certain gain. Either way, Musk is in trouble. If he walks away now, he'll be admitting defeat.
 
Sankari said:
It would be unlikely to work out cheaper, since he'd have to pay the $1 billion breakup fee, then persuade Twitter to renegotiate a lower price (which they are under no obligation to do, and have no motivation to do) while fending off lawsuits from Twitter, as they sue him to increase the amount of compensation (which they are legally entitled to do).

It's a huge risk for no certain gain. Either way, Musk is in trouble. If he walks away now, he'll be admitting defeat.
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I believe pretty much the pre-sale contract he signed was available to the public (pretty much as soon as it was filed due to US regulations), a bunch of lawyers were basically going "he must have ignored/overridden his lawyers to sign this" as it basically waived some of the normal procedures that would have given him a possible get out, and made him personally liable for the "pull out fee" if he broke the deal off, whilst basically allowing Twitter to still talk to other possible buyers as long as they gave him a chance to match/better any offers, and if they accepted a better offer they'd pay him a billion.

IIRC the contract was pretty much agreeing to buy a house based on looking at a few photos, with an agreement to pay a good percentage of the sale if you decided to pull out for any reason (and you agreeing not to bad mouth the sellers or the sale could be off with that same penalty).

I'm guessing he thought he knew the highly complex and specialist area of law that is business mergers better than the people that have studied law and specialised in that one area potentially for decades.

I suspect short of something fairly extraordinary he's down at least a billion personally.
 
DisrupTor75 said:
I doubt he had any serious intention of buying Twitter anyway. Seems like a big publicity stunt to get people talking about him while he rides his ego train and the more of his posts I see the more convinced I am that he's just a self obsessed liar.
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Twitter can pull the ultimate salty move, threaten to ban him from Twitter
 
dowie said:
That doesn't add up in reality given that pulling out now could cost him billions. More likely the fall in tech stocks means that he'd be massively overpaying at the price he offered now and so he either wants to cancel the deal or buy at a lower price.
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Considering his arrogrance, I'm guessing he was hoping to wiggle out of the fee by implying Twitter broke its contract regarding the disclosure of bots.
 
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