Where does the Musk hate on hn come from? Edit: that’s an actual question. If you downvote, at least comment why I’m wrong.
I don't think it's irrational
https://www.vanityfair.com/news/2022/04/elon-musk-twitter-te...
Notice of termination of Twitter merger agreement
751–760 of 1001 posts
Re: Notice of termination of Twitter merger agreement
#752The filed letter ( https://www.sec.gov/Archives/edgar/data/1418091/000110465922... ) isn't the knockdown argument I would be expecting. Musk is saying, you haven't demonstrated your numbers are accurate. But having signed the merger agreement and waived due diligence, I think he needs to demonstrate that they are _not_ accurate. Complaining Twitter rate-limited his API access (which would be very foolish on their par…
> Complaining Twitter rate-limited his API access (which would be very foolish on their part) I have recently built a Twitter application with the new V2 API. They do have undocumented API rate limits[1] while the developer documentation says something else[2]. And if you see the discussions at Twitter developer forum, It takes a while for the Twitter representative to find that the issue is because of the undocument…
Then they could have simply communicated that fact the first time they ran into the limits and they certainly would have been lifted. This happens to me during DD all the time and it has never caused a problem or an investor/acquirer to back out of the deal.
Re: Notice of termination of Twitter merger agreement
#753Earlier quoted context omitted.
So basically it’s like buying a house and finding faults with it that the seller had hidden?
Very much like that...except you're also in a legal system where the courts have ruled that the only "faults" that actually are major enough to count are things like "seller said it was 3br house; it's a one room shack" or "seller neglected to mention it had burnt to the ground last year and hasn't been rebuilt". Something like "Twitter lied, actually 15% of active users are bots, not It's hard to stress enough just…
And so it’s likely he owns Twitter at the end of this. Gonna be a field day at the courts then!
Re: Notice of termination of Twitter merger agreement
#754Chancery courts will compel performance of this transaction absent a showing of an material adverse advent. Very, very high bar. The buyer is a highly sophisticated investor and the grounds that he is alleging form the basis of the breach of contract were and are public information that has not materially changed nor been alleged to have materially changed since the signing of the merger agreement. Moreover, and most…
Twitter even admitted to overcounting its users: https://techcrunch.com/2022/04/28/twitter-says-it-overcounte...
By 1%, and they corrected it?
Re: Notice of termination of Twitter merger agreement
#755Chancery courts will compel performance of this transaction absent a showing of an material adverse advent. Very, very high bar. The buyer is a highly sophisticated investor and the grounds that he is alleging form the basis of the breach of contract were and are public information that has not materially changed nor been alleged to have materially changed since the signing of the merger agreement. Moreover, and most…
I actually have experience with this type of stuff, some business tried to acquire mine and kept postponing, and ended up with some excuse that there wasn’t enough technical design documentation, which would be a real-breaker. It wasn’t super big money, but also not small (high 6-figures). I ended up suing them, won on all counts, and the deal had to go through. Unfortunately, this company simply refused to do that e…
Re twitter: What a waste of life time and resources that could be otherwise have been used. All for what? For the ego of a madman?
Re: Notice of termination of Twitter merger agreement
#756Earlier quoted context omitted.
> Complaining Twitter rate-limited his API access (which would be very foolish on their part) I have recently built a Twitter application with the new V2 API. They do have undocumented API rate limits[1] while the developer documentation says something else[2]. And if you see the discussions at Twitter developer forum, It takes a while for the Twitter representative to find that the issue is because of the undocument…
Then they could have simply communicated that fact the first time they ran into the limits and they certainly would have been lifted. This happens to me during DD all the time and it has never caused a problem or an investor/acquirer to back out of the deal.
Out of coriousity, would Musk's legal team have to proof Twitter restricted his bandwidth out of malice? And wouldn't that be hard if they never conplaibed about to Twitter?
Re: Notice of termination of Twitter merger agreement
#757Musk would have been a political player, as the owner of twitter. That could have gotten him into a fight with the wrong people, and could have hurt his business. I mean AWS didn't get the big pentagon contract, under the previous US president. Mr. Besos was very upset about this. Now Musk is much more exposed to that kind of thing, as SpaceX is a major Nasa contractor. There must be some politics here, if you consid…
wow, once upon a time you could have a discussion here on any topic, hope that feature is not disappearing....
Re: Notice of termination of Twitter merger agreement
#758For anyone thinking he can pay the 1B$ termination fee and walk away, it's not that simple. The 1B$ is a "reverse breakup" fee, and applies when an outside force (like SEC or financing) prevents the deal. That 1B$ has nothing to do with any choices on either side, and is unlikely to factor into this process. At this point they're clearly going to trial, and it's not unlikely that the cost to Elon will be somewhere in…
Having to spend $15B as the cost for making an impulsive decision (when you can afford it) is a first world problem.
Tesla and SpaceX success is depending on the public opinion of Musk. If he ends up paying 15 billion (or whatever the number is) over a botched take over, one that had a negative impact on Tesla shares, this opinion might just change. In which case Teslas future preception as a tech company might be at risk.
Re: Notice of termination of Twitter merger agreement
#759Earlier quoted context omitted.
As in my post, assuming this reaches a "negotiated" settlement there are going to be two important values: the original purchase price (OPP), and the fair market value (FMV). If Twitter "wins", they get Elon to pay the full market value. Now, they don't actually want Elon to be involved, so if Elon pays the difference between FMV and OPP (~$24B) that's essentially the same as buying then divesting with fewer steps. I…
> so the best negotiating tactic he has is being a disruptive asshole so TWTR Been successful at that.
And so far this behaviour earned him a law suite.
Re: Notice of termination of Twitter merger agreement
#760Earlier quoted context omitted.
Twitter has already said they'll sue for specific performance: https://twitter.com/btaylor/status/1545526087089696768
My heart sank when I read your comment: why on earth would the board sue for specific performance!? But my reading of the statement in the tweet is that they plan to sue for enforcement of the agreement which I believe means paying the agreed-upon penalty for backing out of the deal. I don’t at all read that statement as a plan to seek specific performance.
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