Twitter and Elon Musk (1 Viewer)

[Redwes25]

Here's how it will go.

Twitter is suing, saying "Musk needs to pay us $54.20 a share, and he can have the whole company."

Musk will answer: "No way. Those guys breached first. If anything, they owe me money for all the time I spent trying to hand count all the bots!"

When the laughing dies down, Musk will fall back to: "I have a right to terminate and just pay the $1 billion fee."

Twitter will counter: "Musk breached in six different material ways before he tried to terminate (and he did it in public, here are the receipts), so he forfeited his right to terminate by paying the fee."

Musk will counter that even if that's true, he shouldn't be forced to pay $54.20 and own a company he doesn't want. Instead, he should pay a lesser amount and let Twitter shareholders keep all their shares.

Then they'll settle on some amount significantly above a billion as a compromise.

The thing is he doesn’t have a right to terminate. His termination right is actually very limited and he hasn’t even followed those procedures to terminate (notice with 30 day cure period). 
 

My personal opinion is there is a pretty good shot the court orders specific performance. The facts appear so bad for him and honestly his best chance is to try and delay it until the drop dead date on the debt commitment letter runs out (October 20th). Given the debt needs to be available to fund for specific performance under the acquisition agreement that commitment letter needs to be valid. The acquisition agreement has a provision that the drop dead date in the acquisition agreement gets tolled for specific performance but the commitment letter doesn’t have a mirroring provision, which in some debt commitment letters it does. 
 

Lastly, I am certain the banks are just sitting tight on this one at this point as they don’t want a repeat of the Apollo/Huntsman case where they got sued for tortious interference of contract but you can be certain they are going to sue Musk for violating the covenants in the debt commitment letter. Interesting fact of that letter is that Musk can violate that letter agreement and banks would most likely be forced to fund if the conditions to funding are satisfied. At this point, given debt markets and all bad mouthing Musk has done of deal the banks are going to take a huge hit on trying to syndicate that debt and loss at least a half billion dollars (but probably more). I wish I could see the fee letter for that deal and see where the syndication pricing caps are. 

 

[Redwes25]

I agree, Twitter doesn't have to take anything less than what he offered.  Now, it could take millions of dollars and years in court to get it but Musk doesn't have a legal leg to stand on.  The rumors I'm hearing is Twitter could offer him a discount from his original offer to expedite the deal.  I guess we'll see. 

No matter how it turns out, I don't have a dog in this hunt, I feel sorry for all of the employees of Twitter that he trashed.

This won’t take years. This is Delaware Chancery court which is specifically designed for these types of commercial disputes.  This will all be decided by the end of the year (most likely in the fall). 

 

[NorvilleBarnes]

Here's the episode from my favorite legal podcast:

https://open.spotify.com/episode/5iTyLLvv0JxL6sU1t1c3Pv

Thank you. Bookmarked. Really enjoyed their discussion of 2a and abortion travel cases as well.

 

[Juxtatarot]

The interesting thing to me is what is causing Musk to want out. I think the bot thing is just an excuse. Is it because of the down market? Did he realize his plan for Twitter was flawed? Was the whole thing a ruse? My uninformed guess is it’s the market.

 

[massraider]

Elon Musk has reason to worry about the judge set to rule on Twitter lawsuit 

Elon Musk has reason to worry about the Delaware Court of Chancery judge handling Twitter's lawsuit against him. Kathaleen McCormick, the court's chancellor, or chief judge, "has a no-nonsense reputation as well as the distinction of being one of the few jurists who has ever ordered a reluctant buyer to close a US corporate merger," Reuters wrote today.

 

[2Squirrels1Nut]

Here's how it will go.

Twitter is suing, saying "Musk needs to pay us $54.20 a share, and he can have the whole company."

Musk will answer: "No way. Those guys breached first. If anything, they owe me money for all the time I spent trying to hand count all the bots!"

When the laughing dies down, Musk will fall back to: "I have a right to terminate and just pay the $1 billion fee."

Twitter will counter: "Musk breached in six different material ways before he tried to terminate (and he did it in public, here are the receipts), so he forfeited his right to terminate by paying the fee."

Musk will counter that even if that's true, he shouldn't be forced to pay $54.20 and own a company he doesn't want. Instead, he should pay a lesser amount and let Twitter shareholders keep all their shares.

Then they'll settle on some amount significantly above a billion as a compromise.

IMHO Twitter wants to sell.  Unlike FB, they have been struggling the entirety of its existence to become profitable.  The board and large shareholders can cash out and that's what they want to do. 

 

[GordonGekko]

This won’t take years. This is Delaware Chancery court which is specifically designed for these types of commercial disputes.  This will all be decided by the end of the year (most likely in the fall). 

Your position would be reliant on the Delaware courts being fair and impartial in this matter. Newsflash, they are not.

Without Starlink, Ukraine would have already fallen to Putin. The US military would not have branched out with it's new Space Force without Elon Musk in tow. Musk is the Military Industrial Complex's favorite son. Good luck with Twitter HQ trying to fight all that.

A major cross section of the Jewish Establishment here in America has been seething in silence over Twitter HQ's tolerance of antisemitism. Jack Dorsey literally went on a bender and started tweeting a bunch of hateful things against Jews and then claimed he was "hacked" Just about all of Twitter's policies under Dorsey leaned antisemitic. That impacted the Big Finance elements that backed Musk here. Good luck with Twitter HQ trying to fight that.

Time is more on Musk's side than Twitter HQ's side. When the GOP takes the HOR in the Mid Terms, Elise Stefanik is going to be sent to go after everyone. Everyone. Twitter HQ will be locked into a two front war. By the 2024 general cycle, the GOP will be on a full blood lust against Big Social Media. Good luck with Twitter HQ trying to fight that.

The notion that seems to, IMHO, elude many here is that somehow the law still applies to people like Elon Musk. No, not really.

Hillary Clinton literally laundered money during the 2016 general cycle at a scale of Pablo Escobar and the FEC, DOJ and IRS just blinked and walked away. 

On a practical matter, what would be the long term fall out of specific performance? At this scale?

It's easy to be dogmatic about the law in a vacuum but the tactical reality on the ground is much different.

Odds are, Twitter is going to sell at a reduced price. The X factor here is the Centra and Tasks systems at Facebook. Big Social Media coordinates with each other and Big Tech. So the domino effect isn't just with Twitter, it's with the mass coordination of these bots across all the major platforms. What we are talking about is mass coordinated fraud against anyone who paid advertising dollars to Big Social Media. This could be as simple as Vijaya Gadde deciding to flip against Twitter's board and HQ instead of going to prison.

 

[Desert_Power]

The interesting thing to me is what is causing Musk to want out. I think the bot thing is just an excuse. Is it because of the down market? Did he realize his plan for Twitter was flawed? Was the whole thing a ruse? My uniformed guess is it’s the market.

He liked the attention/press and then got bored of it.

 

[CletiusMaximus]

At this point, given debt markets and all bad mouthing Musk has done of deal the banks are going to take a huge hit on trying to syndicate that debt and loss at least a half billion dollars (but probably more). I wish I could see the fee letter for that deal and see where the syndication pricing caps are. 

 According to a report from last May, there is a $3bln unsecured portion (of the total commitment of $13bln) that is capped at 11.75%. 
 

The lenders forged a deal with Musk based on a maximum interest rate of 11.75% for the $3 billion unsecured portion of the financing package, which is expected to be replaced by a bond with ratings in the CCC tier, according to a person with knowledge of the matter. Yet the average yield on similarly rated junk securities soared past 12% last week as investors pulled back from risk amid fears over rampant inflation, a potential recession and the war in Ukraine.

Selling the debt at a yield above 11.75% would force the banks to incur a hit on the fees they will earn for underwriting the transaction, and could result in outright losses if the rate climbs above 12.125%, said the person, who asked not to be identified when discussing a private transaction.

I think we’re over 13% now, so I assume Morgan Stanley is praying the deal doesn’t close.

https://www.bloomberg.com/news/articles/2022-05-26/musk-s-twitter-bankers-face-potential-hit-on-riskiest-debt?cmpid=BBD071122_MONEYSTUFF&utm_medium=email&utm_source=newsletter&utm_term=220711&utm_campaign=moneystuff
 

 

[massraider]

He liked the attention/press and then got bored of it.

This. He's bored with the whole thing, and wants out. 

 

[CletiusMaximus]

https://www.documentcloud.org/documents/22088175-musk-initial-response-to-twitter-complaint?responsive=1&title=0

Musk's initial response - opposing expedited proceedings and going all-in on the bot issue.

 

[Redwes25]

 According to a report from last May, there is a $3bln unsecured portion (of the total commitment of $13bln) that is capped at 11.75%. 
 

I think we’re over 13% now, so I assume Morgan Stanley is praying the deal doesn’t close.

https://www.bloomberg.com/news/articles/2022-05-26/musk-s-twitter-bankers-face-potential-hit-on-riskiest-debt?cmpid=BBD071122_MONEYSTUFF&utm_medium=email&utm_source=newsletter&utm_term=220711&utm_campaign=moneystuff
 

Hadn't seen that article but interesting that someone liked both the fees and total cap on the High-Yield Bridge/Bonds.  Honestly, the HY bond market has been closed for the last month or two so for that piece of the finacing I imagine it just goes on the banks books.  The senior piece will have similar issues and maybe worse depending on the caps on that piece.

The banks clearly want this deal to fall apart.  

 

[2Squirrels1Nut]

https://www.documentcloud.org/documents/22088175-musk-initial-response-to-twitter-complaint?responsive=1&title=0

Musk's initial response - opposing expedited proceedings and going all-in on the bot issue.

This is a week after his initial attempt at a hostile takeover. 

Elon Musk vows to 'defeat the spam bots' or 'die trying' if Twitter bid succeeds

It's documented that he was well aware of the bot issues.  It will be interesting to see how this plays out. 

 

[Maurile Tremblay]

This is a week after his initial attempt at a hostile takeover. 

Elon Musk vows to 'defeat the spam bots' or 'die trying' if Twitter bid succeeds

It's documented that he was well aware of the bot issues.  It will be interesting to see how this plays out. 

His argument about bots is very weak, IMO. He's saying (a) Twitter didn't give him enough information after signing the agreement to evaluate how many bots there are, and (b) Twitter's own estimate in its SEC filings might be way off.

But (a) Musk waived due diligence about bots when he signed the agreement, so he wasn't owed information for that purpose from Twitter, and (b) Twitter's SEC filings emphatically say that its own estimate about bots may be way off. They say, basically, "There's no standard way to estimate this kind of thing; here's the method we used; here's the result we got using that method; but the real answer may be quite a bit different, so don't rely on our wild guess." Now Musk is going to argue that he reasonably relied on the info in the SEC filing that was couched as a wild guess that shouldn't be relied on?

I'm guessing that the judge won't allow anywhere near as much discovery on the topic of bots as Musk is asking for.

 

[massraider]

Delaware court grants win for Twitter in first hearing in Musk trial

https://www.washingtonpost.com/technology/2022/07/19/twitter-elon-musk-trial/

A Delaware Chancery Court judge largely granted Twitter’s request for an expedited trial, an early win in the epic court battle between the social media company and Elon Musk, the world’s richest man.
Chancellor Kathaleen Mccormick granted Twitter’s request for a quick court date, setting 5-day trial in October. Twitter had requested September, in order to prevent Musk from causing further damage to Twitter, through his firebrand Twitter account and his legal team’s capacity for requesting reams of internal document. Musk’s team had requested February.
Twitter’s lawyers argued that the case is simple: Musk broke his ironclad agreement to buy the company. Because the merger agreement doesn’t reference bots, the billionaire’s requests for information on the subject is irrelevant, Bill Savitt, Twitter’s lead lawyer on the case, said during a hearing.
“That question is emphatically and plainly not before the court,” Savitt said. “What we have here is a buyer looking to conjure an exit ramp for a deal that doesn’t have one.”
The high-stakes case in the Delaware Chancery Court, could be resolved in several months — if Twitter gets its wish — or become a far longer affair if the court sides with Musk.
Savitt noted that Musk’s team wants to take 52 depositions from Twitter employees and others — a large number, but one he said could be completed in the two-month timeframe Twitter is requesting rather than the seven month timeframe requested by Musk. Savitt noted that plenty of major cases have been completed in a similar time frame in the Delaware Chancery Court.

 

[massraider]

This dang Delaware Chancery Court is not suitably impressed by Elon. 

 

[IvanKaramazov]

I don't care much about who owns Twitter and I have a more positive view of Elon Musk than most people in this thread.  But in the interest of finding common ground, can we all agree that this man needs to spend more time outside, exposed to direct sunlight?  I keep looking for Ahab in these photos.  

 

[Battersbox]

Does this 'whistleblower' change the math on the likelihood of the Twitter deal closing? At least one analyst downgraded Twitter stock this morning in the wake of this story.

Twitter misled U.S. regulators on hackers, spam, whistleblower says

Twitter Inc misled federal regulators about its defenses against hackers and spam accounts, the social media company's former security chief Peiter Zatko said in a whistleblower complaint.

www.reuters.com

Curious to hear the take of any legal-types in here.

 

[Maurile Tremblay]

Does this 'whistleblower' change the math on the likelihood of the Twitter deal closing? At least one analyst downgraded Twitter stock this morning in the wake of this story.

Twitter misled U.S. regulators on hackers, spam, whistleblower says

Twitter Inc misled federal regulators about its defenses against hackers and spam accounts, the social media company's former security chief Peiter Zatko said in a whistleblower complaint.

www.reuters.com

Curious to hear the take of any legal-types in here.

Yes. Musk wants to show that Twitter's SEC filings were intentionally misleading or knowingly false. If the whistleblower has evidence of that, it should help Musk bow out of his obligation to purchase.

 

[CletiusMaximus]

A twitter account that covers Delaware Court proceedings did its best to live-tweet the hearing today on Musk’s discovery motions. https://twitter.com/chancery_daily/status/1562489158031278080?s=20&t=91duS3Uq2EDFgCDSTxq8pw

spoiler: court takes the matter under advisement but will probably rule very soon. She issued a written ruling a couple days ago regarding Twitter‘s discovery motion that was quite critical of the Musk team’s discovery antics but didn’t spank them very hard. I’m certain the combined legal fees are over $1mil by now.

 

[Captain Cranks]

Not pertaining to Twitter, but this speaks to the free speech angle. Tesla issues cease and desist order

This month, Tesla fans rushed to defend the automaker after a prominent critic released a video showing one of the company's cars with the feature it calls "full self-driving" plowing into child-size mannequins. Some fans built or bought mannequins and child-size dummies to use in their own tests. Others asked their kids to stand in front of a Tesla to prove the cars are safe near children.

Some of the videos have drawn scrutiny from YouTube and Tesla. YouTube has taken down several test videos involving actual children, citing safety risks. (Children were not harmed or injured in the published videos.) Now, Tesla wants the video that started it all taken down, too.

The automaker sent a cease-and-desist letter claiming defamation on Aug. 11 to Dan O'Dowd, a software company CEO and outspoken critic of "full self-driving," demanding that he remove critical videos. O'Dowd had also published an additional video showing similar results on a public street following criticism of his methodology by Tesla supporters.

Tesla deputy general counsel Dinna Eskin warned of legal action if O'Dowd did not comply with the automaker's demands. The cease-and-desist letter was surfaced Thursday by The Washington Post.

O'Dowd responded to the cease-and-desist with a 1,736-word post in which he pushed back at the suggestion his posts were defamatory, defended his tests and returned barbs from Musk and some Tesla supporters.

"I can afford not to be intimidated by these threats," O'Dowd said. Elizabeth Markowitz, a spokesperson for the O'Dowd-led Dawn Project, which he calls an effort to make computers safe for humanity, said O'Dowd was also responding to the letter with an extra $2 million devoted to the video's promotion.

The ongoing clashes online between Tesla's fans and detractors highlight both the strong reactions elicited by the car company and the ripple effects of it deploying a test version of a disruptive technology to the public. The driver-assistance feature Tesla calls "full self-driving" is designed to navigate local roads with steering, acceleration and braking, but requires an attentive human driver prepared to take control as the system "may do the wrong thing at the worst time," Tesla warns drivers.

O'Dowd has said he believes the software controlling self-driving cars should be the best ever written. He ran unsuccessfully for US Senate in California earlier this year, with a campaign focused solely on his critique of "full self-driving." O'Dowd is the founder and CEO of Green Hills Software.

 

[CletiusMaximus]

A twitter account that covers Delaware Court proceedings did its best to live-tweet the hearing today on Musk’s discovery motions. https://twitter.com/chancery_daily/status/1562489158031278080?s=20&t=91duS3Uq2EDFgCDSTxq8pw

spoiler: court takes the matter under advisement but will probably rule very soon. She issued a written ruling a couple days ago regarding Twitter‘s discovery motion that was quite critical of the Musk team’s discovery antics but didn’t spank them very hard. I’m certain the combined legal fees are over $1mil by now.

The judge issued three letter opinions on the discovery squabbles yesterday. On the mDAU issue summarized in the arguments in this twitter thread, she ordered Twitter to produce some additional data, but for the most part denied Musk's motion, saying his information request was "absurdly broad." "Read literally, Defendants’ documents request would require Plaintiff to produce trillions upon trillions of data points reflecting all of the data Twitter might possibly store for each of the approximately 200 million accounts included in its mDAU count every day for nearly three years. Plaintiff has difficulty quantifying the burden of responding to that request because no one in their right mind has ever tried to undertake such an effort."

She granted Twitter's motion to obtain more discovery as to Musk's expert analysis on the 5% bot issue. Musk's lawyers had claimed their expert's analysis was protected by the atty work product doctrine and refused to produce the data and experts for deposition. The judge found the data is not work product protected. (citing Hexion, a case near and dear to me particularly on the expert issue in which I was involved back in the day.)

Hard to say how much all this stuff matters but overall seems to be a couple wins for Twitter and a set back for Musk.

 

[Max Power]

Sept 12 (Reuters) - A majority of Twitter Inc's (TWTR.N) shareholders have voted in favor of the social media company's $44 billion sale to Elon Musk, people familiar with the tally said on Monday.

The deadline for the shareholder vote on the deal is on Tuesday but enough investors had voted by Monday evening for the outcome to be certain, the sources said.

The sources requested anonymity ahead of an official announcement. Twitter and Musk representatives did not immediately respond to requests for comment.

 

[Terpman22]

Sept 12 (Reuters) - A majority of Twitter Inc's (TWTR.N) shareholders have voted in favor of the social media company's $44 billion sale to Elon Musk, people familiar with the tally said on Monday.

The deadline for the shareholder vote on the deal is on Tuesday but enough investors had voted by Monday evening for the outcome to be certain, the sources said.

The sources requested anonymity ahead of an official announcement. Twitter and Musk representatives did not immediately respond to requests for comment.

Great Day for Free Speech Patriots

 

[massraider]

https://twitter.com/elonmusk/status/1576969255031296000?t=epOO7CDbMvmiTZNx-ZgEvw&s=19

Elon with his solution for the war in Ukraine.
Sigh.

This is a good argument for abolishing Twitter entirely, and a great reminder that geniuses don't know everything.

 

[2Squirrels1Nut]

https://twitter.com/elonmusk/status/1576969255031296000?t=epOO7CDbMvmiTZNx-ZgEvw&s=19

Elon with his solution for the war in Ukraine.
Sigh.

This is a good argument for abolishing Twitter entirely, and a great reminder that geniuses don't know everything.

*Sigh* indeed GB.

 

[Battersbox]

Into my veins:

Twitter shares halted on news pending; report says Musk plans to go through with deal at $54.20 a share

Twitter shares surged on Tuesday after Bloomberg reported that Elon Musk plans to go through with his acquisition at $54.20 a share.

www.cnbc.com

 

[Juxtatarot]

Cool. It would be an interesting social experiment.

 

[2Squirrels1Nut]

https://twitter.com/elonmusk/status/1576969255031296000?t=epOO7CDbMvmiTZNx-ZgEvw&s=19

Elon with his solution for the war in Ukraine.
Sigh.

This is a good argument for abolishing Twitter entirely, and a great reminder that geniuses don't know everything.

Josh Brown just said on CNBC that Musk should do the right thing and shut Twitter down. Good call GB.

He was obviously somewhat joking. I respect the heck out of Brown and Leishman though. They seem to be right a lot more than wrong with market evaluations.

 

[The General]

Clown show comes back to town!

 

[2Squirrels1Nut]

Over.

He's in a spot of bother here.

I agree, Twitter doesn't have to take anything less than what he offered. Now, it could take millions of dollars and years in court to get it but Musk doesn't have a legal leg to stand on. The rumors I'm hearing is Twitter could offer him a discount from his original offer to expedite the deal. I guess we'll see.

No matter how it turns out, I don't have a dog in this hunt, I feel sorry for all of the employees of Twitter that he trashed.

When you're right 51% of the time you're wrong 49% of the time. Nice to finally get one right.

 

[Redwes25]

This guy is unbelievable. His banks have to be pissed and are going to get crushed funding this deal. Also, doubt it can support this much debt at this point with the economy getting worse. I see a bankruptcy in Twitter's future.

 

[2Squirrels1Nut]

This guy is unbelievable. His banks have to be pissed and are going to get crushed funding this deal. Also, doubt it can support this much debt at this point with the economy getting worse. I see a bankruptcy in Twitter's future.

Not to mention how he denigrated employees of Twitter in a time where every company is fighting hard for personnel.

 

[Battersbox]

This guy is unbelievable. His banks have to be pissed and are going to get crushed funding this deal. Also, doubt it can support this much debt at this point with the economy getting worse. I see a bankruptcy in Twitter's future.

Not to mention how he denigrated employees of Twitter in a time where every company is fighting hard for personnel.

I think Elon would tell you that the company could do just fine without a significant portion of that personnel.

 

[Dinsy Ejotuz]

Neck and neck with Putin for strategist of the year:

• Tears down Twitter.
• Forces Twitter into a sale.
• Signs legal documents buying Twitter at $54 a share.
• Says he's not buying Twitter.
• Spends six months trashing Twitter.
• Gets no satisfaction from Twitter on any of his complaints.
• Realizes he'll going to lose court case.
• Goes through with the deal at $54 a share.
• In the end owns company that he spent six months trashing.

 

[2Squirrels1Nut]

This guy is unbelievable. His banks have to be pissed and are going to get crushed funding this deal. Also, doubt it can support this much debt at this point with the economy getting worse. I see a bankruptcy in Twitter's future.

Not to mention how he denigrated employees of Twitter in a time where every company is fighting hard for personnel.

I think Elon would tell you that the company could do just fine without a significant portion of that personnel.

That I don't doubt for a second. It wouldn't necessarily make him right.

 

[Battersbox]

It's amazing how quickly the tone on this deal has changed across the Twitterverse.
Feb 2022: You don't like Twitter's moderation policies, create your own social network.
April 2022: Musk can't take over Twitter, he'll make it a Fascist playpen.
July 2022: Musk is so stupid, he never wanted the platform to begin with and he has no money. I hope he has to take over the company, serves him right!
October 2022: Musk can't take over Twitter, he'll make it a Fascist playpen and there is no time to create a counter network prior to the mid-terms...

 

[massraider]

October 2022: Musk can't take over Twitter, he'll make it a Fascist playpen and there is no time to create a counter network prior to the mid-terms...

What a bunch of babies. Good example of what you are talking about:
https://twitter.com/oneunderscore__/status/1577343289216405506?t=5OSmvYmSk6pZeFbUo3S-jw&s=19

Something will replace Twitter when Musk screws it up, these people are very concerned about how that affects them personally.

 

[CletiusMaximus]

Musk's proposal seems like a high-stakes smokescreen to me. His offer is contingent on the financing closing as stated in the deal docs and an immediate stay of the lawsuit, which is scheduled to go to trial Oct. 17. The Commissioner probably won't stay the trial unless the parties have a definitive settlement for her to approve. I don't think Twitter will go for this. They've done all the hard work and are prepared to win at trial. I would say show me the money first, then we'll talk about putting off our trial.

 

[massraider]

Musk's proposal seems like a high-stakes smokescreen to me. His offer is contingent on the financing closing as stated in the deal docs and an immediate stay of the lawsuit, which is scheduled to go to trial Oct. 17. The Commissioner probably won't stay the trail unless the parties have a definitive settlement for her to approve. I don't think Twitter will go for this. They've done all the hard work and are prepared to win at trial. I would say show me the money first, then we'll talk about putting off our trial.

I'm sure it's a coincidence that this came the day after he embarrassed himself.

 

[Battersbox]

Musk's proposal seems like a high-stakes smokescreen to me. His offer is contingent on the financing closing as stated in the deal docs and an immediate stay of the lawsuit, which is scheduled to go to trial Oct. 17. The Commissioner probably won't stay the trail unless the parties have a definitive settlement for her to approve. I don't think Twitter will go for this. They've done all the hard work and are prepared to win at trial. I would say show me the money first, then we'll talk about putting off our trial.

Man, I wish you'd posted this before the market closed I want to liquidate. Seems silly to hold out for the last 2 bucks (closed at 52)

 

[CletiusMaximus]

Musk's proposal seems like a high-stakes smokescreen to me. His offer is contingent on the financing closing as stated in the deal docs and an immediate stay of the lawsuit, which is scheduled to go to trial Oct. 17. The Commissioner probably won't stay the trail unless the parties have a definitive settlement for her to approve. I don't think Twitter will go for this. They've done all the hard work and are prepared to win at trial. I would say show me the money first, then we'll talk about putting off our trial.

I'm sure it's a coincidence that this came the day after he embarrassed himself.

I'm a novice on this at best, but would say there's no way this was something that just came up because of some dumb unrelated tweet from Musk about Russia just yesterday. This is surely part of a larger litigation/business plan that in my view has nothing to do with politics or Musk's stupid tweets.

 

[CletiusMaximus]

Musk's proposal seems like a high-stakes smokescreen to me. His offer is contingent on the financing closing as stated in the deal docs and an immediate stay of the lawsuit, which is scheduled to go to trial Oct. 17. The Commissioner probably won't stay the trail unless the parties have a definitive settlement for her to approve. I don't think Twitter will go for this. They've done all the hard work and are prepared to win at trial. I would say show me the money first, then we'll talk about putting off our trial.

Man, I wish you'd posted this before the market closed I want to liquidate. Seems silly to hold out for the last 2 bucks (closed at 52)

If you're a Twitter shareholder this has to be fantastic news no matter how you view the likely outcomes. I'm not sure I'd have the stones to hold but it could be a great play, especially if you bought in the past couple months.

 

[Battersbox]

Musk's proposal seems like a high-stakes smokescreen to me. His offer is contingent on the financing closing as stated in the deal docs and an immediate stay of the lawsuit, which is scheduled to go to trial Oct. 17. The Commissioner probably won't stay the trail unless the parties have a definitive settlement for her to approve. I don't think Twitter will go for this. They've done all the hard work and are prepared to win at trial. I would say show me the money first, then we'll talk about putting off our trial.

Man, I wish you'd posted this before the market closed I want to liquidate. Seems silly to hold out for the last 2 bucks (closed at 52)

If you're a Twitter shareholder this has to be fantastic news no matter how you view the likely outcomes. I'm not sure I'd have the stones to hold but it could be a great play, especially if you bought in the past couple months.

I sold out in the after-hours session. I've long been a stockholder of Twitter, and I've held this last part of my position through this entire saga. It was trading $42.60 this morning, then surged on the news that Musk is going to try to avoid the trial. $54.20 is an effective ceiling, so in my estimation there is no reason to hold on any longer for the last couple of bucks and I took ~$52. The downside risk is too great if another shoe drops.

 

[Redwes25]

Musk's proposal seems like a high-stakes smokescreen to me. His offer is contingent on the financing closing as stated in the deal docs and an immediate stay of the lawsuit, which is scheduled to go to trial Oct. 17. The Commissioner probably won't stay the trial unless the parties have a definitive settlement for her to approve. I don't think Twitter will go for this. They've done all the hard work and are prepared to win at trial. I would say show me the money first, then we'll talk about putting off our trial.

I agree with much of this. Twitter will keep pushing unless signed settlement is completed. The debt issue would be concerning since the banks’ commitment expires end of October and if it it expires specific performance falls away. This could be a ploy by Musk to delay further. The man can’t be trusted in my mind and I doubt Twitter’s lawyers and management trust him at this point.

 

[2Squirrels1Nut]

Musk's proposal seems like a high-stakes smokescreen to me. His offer is contingent on the financing closing as stated in the deal docs and an immediate stay of the lawsuit, which is scheduled to go to trial Oct. 17. The Commissioner probably won't stay the trial unless the parties have a definitive settlement for her to approve. I don't think Twitter will go for this. They've done all the hard work and are prepared to win at trial. I would say show me the money first, then we'll talk about putting off our trial.

I just reviewed short and long term puts and they aren't as inexpensive as they should be IMO. I think you are on to something here. Thank you

 

[The General]

Neck and neck with Putin for strategist of the year:

• Tears down Twitter.
• Forces Twitter into a sale.
• Signs legal documents buying Twitter at $54 a share.
• Says he's not buying Twitter.
• Spends six months trashing Twitter.
• Gets no satisfaction from Twitter on any of his complaints.
• Realizes he'll going to lose court case.
• Goes through with the deal at $54 a share.
• In the end owns company that he spent six months trashing.

Great summary.

Musk has ultimate **** you money so It doesn’t matter really, but man he looks like dope here.

 

[2Squirrels1Nut]

Neck and neck with Putin for strategist of the year:

• Tears down Twitter.
• Forces Twitter into a sale.
• Signs legal documents buying Twitter at $54 a share.
• Says he's not buying Twitter.
• Spends six months trashing Twitter.
• Gets no satisfaction from Twitter on any of his complaints.
• Realizes he'll going to lose court case.
• Goes through with the deal at $54 a share.
• In the end owns company that he spent six months trashing.

Great summary.

Musk has ultimate **** you money so It doesn’t matter really, but man he looks like dope here.

Oh this hurts him. He's possibly going to pay more than double what the company is worth. That's billions wasted and isn't chump change for anyone.

 

[The General]

Neck and neck with Putin for strategist of the year:

• Tears down Twitter.
• Forces Twitter into a sale.
• Signs legal documents buying Twitter at $54 a share.
• Says he's not buying Twitter.
• Spends six months trashing Twitter.
• Gets no satisfaction from Twitter on any of his complaints.
• Realizes he'll going to lose court case.
• Goes through with the deal at $54 a share.
• In the end owns company that he spent six months trashing.

Great summary.

Musk has ultimate **** you money so It doesn’t matter really, but man he looks like dope here.

Oh this hurts him. He's possibly going to pay more than double what the company is worth. That's billions wasted and isn't chump change for anyone.

He definitely screwed this up royally and we all got to see it. He does get to find solace in that he only has like 150 billion and his own wrecked social network to post memes on

 

[BladeRunner]

Neck and neck with Putin for strategist of the year:

• Tears down Twitter.
• Forces Twitter into a sale.
• Signs legal documents buying Twitter at $54 a share.
• Says he's not buying Twitter.
• Spends six months trashing Twitter.
• Gets no satisfaction from Twitter on any of his complaints.
• Realizes he'll going to lose court case.
• Goes through with the deal at $54 a share.
• In the end owns company that he spent six months trashing.

Great summary.

Musk has ultimate **** you money so It doesn’t matter really, but man he looks like dope here.

Oh this hurts him. He's possibly going to pay more than double what the company is worth. That's billions wasted and isn't chump change for anyone.

He definitely screwed this up royally and we all got to see it. He does get to find solace in that he only has like 150 billion and his own wrecked social network to post memes on

Your post sounds like a nervous laugh. Almost as if you're trying to convince yourself. Did it work?

Your side of the aisle is absolutely losing their s*** right now because he bought it. Sounds like he did the right thing.