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Elon’s Out

bloomberg.com

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Re: Elon’s Out

#421

Post by kortilla »

throwaway09223 wrote: post #140
alphabetting wrote: post #4

I found this part most interesting. Public awareness of the Delaware Court of Chancery is about to skyrocket during this court battle. The fact that Musk is working in such bad faith here — that he seems so unconcerned with law and the contract he signed — cuts both ways. On the one hand, it will certainly annoy a Delaware chancellor; Delaware likes to think of itself as a stable place for corporate deals, with predi…

> What if the court orders Musk to close the deal and he says no? I can't believe people are taking this very silly statement seriously. This is utter nonsense. There are remedies for people who disobey court orders. Having assets makes you more vulnerable to a court's authority because you have something to lose. If a court orders specific performance and he doesn't do it then he's liable and the court will take his…

> There are remedies for people who disobey court orders.

A Delaware court doesn’t have as much reach as you might think if most of Musk’s assets are not there.

Re: Elon’s Out

#422

Post by hawaiianbrah »

imgabe wrote: post #398
hotpotamus wrote: post #150

Earlier quoted context omitted.

Anytime the idea of a wealth tax is brought up, I see commenters coming out of the woodwork to say that it would be impossible to actually collect it from the wealthy. Though I will note that it seems like we are able to collect yachts and planes from Russian oligarchs now, so perhaps our techniques have advanced in the last few months.

Yachts and planes are physical objects and represent a tiny, tiny fraction of a billionaire's wealth. Wealth is actual ownership interest in valuable companies, which can be moved offshore or the person can renounce citizenship and relocate to a country with friendlier tax laws in the extreme case.

Renouncing citizenship has something like a 20%-of-net-worth tax

Re: Elon’s Out

#423

Post by jacquesm »

SV_BubbleTime wrote: post #292

Does anyone else see the complete pointlessness in all the cock-sure but entirely speculative comments on this? You don’t know Musk, or the backend, or anything at all besides what the media tells you and that isn’t 1/10th the whole story. I get why people wanna talk about it, just not be absolute “well I know this for a fact” smugness that most of the comments here have. The reality is NONE of you actually KNOW anyt…

The SEC filings are a matter of public record, which is part of why we call 'public' companies public in the first place: Twitter is - and Musk is as well - bound to do a lot of this out in the open because it affects the price of a listed stock.

Re: Elon’s Out

#424

Post by benreesman »

throwaway09223 wrote: post #140
alphabetting wrote: post #4

I found this part most interesting. Public awareness of the Delaware Court of Chancery is about to skyrocket during this court battle. The fact that Musk is working in such bad faith here — that he seems so unconcerned with law and the contract he signed — cuts both ways. On the one hand, it will certainly annoy a Delaware chancellor; Delaware likes to think of itself as a stable place for corporate deals, with predi…

> What if the court orders Musk to close the deal and he says no? I can't believe people are taking this very silly statement seriously. This is utter nonsense. There are remedies for people who disobey court orders. Having assets makes you more vulnerable to a court's authority because you have something to lose. If a court orders specific performance and he doesn't do it then he's liable and the court will take his…

To the extent that Elon Musk might represent a corner case w.r.t. the legal system even more than you’re average billionaire it would most likely be because of the national security tie-ins around SpaceX.

This is pure speculation on my part, but I don’t think it’s insane.

Re: Elon’s Out

#425

Post by myth_drannon »

kibwen wrote: post #397
scaramanga wrote: post #333

Earlier quoted context omitted.

Not to mention his bizarre hold on the public imagination. He's the worlds most simped compulsive liar. I think authorities may also be afraid of looking like Nazi jackboots on the neck of this innocent guy who would be in federal prison serving long sentences if he was just some obscure hedge fund dude, known only to other hedge fund dudes, like Bernie Madhoff.

> He's the worlds most simped compulsive liar. Still a strong #2, but he sure is trying his hardest for that top spot.

Who is number one?

Re: Elon’s Out

#426

Post by jacquesm »

dodobirdlord wrote: post #327
kcplate wrote: post #230

Earlier quoted context omitted.

This to me seems the most reasonable explanation and explains most of the behaviors involved on both sides. I don’t buy into “it was just a joke that went too far” theory. Musk doesn’t want a turd. Twitter, essentially made a deal with the devil (from their perspective). Despite being initially opposed to this deal, they now has to sue to try and make it happen, because I suspect if it doesn’t “south of $30” is going…

The possibility of other takeovers doesn’t need to factor into this. If Twitter’s share price is significantly below the price they can force Musk to buy the company at, then the board has an obligation to shareholders to force the sale, and will be sued by the shareholders if they don’t.

Spot on.

Re: Elon’s Out

#427

Post by jenny91 »

ethagknight wrote: post #276

I find it amazing that not one of the top comments gives Elon ANY consideration that maybe, just maybe, he has a legitimate case against Twitter. We don’t know what he’s found, what he was told, what he was promised, what changed on Twitter’s side. Some very top level people bailed or were fired shortly after Elon’s acquisition proposal was announced. It sure appears that Elons is just balking, but what is far more l…

For Musk to get out of it he has to find a materially adverse effect (MAE), which is incredibly difficult and almost never happens. As Matt Levine explains in the article, it basically has to mean that Twitter is a complete fraud and has been covering up a fraud for a long time (think Enron), which is very unlikely given that users obviously use it, and advertisers obviously advertise on it quite happily.

Re: Elon’s Out

#428

Post by genocidicbunny »

avalys wrote: post #393
throwaway09223 wrote: post #140

Earlier quoted context omitted.

> What if the court orders Musk to close the deal and he says no? I can't believe people are taking this very silly statement seriously. This is utter nonsense. There are remedies for people who disobey court orders. Having assets makes you more vulnerable to a court's authority because you have something to lose. If a court orders specific performance and he doesn't do it then he's liable and the court will take his…

From the Wall Street Journal this afternoon: "“What are they going to do if there is a judgment and he says, ‘Well, I’m still not going to buy it’?” said Zohar Goshen, professor of transactional law at Columbia Law School. “They don’t really have tools to force him to go through with it. You don’t put people in jail because they don’t buy something.”" https://www.wsj.com/articles/twitter-elon-musk-set-for-unpre...

No, but if the court orders it and he refuses, can that not be construed as contempt of court? People definitely go to jail for that.

Re: Elon’s Out

#429

Post by cycomanic »

avalys wrote: post #375
camjohnson26 wrote: post #354

Earlier quoted context omitted.

You’re missing the key point then. People want to invest in NFTs too, and if you don’t see why that’s a problem you’re willfully blind.

Why is what other people do with their money a problem for you? I think NFTs are stupid, but I don't think they're "a problem". People spend lots of money on stuff I find stupid. I would never buy a Gucci handbag, they have about as much value as an NFT. But if someone else wants to, it doesn't hurt me, so, so what?

So people also wanted to invest in Bernice Madoffs scheme, you didn't see a problem with that either?

Re: Elon’s Out

#430

Post by camjohnson26 »

avalys wrote: post #375
camjohnson26 wrote: post #354

Earlier quoted context omitted.

You’re missing the key point then. People want to invest in NFTs too, and if you don’t see why that’s a problem you’re willfully blind.

Why is what other people do with their money a problem for you? I think NFTs are stupid, but I don't think they're "a problem". People spend lots of money on stuff I find stupid. I would never buy a Gucci handbag, they have about as much value as an NFT. But if someone else wants to, it doesn't hurt me, so, so what?

Because it added fragility to the economy, just like people over paying for mortgage backed securities in 2008. If it was a few foolish individuals that would be different, but reckless speculation has been actively encouraged by the Fed across the whole economy, NFTs are just one example.
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