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Notice of termination of Twitter merger agreement
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Re: Notice of termination of Twitter merger agreement
#152It seems apparent to this observer that he developed cold feet pretty fast after an impetuous decision, and has been looking for any reason to back out of it since then. The spam accounts angle seems like a convenient scapegoat, rather than a real surprise to him. He's clearly eccentric in his approach to decision making: I don't think any Harvard Business School course will teach "the Musk Principles". But it's uncl…
I suspect the initial decision was something like "hey I could actually just buy Twitter, that would be funny". It's less clear to me why he almost immediately started trying to back out. It's probably a waste of a significant chunk of money, but is that all?
It also hit at a point when Tesla's stock price started a rapid decent. The Twitter deal is becoming a larger and larger percentage of his net worth.
Re: Notice of termination of Twitter merger agreement
#153ITT:
- Elon is stupid, haha he will lose money.
- Elon is evil, he's trying to pull a fast one on this corporation!
- Elon waived his rights, he shouldn't have agreed to their fake numbers!
- Twitter is allowed to claim whatever % of spam bots they want for the deal.
- Twitter's censorship is actually a good thing, here's why...
Re: Notice of termination of Twitter merger agreement
#154An alternative theory all the people who have being really upset about him buying Twitter are now actually cheering for him to be forced to buy it. So he got to shift the sentiment for free :)
Re: Notice of termination of Twitter merger agreement
#155It seems apparent to this observer that he developed cold feet pretty fast after an impetuous decision, and has been looking for any reason to back out of it since then. The spam accounts angle seems like a convenient scapegoat, rather than a real surprise to him. He's clearly eccentric in his approach to decision making: I don't think any Harvard Business School course will teach "the Musk Principles". But it's uncl…
There's another belief floated by Josh Wolfe (an investor with Lux Capital) who claimed it was a ruse to liquidate Tesla stock en masse without Tesla hodlers getting suspicious and tanking the inflated stock price. https://twitter.com/wolfejosh/status/1545387947578597376
If someone's stock is as incredibly overinflated as Tesla has been for so long, choosing the most effective way to liquidate stock without triggering a run becomes a social engineering problem with the incentive of a multi-billion dollar payoff.
Honestly I think other people trying to read this situation in some way that ignores a multi billion dollar incentive just sitting there is utterly naive.
Re: Notice of termination of Twitter merger agreement
#156Earlier quoted context omitted.
There's another belief floated by Josh Wolfe (an investor with Lux Capital) who claimed it was a ruse to liquidate Tesla stock en masse without Tesla hodlers getting suspicious and tanking the inflated stock price. https://twitter.com/wolfejosh/status/1545387947578597376
But Tesla stock did drop after the announcement of the deal. I think that is the real reasoning behind him quickly getting cold feet. He probably thought Twitter would be a fun side project, but the backlash from people in regards to Tesla, SpaceX, and just the general public meant it would be more costly both to his reputation and financially beyond just the sticker price. That took the fun out of it so he has been…
But he has been saying Tesla was way over valued for over a year…
Re: Notice of termination of Twitter merger agreement
#157Re: Notice of termination of Twitter merger agreement
#158It seems apparent to this observer that he developed cold feet pretty fast after an impetuous decision, and has been looking for any reason to back out of it since then. The spam accounts angle seems like a convenient scapegoat, rather than a real surprise to him. He's clearly eccentric in his approach to decision making: I don't think any Harvard Business School course will teach "the Musk Principles". But it's uncl…
There's another belief floated by Josh Wolfe (an investor with Lux Capital) who claimed it was a ruse to liquidate Tesla stock en masse without Tesla hodlers getting suspicious and tanking the inflated stock price. https://twitter.com/wolfejosh/status/1545387947578597376
> a ruse to liquidate Tesla stock en masse without Tesla hodlers getting suspicious and tanking the inflated stock price.
Couldn't he just have said "SpaceX needs more cash" or something like that?
Re: Notice of termination of Twitter merger agreement
#159This was obvious from the moment he brought up the fake accounts problem. The stock market (especially tech) tanked, other investors started having cold feet, and he realized his purchase was a mistake. It is bizarre though that Twitter leadership/board continued to engage with him on the matter – even handing him internal data to analyze – expecting a good faith resolution. Nothing Musk has done in the last few mont…
Have you read the termination letter? The letter was sent by Elon's lawyers working with Twitter's lawyers according to the merger terms they had all agreed to. Why shouldn't they have expected a "good faith resolution"? A termination can still be made in M&A under good faith.
Where did you get the "working with Twitter's lawyers" part? This letter is sent to Twitter's lawyers informing them that Musk is terminating the agreement.