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Elon’s Out

bloomberg.com

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Re: Elon’s Out

#51

Post by bmitc »

lkxijlewlf wrote: post #49
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…

Maybe this is a good reason a single human being shouldn't be so fucking rich. If enough money makes you untouchable by the law, then our system is simply broken.

I continue to be super concerned about this. I do not understand how the U.S. government does not view these billionaires as serious ideological threats to democracy, the court system, national security, etc. Makes one realize just how bought out Congress is.

Once a person has wealth over, say, $500 million, then there should be a 100% tax.

Re: Elon’s Out

#52

Post by anonu »

tailrecursion wrote: post #6

I'd like to learn how to read billionaires' minds. Anyone know a good book I can read so that I can have the skills of this opinion writer?

Matt Levine is a lawyer. Nothing to do with understanding a billionaires mind. A solid legal understanding, especially of corporate finance, M&A, etc is what you're looking for here ...

Re: Elon’s Out

#53

Post by frankohn »

My idea is that Elon Musk is just leveraging it's wealth and public visibility to gain a lot of money easily tricking the markets. Especially those market where people are more easily gullible.

I think he did it with bitcoins when it declared Tesla will accept Bitcoin payments on the same basis of ordinary payments. Just later he abruptly dismissed the whole thing because the operation was terminated. In the meantime I guess he just acquired a lot of bitcoins before the public announcement and just sold them when the price was much higher.

I think that stock market and Bitcoin market are easily gullible by wealthy people because a lot of people investing are inexperienced and are easily influenced by press communication without ground truth basis.

Re: Elon’s Out

#54

Post by anonu »

nabla9 wrote: post #2

This is a second time Musk has offered to buy a public company in bad faith. His reputation as a sufficiently reliable counterparty is gone.

Musk doesn't care about that one iota. He has more money than god. And he's done that by being fairly effective as the head of two big companies.

Re: Elon’s Out

#55

Post by BobbyJo »

lkxijlewlf wrote: post #49
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…

Maybe this is a good reason a single human being shouldn't be so fucking rich. If enough money makes you untouchable by the law, then our system is simply broken.

In very direct, real terms, assets are power. They represent resources to do things.

The problem here isn't that wealth is power, it will always be power. The issue is that a single person has been allowed to accumulate too much.

Re: Elon’s Out

#57

Post by edgyquant »

arcanus wrote: post #44
moomin wrote: post #27

Earlier quoted context omitted.

This is one of those things that could genuinely cause problem for the entire US (corporate) legal system. There’s a genuine danger that the result of this case will be “some people are too powerful to be regulated by the US system, and this is now obvious”.

This is a cyberpunk future. I'm overall a fan of Musk, but this is too far. There simply must be rule of law for the United States to remain a dynamic society.

Literally there’s not even a hint that Musk is above the law yet you’re calling it a cyberpunk future

Re: Elon’s Out

#58

Post by russdill »

jollybean wrote: post #15
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…

Could ask him to pay the $1B fine in the deal for walking away?

The $1B is it he walks away and Twitter is ok with it. Another clause allows Twitter to force the deal to close so long as they are operating in good faith.

The purchase price of 54.20 per share would net a lot more than a billion given the current share price.

Re: Elon’s Out

#59

Post by kzrdude »

jollybean wrote: post #17
xiphias2 wrote: post #11

I don’t understand why we need to make things personal: a multibillionaire with practically unlimited resources is negotiating with a multibillion dollar corporation with practically unlimited resources. It’s clear that the offer Elon got stuck with has an unrealistic price at this point (and Elon just want a reason to get out of the deal), just like it’s clear that Twitter’s management is incompetent in the last few…

Twitter management is not incompetent, Musk set his own price. He should definitely pay a fine. You can't walk into a situation and cause major chaos - literally executive turnover, stock going crazy, all sorts of turmoil - and then walk away on bad faith and excuses. Also - he does not have unlimited resources. He literally cannot afford this deal right now.

He can afford it, but not without causing further chaos to himself and his companies.

Re: Elon’s Out

#60

Post by bmitc »

hartator wrote: post #38

> that it has knowingly been massively understating the number of bot accounts in order to trick companies into buying Twitter ads and shareholders into buying Twitter stock Wasn’t Google Ads 80% fake clicks on some studies? It won’t be surprising Twitter Ads is actually worse. There is so zero incentive to clean it up and so many shady reasons to do it.

Tesla bots are some of the most active on Twitter, or at least some of the most efficient in achieving their goal of manipulating Tesla interest, sentiment, and ultimately stock price. Musk knows this. I wouldn't be surprised if he knows who controls these bots.
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