Twitter's Board is going to FORCE Elon to complete the acquisition

Seems like they're going for specific performance. Musk's grounds to get out paying the $1B penalty are narrow.

This whole little drama would make a great law school moot court case!

Musk tanked TSLA and TWTR stock with his BS.

Elon Musk comes out, and is finally his true, authentic self.

Newsweek:

[quote] Elon Musk Says He'll Vote Republican for First Time in Next Election

R3, I smell shareholders' lawsuits against Musk for depressing the value of their stock by his bad faith behavior.

Musk can't vote in U.S. elections.

He's not a naturalized U.S. citizen?

[quote] Elon Musk became a US citizen through the naturalization process in 2002, at the age of 30 or 31.

So he can vote in US elections.

He's Afrikaner-American.

“Mr. Musk’s increasingly skeptical — and erratic — comments about the takeover have kept investors, bankers and Twitter itself guessing about his motives. Some analysts figure that the 50-year-old is trying to drive down the acquisition price or walk away from the deal altogether. Many were unnerved by his methods, with market-moving pronouncements made off the cuff at conferences or in emoji-laden tweets in the middle of the night.”

My mistake at r6.

It sure is odd that he was able to get citizenship fairly easily while it's difficult, if not impossible, for almost everyone else. Maybe he's an "Einstein" like Melania.

R11, rich people can get a green card if they invest a few hundred thousand dollars in the US and “create jobs.”

Seriously.

This was all theater for Musk.

He never had the money to buy Twitter and now he’s desperate to save face as he tries to get out of the deal

The Twitter board is maybe, shockingly, adhering to its fiduciary duty.

r14 well, despite the depreciation, one would also be inclined to think they're desperately trying to avoid a full audit, investigation into potential discrepancy of their self reporting. . . which we all generally accept as common place among corporations but predictably twits have tried to take the high moral ground.

As far as takeovers ago.. this is still relatively mild. There's no real cock block or retreat here yet. It's a fully erect stand off. Both are close to spooging.

If we pull back to the greater orgy, we should examine what the fed is doing here and in other govts, where they're just sperging out ina bid to impede this transaction. . . which also leads to the depreciating values. I'd wager both twit and twat (elon) are waiting for some of that to be resolved, too. -- catch the headlines of billionaires gone wild as the rest of the corporate denizens express outrage at suggests of govt overreach... even among those that believe elon is a prattling twat they'd love to see crash and burn.

Funny here, tho, how quickly the crowd upset Elon was going to buy twitter and cause the apocalypse are now upset he's trying to back out of buying twitter. Ermag0d.

I think he's going to totally tank Tesla, 6 months to a year my guess. He's so fucking repulsive.

R15, well, as a publicly traded corporation, Twitter's auditors would have to sign off on their financials before they filed their quarterly and annual reports. Twitter assuredly has reputable and sophisticated outside auditors who would not risk their professional licenses or worse civil and criminal prosecution for misrepresentation in SEC filings. The board has the same obligations. Are you speaking of audits of other matters? His whole thing about bots was most likely the result of him telling his lawyers, "find something to get me out of this deal." I read that Musk waived due diligence in the acquisition/merger agreement.

It would be a baller move for the board to file a request with the DE court for an order for specific performance requiring Musk to complete the acquisition. If they received that then Musk's lenders are going to come knocking. Musk would have no choice but to sell TSLA shares, and that will drive down the price of TSLA further.

As for government action, I haven't seen reporting that any government agency is moving to impede the acquisition. What have you read?

I don't think the board has any other choice. They have a deal. If they accept anything less than what Musk agreed to the TWTR shareholders are going to come after them with all hell's fury.

[quote]He's so fucking repulsive.

And he's ugly too!

r17, the SEC is reportedly investigating because Elon took too long to report his stake in Twitter, and the FTC is also investigating.

R17, part of Twitter's valuation is the percentage of actual people (who respond to ads) to bots (who don't).

If Twitter has been lying about its user base to the SEC, and its advertisers, about the quality of its userbase, that is a problem for them.

I don't give a flying fuck whether Musk acquires it or not. I want Twitter to be more honest about its corporate culture, its politics, and its userbase. I think it's probably about 20-30 percent bots.

He bought it without asking any questions

This is basically the beginning of the end for him, isn’t it? How can anyone enter a contract into him after this?

Latest

SEC investigation please.

I wouldn't like the job losses but they are all professional employees, right? So who cares if Twitter goes belly up. The world will be the better for that. Bravo Elon Musk!

As a simple matter of contract law, waiving due diligence prevents the buyer from claiming that the seller's failure to disclose defects constitutes a breach by the seller that's sufficiently material to excuse performance by the buyer. Not that anything is ever simple in the world of Musk.

"I think he's going to totally tank Tesla, 6 months to a year my guess."

Are there any new models on the horizon? Are there revamps of current models in the works? If not, Tesla will go the way of the Chrysler brand.

And from what I've heard, the car itself may be advanced but the design and production processes are quite primitive at Tesla.

[Quote] This is basically the beginning of the end for him, isn’t it? How can anyone enter a contract into him after this?

Oh, you'd be surprised who people will do business with.