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Tags elon musk , twitter

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Old 8th July 2022, 04:14 PM   #281
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Told ya so waaay back at the beginning of the thread on page 5! It's a pattern like Lucy pulling up the football.


http://www.internationalskeptics.com...0#post13793770

Last edited by Skeptic Ginger; 8th July 2022 at 05:35 PM.
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Old 8th July 2022, 04:29 PM   #282
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Musk has damaged not just his public image but lost creditbility in the business world over this. He is getting a reputation as being unstable, and major banks and investment companies hate instablity. He might still get some loans, but they will be looked at more closely and the interest will be higher.
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Old 9th July 2022, 06:33 AM   #283
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Originally Posted by Skeptic Ginger View Post
Told ya so waaay back at the beginning of the thread on page 5! It's a pattern like Lucy pulling up the football.


http://www.internationalskeptics.com...0#post13793770
In fact, I beat you by two posts...

Originally Posted by angrysoba View Post
His antics almost make it look like he's trying to scupper the purchase but in a way that he can blame Twitter.

"The deal is off because you broke the rules"
"See? They hate free speech. They used a heckler's veto. Oh well... I tried guys, but the game is rigged. It's rigged I tells ya!"
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Old 9th July 2022, 07:02 AM   #284
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Originally Posted by angrysoba View Post
Looks like it is off. Can’t say I’m surprised.
https://edition.cnn.com/2022/07/08/t...xit/index.html

Quote:
New York (CNN Business)Elon Musk moved Friday afternoon to terminate his $44 billion deal to buy Twitter — the latest twist in a whirlwind process in which the billionaire Tesla CEO became the company's biggest shareholder, turned down a board seat, agreed to buy the social media platform and then started raising doubts about going through with the deal. The next chapter in the saga is almost certain to be a court battle.

A lawyer representing Musk claimed in a letter to Twitter's top lawyer that he is ending the deal because Twitter (TWTR) is "in material breach of multiple provisions" of the original agreement, which was signed in April, according to a regulatory filing Friday evening.
Quote:
"The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement," Twitter board chair Bret Taylor said in a tweet Friday, echoing earlier statements by the company that it planned to follow through with the deal. "We are confident we will prevail in the Delaware Court of Chancery."
But the story goes on to say that Twitter shares fell 5% on the news, while Tesla shares rose 1%.
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Old 9th July 2022, 08:44 AM   #285
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Originally Posted by kookbreaker View Post
Now lawsuits over the deposit!
Musk will fullfil all his contractual obligations.... in 50 or 60 years or so
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Old 10th July 2022, 02:40 PM   #286
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Musk might be forced to complete the purchase or pay a hefty fine.

Quote:
Under the terms of the agreement the company can ask a judge for “specific performance”, which would compel Musk to buy the company for the $54.20 a share he agreed to in April. Alternatively, the company can also seek a $1bn break fee from Musk for walking away from the deal in contravention of the agreement.

Quinn said Musk’s arguments would probably fail in court. In Friday’s letter, Musk put forward three broad arguments: that Twitter had breached the agreement by failing to provide enough information on spam accounts; that Twitter has misrepresented the number of spam accounts in its disclosures to the US financial watchdog; and that the company breached the agreement by failing to consult with Musk when firing senior employees recently.
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Old 10th July 2022, 04:09 PM   #287
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You have to wonder if the reason Musk wants out is he found out ever if buys it he won't be able to have total control like he does with his other companies,that the Tiwtter BOD will have the ultimate say, not Musk.
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Old 10th July 2022, 05:09 PM   #288
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Originally Posted by zooterkin View Post
Yep, but it seems that even if he pays the fee for breaking the contract it will almost certainly be cheaper than buying Twitter which is currently worth so many billions less than what he agreed to buy it for.
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Old 10th July 2022, 05:11 PM   #289
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Originally Posted by dudalb View Post
You have to wonder if the reason Musk wants out is he found out ever if buys it he won't be able to have total control like he does with his other companies,that the Tiwtter BOD will have the ultimate say, not Musk.
Nope. If he owns the company the board serves at his pleasure, as any board of directors serves at the pleasure of the majority of their stockholders.
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Old 10th July 2022, 05:14 PM   #290
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Originally Posted by angrysoba View Post
Yep, but it seems that even if he pays the fee for breaking the contract it will almost certainly be cheaper than buying Twitter which is currently worth so many billions less than what he agreed to buy it for.
Yeah. The billion-dollar fine is virtually irrelevant. He acted recklessly and regrets it because just tendering the offer resulted in a reduction of his net worth.
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Old 10th July 2022, 06:44 PM   #291
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Originally Posted by Babbylonian View Post
Yeah. The billion-dollar fine is virtually irrelevant. He acted recklessly and regrets it because just tendering the offer resulted in a reduction of his net worth.
I do get the sense that it was an impulsive decision, and one that he wishes he could undo.

Musk likes to talk a big game, but often fails to deliver.
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Old 10th July 2022, 06:50 PM   #292
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Originally Posted by Babbylonian View Post
Yeah. The billion-dollar fine is virtually irrelevant. He acted recklessly and regrets it because just tendering the offer resulted in a reduction of his net worth.
But also, backing out of the deal, while a lesser financial punishment could result in a bigger reputational loss, which frankly seems to be something he has been doing for a while now. I don't know if it is hubris or he thinks that behaving like some "maverick" is good for him, but he seems to act as if nothing he does or says has consequences beyond the share prices of various companies.

Also, another serious misjudgment of his seemed to be throwing in his lot with the Republicans. It may have "triggered the libs" to say he will now vote Republican because the Democrats are meanies, but judging by Trump's comments about Musk being a BS artist, he might have lost a large chunk of right-wing supporters as well. Whether or not Get woke, go broke is true, if you fellate the right, you end up a right sucker.
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Old 10th July 2022, 08:02 PM   #293
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Please point to any consequences he has faced in the last ten years for things he does or says, other than an impact on his wealth that is relatively inconsequential.
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Old 11th July 2022, 04:59 AM   #294
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Looks like Twitter might be getting serious…

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Old 11th July 2022, 09:37 AM   #295
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Originally Posted by Dr. Keith View Post
Please point to any consequences he has faced in the last ten years for things he does or says, other than an impact on his wealth that is relatively inconsequential.
He has a gaggle of kids. Those are are both financially and emotionally impact. The man can't stop having kids.

Other than that, you're right though.
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Old 11th July 2022, 12:33 PM   #296
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Originally Posted by plague311 View Post
He has a gaggle of kids. Those are are both financially and emotionally impact. The man can't stop having kids.

Other than that, you're right though.
At his level of wealth having kids is less of a financial impact. As a percentage of wealth it is a bit like me having goldfish. Sure, there’s a cost but it doesn’t make a dent in my bottom line.

And where did you get the idea that he can feel emotions? I mean, other than being insulted or needing more attention.

//That sounds more confrontational than I intended. Sorry about that. Agreeing vehemently?///
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Old 11th July 2022, 04:49 PM   #297
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Originally Posted by Dr. Keith View Post
Please point to any consequences he has faced in the last ten years for things he does or says, other than an impact on his wealth that is relatively inconsequential.
Originally Posted by plague311 View Post
He has a gaggle of kids. Those are are both financially and emotionally impact. The man can't stop having kids.

Other than that, you're right though.
Originally Posted by Dr. Keith View Post
At his level of wealth having kids is less of a financial impact. As a percentage of wealth it is a bit like me having goldfish. Sure, there’s a cost but it doesn’t make a dent in my bottom line.

And where did you get the idea that he can feel emotions? I mean, other than being insulted or needing more attention.

//That sounds more confrontational than I intended. Sorry about that. Agreeing vehemently?///
Ha ha! You are not wrong. That said, I have to wonder if there is a point at which potential investors will start to wonder how much he can be trusted. Obviously Space X and Tesla allow him a lot of slack because of the achievements of these companies, but I think there is only so much damage you can do to your reputation before people start to wonder if he is a stable genius after all.
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Old 11th July 2022, 05:36 PM   #298
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Originally Posted by plague311 View Post
He has a gaggle of kids. Those are are both financially and emotionally impact. The man can't stop having kids.
He has four. Two from his first marriage, after losing one to SIDS, and two from his current marriage. That's hardly extreme - my own brother has the same.
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Old 11th July 2022, 05:40 PM   #299
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Originally Posted by arthwollipot View Post
He has four.
Apparently he has nine, not four.
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Old 11th July 2022, 05:46 PM   #300
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Originally Posted by Puppycow View Post
Apparently he has nine, not four.
Wikipedia acknowledges another two unacknowledged and born to a problematic affair. Where do you get the other three from?
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Old 11th July 2022, 05:52 PM   #301
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Originally Posted by arthwollipot View Post
Wikipedia acknowledges another two unacknowledged and born to a problematic affair. Where do you get the other three from?
Don't know how to use Google?

https://www.forbes.com/sites/jenaeba...h=3ce9825313b9
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Old 11th July 2022, 05:56 PM   #302
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Originally Posted by Puppycow View Post
Ah. I misread. In his first marriage he had twins and triplets. My mistake. I am suitably chastised. Yeah, that's a gaggle.
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Old 11th July 2022, 06:26 PM   #303
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To be fair, Elon Musk is being consistent here. He is always worried about the decline in births in the west and wants to do something to reverse it. So he is doing his part, I suppose. Still, it could be a little dangerous to have so many half-brothers and half-sisters running around in a decreasing gene pool. Accidents can happen.
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Old 11th July 2022, 06:28 PM   #304
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And bonus points for triggering the libs, of course.

While right-wingers can wag their fingers at the poor for having children and broken homes, it is cool for the rich to do the same.
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Old 11th July 2022, 06:29 PM   #305
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Originally Posted by angrysoba View Post
To be fair, Elon Musk is being consistent here. He is always worried about the decline in births in the west and wants to do something to reverse it. So he is doing his part, I suppose. Still, it could be a little dangerous to have so many half-brothers and half-sisters running around in a decreasing gene pool. Accidents can happen.
Well, one of his kids has disowned him now, so we could say eight.
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Old 11th July 2022, 09:03 PM   #306
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Originally Posted by arthwollipot View Post
Well, one of his kids has disowned him now, so we could say eight.
just means that his kid is more responsible than he is.
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Old 12th July 2022, 02:21 AM   #307
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Elon Musk and the World’s Biggest Case of Buyer’s Remorse

Quote:
The $1 billion breakup fee here is part of the April agreement between Musk and Twitter. But Musk can’t just pay a fee and walk away — it only applies if regulators scuttle the deal, which isn’t happening, or if there’s fraud or some other major problem.

The upshot here is that, whether or not Musk wants to wriggle out of the deal, there is a contract he signed that holds him to the terms he agreed to.
Is that true? What counts as a "major problem"? He cannot merely decide to pay $1 billion to walk away from the deal?
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Old 12th July 2022, 02:27 AM   #308
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Originally Posted by Puppycow View Post
Elon Musk and the World’s Biggest Case of Buyer’s Remorse



Is that true? What counts as a "major problem"? He cannot merely decide to pay $1 billion to walk away from the deal?
an argument could be made that his actions and comments have tanked Twitter values so much that the only way to make the shareholders whole is for Musk to buy it at the price he offered, and not leave it at the price he tanked it to.

There is precedent, but it's shaky.
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Old 12th July 2022, 03:56 AM   #309
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Yeah, I imagine that a class-action lawsuit against Musk is Plan B. But that’s for another day. For now, it’s taking him to court to enforce the contract. I don’t buy individual stocks but I am kind of interested in buying Twitter at the current price. After all, it’s discounted if Musk has to buy it at $54/share. But that’s all contingent on a legal outcome that I can’t say for sure is certain.
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Old 12th July 2022, 04:07 AM   #310
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Economists would say that the current price of Twitter reflects the Market's opinion that Musk won't buy Twitter and no one else will do so either anytime soon.
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Old 12th July 2022, 06:25 AM   #311
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Originally Posted by Puppycow View Post
Elon Musk and the World’s Biggest Case of Buyer’s Remorse



Is that true? What counts as a "major problem"? He cannot merely decide to pay $1 billion to walk away from the deal?
He isn't going to do that when he could keep it held up in the courts for years at the mere cost of what 20 million a year? Not a bad rate to borrow a billion dollars.
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Old 12th July 2022, 06:34 AM   #312
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Originally Posted by arthwollipot View Post
Wikipedia acknowledges another two unacknowledged and born to a problematic affair. Where do you get the other three from?
Ten, according to this.
Even more than Boris Johnson (though that number has a certain degree of uncertainty).
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Old 12th July 2022, 07:50 AM   #313
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Originally Posted by arthwollipot View Post
Ah. I misread. In his first marriage he had twins and triplets. My mistake. I am suitably chastised. Yeah, that's a gaggle.
Hopefully he finds himself the centerpiece in an Agatha Christie style aristocratic drama.
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Old 12th July 2022, 01:44 PM   #314
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With the 4 or 5 billion from a few months ago (remember the poll asking if he should sell a bit of Tesla?) and the 8 or 10b for the Twitter deal, he should now have a new 12 to 15 billion in actual, real, liquid money in the bank.
As I suspect this was the real reason behind the entire Twitter debacle (is any legal ramification potential for some of that "other problems" mentioned upthread)... does anyone have a reliable account of how much real "cash on hand" he had prior to all this?
Hundreds of billions in Tesla stock isn't that handy if its ridiculous (over)valuation is primarily because you (Elon) haven't sold any. Honestly, how bad do you imagine the terms would be to get any major lender to front you cash against Tesla stock?
And a mere 50 billion in lost value is not a bad deal if you now have 10b or more in real bucks to do as you please.

So, anyone... was he cash flush before? Or not.
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Old 12th July 2022, 01:52 PM   #315
The Great Zaganza
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What would be the point of being cash flush with billions, especially in times of high inflation?
It's not like it's possible to carry a billion around with you.
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Old 12th July 2022, 02:35 PM   #316
I Am The Scum
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Originally Posted by The Great Zaganza View Post
What would be the point of being cash flush with billions, especially in times of high inflation?
It's not like it's possible to carry a billion around with you.
I guarantee he's asked a lawyer if he can get his cash to Mars to avoid paying child support.
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Old 12th July 2022, 03:18 PM   #317
Jim_MDP
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Originally Posted by The Great Zaganza View Post
What would be the point of being cash flush with billions, especially in times of high inflation?
It's not like it's possible to carry a billion around with you.
Hey... when AmEx says the Black card has no limit, they mean NO LIMIT!
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Anything goes in the Goblin hut... anything.

"Suggesting spurious explanations isn't relevant to my work." -- WTC Dust.
"Both cannot be simultaneously true, and so one may conclude neither is true, and if neither is true, then Apollo is fraudulent." -- Patrick1000.
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Old 12th July 2022, 04:38 PM   #318
angrysoba
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Well, predictably this is all going to court now...

Quote:
Twitter has taken billionaire Elon Musk to court to try to force him to buy the social media firm, setting up a legal battle with the world's richest man.

It comes after Mr Musk announced he was walking away from his proposed $44bn acquisition of Twitter on Friday.

He claimed Twitter had not given information about the number of fake and spam accounts on the platform.

Now Twitter has asked a Delaware court to order Mr Musk to complete the merger at the agreed $54.20 per Twitter share.

"Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, [Mr] Musk apparently believes that he - unlike every other party subject to Delaware contract law - is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away," said the lawsuit.
https://www.bbc.com/news/business-62144776
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Old 12th July 2022, 06:04 PM   #319
arthwollipot
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Originally Posted by Puppycow View Post
Is that true? What counts as a "major problem"? He cannot merely decide to pay $1 billion to walk away from the deal?
As I seem to continually have to point out, Musk's (and other billionaires') wealth is not in the form of cash sitting around in big Scrooge McDuck style money bins. It's in assets, specifically the stock value of the companies he holds a majority share in. To simply pay $1billion, he would have to liquidate a non-trivial amount of that, and that's not something that you can just decide to do.
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Old 12th July 2022, 07:11 PM   #320
Jim_MDP
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Originally Posted by arthwollipot View Post
As I seem to continually have to point out, Musk's (and other billionaires') wealth is not in the form of cash sitting around in big Scrooge McDuck style money bins. It's in assets, specifically the stock value of the companies he holds a majority share in. To simply pay $1billion, he would have to liquidate a non-trivial amount of that, and that's not something that you can just decide to do.
That's why I mentioned the couple things I did...

Was he cash flush before? Honest question, and no I don't know if this economy effects whether he wants to be or not.
Second, was the Twitter kerfuffle a ruse to bank value from over valued Tesla stock he can't just sell without taking a stock price hit. See the two times he has sold chunks of his holding. He does hold a couple hundred billion in TSLA though so it might have been a smart move.
But... is doing so against the rules? Does he carry any legal responsibility for that overvaluation? Not taking value out is what kept what's her name from a lengthy prison stretch over the Theranos fallout. Is Elon at risk?
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"Both cannot be simultaneously true, and so one may conclude neither is true, and if neither is true, then Apollo is fraudulent." -- Patrick1000.
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