Most people seem to be giving him the benefit of the doubt that he has cold feet. Personally, I think this was sabotage, he had no intention of buying Twitter in the first place and this was just a ploy to fuck with Twitter.
Notice of termination of Twitter merger agreement
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Re: Notice of termination of Twitter merger agreement
#172Earlier quoted context omitted.
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…
The question isn't really whether it dropped or not but whether the perception was that it would have dropped more without that fig leaf.
This isn’t the first time he has sold Tesla shares. He sold billions of dollars worth last year too. I’m not sure the exact dates to do the math, but did those sales cause a immediate drop of over 10% like the Twitter announcement?
Re: Notice of termination of Twitter merger agreement
#173I really don't understand why you all think Elon is going to pay anythying.
The 6.4 provision is pretty standard, and often the reason for deal to fall through, in that enough of the requested information was not provided. You really don't know what was asked, what was ignored, and what garbage data was sent back. You think Twitter is all innocent? Pfffftt. Don't be evil, oops, i mean naive.
He doesn't have to prove fraud, or malice, or that it wasn't worth it....all he has to show is that requests were ignored, rebuffed even though they are reasonable, and responded to with bad data. That's not really a hard case to win.
Re: Notice of termination of Twitter merger agreement
#174This is going to Delaware Chancery court, and if his ridiculous claims hold it does turn upside down long-held general principles of mergers and acquisitions that would affect.. everyone. I don't think the court will side with him on this. In the past, they have forced mergers to go through..
Re: Notice of termination of Twitter merger agreement
#175Earlier 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
Neither of these hypotheses precludes the other.
No? "Cold feet" is impulsive. Whereas a disguised liquidation is calculated.
Regardless, the fall in share price likely drove the outcome.
Re: Notice of termination of Twitter merger agreement
#176Twitter is going to be the downfall of Elon. I don’t understand is fascination with it. It’s a big distraction and he alienates a certain percentage of his customers for Tesla.
How exactly would it result in his downfall? Do you think the terminally online even buy Teslas, or use Starlink, or, you know, shoot rockets into space?
His tweets are shared on the news. Like when he accused Thailand diver of being a pedophile.
Re: Notice of termination of Twitter merger agreement
#177So glad HN got back online when the day got interesting
Re: Notice of termination of Twitter merger agreement
#178I guess we'll never see how a free speech Twitter works. I think this is sad.
Re: Notice of termination of Twitter merger agreement
#179This 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…
They gave the data because if they didn’t that’s a valid reason for Musk to walk out of the deal. The bots are not.
Re: Notice of termination of Twitter merger agreement
#180This 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…
>Nothing Musk has done in the last few months has been in good faith.
Isn't this itself arguing in bad faith? It's fundamentally speculative to make claims about his intentions.