Title should be “Elon Musk Withdraws Bid for Twitter. Get Ready for a Court Battle.” I don’t know that got in there.
Best thread title evuh.
R2D2 lives!
Betcha Twitter blinks first. They will not want to disclose that will be required In discovery.
EDW.OBI_PC_SLS fc
No lawsuits will be allowed until after the midterms...
Now we all want to know what the WRONG TITLE WAS ??!
“The original agreement includes a $1 billion breakup fee, but it remains to be seen whether Musk will fight paying it.”
Why would Musk be paying?
It seems that Twitter is the one who has not fulfilled it’s contractual obligations.
Musk is exactly right otherwise Twitter would come forward and produce the numbers.
Elon Pulls out of Twitter.
“ Twitter said shortly after the news emerged that it will seek to enforce the merger agreement.”
First they fought it, now they want it.
Well, not providing Musk with proper info is one thing; lying to the SEC is quite another. I expect Twitters stock price will plunge on Monday. The SEC SHOULD announce an investigation. If they do not it will be correctly seen as putting politics ahead of shareholders.
Crying shame... I was looking forward to Musk’s ownership. I would have created an account if he fulfilled his promise to no longer allow it to be a liberal echo chamber.
The letter to Twitter, signed by Skadden, Arps, Slate Meagher & Flom attorney Mike Ringler, Musk’s outside counsel for the transaction, focused specifically on Musk’s longstanding assertion that Twitter has a larger number of “false or spam accounts.”
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Exposing the fraud that is Twitter could destroy it. Ad revenue is based on users and if a large percentage of users are spam, and if Twitter knows this, they’re committing fraud.
You can bet your booties that Musk had this in mind from the beginning. His mind just calculates endlessly. He's like Merlin in Camelot.
Musk may be forced to buy Twitter. It all depends on how the contract is worded and what court has jurisdiction.
Twitter stick collapses due to them hiding the fake accounts....
Musk buys it for even less.
Winning! /not Charlie
It’d really be something if this eviscerated Twitter.
Musk could write another deal to buy them out at a share price 1/10th of his prior deal.
Or perhaps he was quietly shorting it all along? I have no reason to think that, but that's how the story should be written in a novel. /smirk
BUT his Twitter offer meant he got to sell lots of his investment in Tesla without other Tesla investors thinking they needed to sell too, and without the SEC investigating him for insider trading. He had an excuse for selling. Now he has the cash for whatever is next.
Imagine getting a letter by Skadden Arps. If you’re only worth $500,000 it’s no big deal. They wouldn’t be bothering with you. But if you’re worth a lot more, getting a letter from them could ruin your day and a lot more.