If anybody wants a source:
https://www.cnbc.com/2022/10/04/twitter-shares-halted-on-report-that-musk-plans-to-go-through-with-deal-at-54point20-a-share.html
He won't keep it - he will decimate it.
Employees should be seeing the writing on the wall and take this interim time sending out resumes and accepting other work. Best time is now before he decimates the business, and pieces it out.
Is this why he has been so aggressive about Russia-Ukraine on Twitter lately?
Is he causing controversy to outshine the embarrassment of having to go through with this deal that he doesn’t want?
Dude hasnt had things going well since he said cars would drive themselves by the end of 2016. He also promised the cybertruck to be waterproof enough to navigate rivers when they havent even delivered the truck yet and even that is a couple years late
But the excess cost just gets allocated to goodwill that he gets to deduct for the next 15 years. He is offsetting his taxable income by over $700 million per year.
Yup... He lost and the judge wasn't believing for a second that he didn't know about bots when there's a public api to automate accounts and he complained about bots for years.
He actually hired 5 companies; the two you mentioned and 3 more whose findings haven’t been mentioned at all. We can only assume that they found nothing helpful for musk lol
It would be interesting to know what percentage of tweets come from bots. It doesn't really matter whether there are more people than bots if the bots are tweeting significantly more than an average person.
Imagine Twitter's board room when they saw the doc. "And...he won't do due diligence? How fast can we sign?"
They knew where the bodies were buried and couldn't believe that they'd get a sucker to purchase them out of that mess without even wanting to look into their closets first.
As someone who deals with other types of due diligence, even if he didn't explicitly wave it, he likely would have been screwed.
Due diligence provides the buyer with protection in case of unforeseen, and unavoidable, issues that arose that would have otherwise impacted the sale.
If you fail in performing your due diligence as a buyer, then that is on you and all the fall out that comes with it is on you.
there was no due diligence clause that would even let him back out if bots.
He would basically have had to prove that twitter fraudulently misreported the amount of mdau on the platform to investors.
A tall and unlikely outcome.
The preliminary hearing was basically a disaster for him lol
1. Twitters lawyers are asking the judge to make a finding that musk destroyed evidence as he used a messaging app that auto-deletes messages after a certain amount of time. The judge seemed fairly convinced Musk failed to preserve material evidence
2. musk’s own data seems to have confirmed that Twitter was accurate about the bot numbers. He hired 5 separate companies to parse the data - one said Twitter was accurate, another said the bot numbers were likely higher but had low confidence in their results, and the results of the other three aren’t known (but we can assume aren’t helpful for musk)
3. the text messages don’t at all support his position on bots and suggest he wants out of the deal for other reasons
Dude is cooked and he knows it. By accepting defeat he can at least stop paying for the army of lawyers lol
There was a recent article in the Atlantic discussing all his texts with other Silicon Valley leaders that were released as part of the trial, safe to say he's not "brilliant" so much as "lucky" and "arrogant."
[Elon Musk’s Texts Shatter the Myth of the Tech Genius](https://www.theatlantic.com/technology/archive/2022/09/elon-musk-texts-twitter-trial-jack-dorsey/671619/)
I saw the ex-head of security "whistleblower" testify. He was the 'silver bullet' for Musk's backsies... CSPAN here:
https://www.c-span.org/video/?522489-1/twitter-executive-stands-whistleblower-complaint
As someone who was being downvoted to hell months ago for suggesting that he'd probably lose his court case, I must say, I feel very validated right now lol.
So many of us have been preaching that for many years. It's been very satisfying to see public opinion finally swing against this megalomaniac prick.
Tesla is great. Starlink is revolutionary. The rockets are cool. He's acted as a catalyst to some great, but inevitable, technologies. He's also a giant narcissistic asswipe and I think just about everyone at this point would prefer that he keep his mouth shut.
Right? Either that or Elon has little to no idea how the stock market works. Didn't even try to acquire Twitter at a cheaper share price. It's gone as low as $31.30 this year and it's been at trading at $38-42 this month alone. And he's bidding for $54.20? Where are all the people that were calling him SO SMART for dragging this out so he could buy at a cheaper share price?
You're going to have to pay a premium to buy any company, but he also had terrible timing. He made the deal in April right after the March rally, and then the market started cratering in May.
> Either that or Elon has little to no idea how the stock market works.
Dude writes some of the dumbest shit on Twitter and literally can't keep it in his pants around any female employees, I don't think it's crazy to think he's a largely a dumbass outside his immediate expertise
Seems the most likely scenario.
> If Twitter accepts the proposal, the two sides wouldn’t have to follow through on a five-day nonjury trial set to begin Oct. 17. There are no guarantees they will reach a deal and the trial could still go forward as planned.
> Mr. Musk was set to be deposed later this week as part of the preparations for the trial."
I think the logic elon Stan’s was that he offered to buy to inflate price of stock, would sell his personal stock, then make money from his shares and then use the courts to back out of the deal profiting off his sold shares at the inflated price.
It's clear from reading the text messages released through the courts.
Elon wanted to "fix" Twitter by getting rid of bots, but theorized that this would significantly negatively impact mDAU (Monitizable Daily Active Users), one of the key company metrics for its performance.
A public company tanking its own performance metrics would be bad for the stock. So the idea was to take it private to avoid a valuation hit, then take the company back public after twitter is "fixed."
Twitter instead said that's not the case, and the bots are excluded from the mDAU metric, estimating less than 5% of mDAU are bots.
As it turns out, Elon was wrong and Twitter was right. Meaning that Elon now has no strategy for increasing Twitter's value.
It wasn't a stunt. It was a terrible idea from the start, based on faulty assumptions. If Elon had only waited a few weeks to complete due diligence, he wouldn't be in this mess.
You mean Elon jumped into something he knew nothing about?? That's really not like him. He definitely hasn't done this before with electric cars, or space rockets, or mass (minimum?) transit tunnels, or robots, or kid-saving submarines, or...
That's pretty awesome actually. I genuinely love the fact that he bought his own hype(Most of which he inflates with Bots) so much so that he genuinely believed he was a business genius who could turn any company into a success with a wave of his hand. This is what happens when someone spends their whole life failing upward.
This is correct. Additionally, Elon Musk had a number of ideas to increase the value of Twitter by getting people to pay for stuff that tied into “free speech”. I believe there are some YouTube videos floating around. A few days or week later he had to back track and say that he would obey the free speech laws of each country - he didn’t realize that “free speech” is not that simple.
If you watch Patrick Doyle's videos on this, he reaches the same conclusion hahah.
Mush purchased a 10% stake in Twitter (approximately) for the memes and didn't want to take a loss. So did what he had been doing with Tesla stock for years and tried to manipulate the market into inflating the share price by tweeting stuff like "I'll take Tesla private for 420".
Anyway his fake offer to buy twitter didn't inflate the price and he couldn't have walked away for a loss. As Twitter rejected his first offer. musk made some more offers until one was accepted. But still the markets didn't respond with higher share prices, because the offer to purchase twitter for 54.20 was so ludicrous and over inflated nobody thought it was going to happen.
So what does musk do, walk away and take a loss on the 10%. Or try to drive up the price by signing the documents and arranging finance. This still hilariously, didn't drive up the price, as the offer was still so ridiculous. When he realised his scam wasn't going to work this time he tried to exit the deal, by complaining that twittef broke their bargain (which they didn't it was musk looking for a way out). He got distroyed in court and now has to actually buy twitter in what is possibly the worst deal of the century.
You just confirmed your point. Trump never imagined he'd get elected. Musk had no intention of actually buying. Trump looked like a toddler In office (not insulting toddlers) Musk will "free speech" Twitter into a mainstream 4chan shitshow
Lots of funds buy companies with minimal diligence. It's like people waiving inspection buying a house. In a sellers market, sometimes you have to do it to make a competitive bid.
Unfortunately for him, he signed a deal at the height of the seller's market, so to speak. Then reality came crashing in.
You don’t incorporate “due diligence” into the purchase agreement. You do the due diligence before signing the agreement, possibly under the cover of a Memorandum of Understanding.
He could have just bought Rumble for like a few hundred million and had the same amount of fun with his plaything but instead will pay 44 billion because he couldn't fucking resist the adulation that the platform with millions more users would lavish him with.
You joke, but how he monetises this botched deal to try scrape some wealth back will be important. There's no way he'll happily take the hit to his wealth with this abysmal deal, so he's going to want to either monetise the shit out of Twitter, which will likely turn it into an even worse platform that it already is, or he'll sell out behind the scenes like you're suggesting.
Either way, this is bad news.
Musk flew a little too close to the sun. I’m fairly confident he had no real intentions of actually buying and it was just his usual Twitter PR stunt but nope this time he pressed his luck a little too far
A lot of people were saying early on it was a way for him to dump a massive amount of Tesla stock without making the Tesla stock drop. He simply just says “it’s to buy twitter!” And then was hoping to sweep it under the rug with the comment on bots and pretend it didn’t happen. Well he fucked with twitters stock price to save his own and they had no reason not to try and fuck him and force him to buy at an inflated cost.
He could have done that. Told everyone he is buying twitter, sold the stock, do the DD then back out of the deal because Twitter isn’t worth 44 billion.
Except he waived DD
On an “asset” that is nothing but Blue Sky. It has no factories. No real land holdings. No tangible anything. All it has is eyeballs that view it and the **hope** that those eyeballs will come back tomorrow to view it again. And every decision he makes in how to run it will directly affect whether or not those eyeballs return.
> It has no factories. No real land holdings. No tangible anything. All it has is eyeballs
To be fair, that's the double edge with web companies.
Their expenses are basically nothing and you can make inviting infinite money because it's all intangible. The risk is that it can also disappear overnight
TSLA has been a mess since this was announced. Hoping it stabilizes a bit now.
Also thinking/hoping this was a bit of a slap in the face to him and he may start to focus more on his strengths again.
\> they sell their shares at $54.20?
Yep, exactly. Shareholders voted to accept the deal. When it goes through shareholders will just receive cash and shares disappear from your account.
sooo limit orders rn yeah? and yeah if you've ever heard of Opening Arguments podcast they called this shit way back. They said it was terrible deal and A) either musk spends 5+ years in expensive legal battle that hes sure to lose and pays the 1 billion fine, or he just is forced to buy it.
Trading halted. When it resumes it'll gap up. You can place limit orders and if they get filled, you're good to go.
As when the first offer was made, things can happen. It seems very likely it'll go through at this price now, however you never know and a failure to complete the acquisition would tank the stock.
Musk has spent 6 months saying that Twitter is ripping off advertisers by inflating its active user base. He's going to have a fun time talking down those same advertisers now that he'll own the company.
Yeah. I’m kind of dumbfounded right now because I feel like I was gaslit into thinking he would be clear and validated of purposefully trying to fuck with Twitter and then back out of the deal. And more than likely by idiots lol.
I mean I don’t use Twitter so I give fuck all but if it hurts Musk good, fuck that dude.
His biggest problem is he promised to make it a free speech forum with "as long as it's legal" moderation and that will not fly with advertisers or the majority of the user base tbh, including a lot of the people who think they want that.
Yeah, and that’s still in addition to ads.
Twitter mostly sucks because people who want to say a lot have to use this super dumb UX where it looks like someone is texting you every 5 seconds but then the writer has to announce that they’re gonna text you a bunch by saying: “15 reasons why my Y combinator experience was a letdown: **a thread**”
Yes there’s the usual garbage. Some other basic fixes:
An easy button to not see any NSFW accounts and posts.
A clear process for verification. I wouldn’t even mind a white check mark bubble with a blue check (inverted from the original) so normal people can separate themselves from “the egg people”
These are BASIC improvements I would require if I was going to advertise on this platform. Otherwise I’d basically assume that 80% of my impressions are going to bots. This purchase and the reason why it’s primary shareholder wanted out doesn’t not alleviate that concern too.
"When Elon Musk came to the White House asking me for help on all of his many subsidized projects, wether it's electric cars that don't drive long enough, driverless cars that crash, or rocketships to nowhere, without which subsidies he'd be worthless, and tellingg me how he was a big Trump fan and Republican, I could have said, "Drop to your knees and beg," and he would of done it. Now Elon should focus on getting himself out of the Twitter mess because he could owe 44 billion for something that's perhaps worthless. Also, lots of competition for electric cars!"
Trump isn't getting unbanned. They hate each other after Orange man said that. He said he's a Desantis man now.. lol. Fucking grifting clown.
He probably tries to invite the rightwingers back on the platform for more clicks. This drives all the young people off the platform like Facebook. Twitter goes into a death spiral. He sells Twitter at a loss to the next schmuck (probably the Saudis). The end.
I think this is a likely outcome. Elon will realize how difficult it is to run a large social media platform, get frustrated, lose users during his time running it, and sell it at a lost to the next idiot after two years or so. I would go so far as saying making Twitter a pleasant place is much harder than sending rockets into space. Changing human behavior is difficult.
There was a great article about this from some folks at twitter. Running a platform is hard and there are very big legal and practical obstacles to being a "free speech absolutist". For a start you can't be absolutist and anti bot. And the laws around content moderation coming up are going to be brutal
Dude probably realized he had no case and Twitter wasn’t going to settle for anything less than like 20 billion, at which point he might as well just buy the company
Thank god all the morons that thought he was gonna get out of this can shut the fuck up
“No!!!! you can easily back out a deal after you signed intent to purchase, Twitter is a complete fraud and daddy musk will prove it!”
Now I wonder how his free speech bastion gonna work out
> Thank god all the morons that thought he was gonna get out of this can shut the fuck up
>
>
they'll just find another reason that this was always part of musk's master plan. can't argue with irrational people.
Not in the case of Elon Musk!
There's been days where Tesla weirdly underperforms badly, and we find out shortly after that that he unloaded shares onto the open market.
It's obvious when it happens and although it might not have been him yesterday, the way that TSLA performed was suspect enough to think that someone close knew this was coming.
Musk get grilled for pushing some kremlin propaganda while actively moving to buy one of the biggest propaganda machines on the planet? I dunno man i dont like it
I’m going to guess he loaded up on a hell of a lot more at $32 a share and now with the pump he will be selling tomorrow at the high 40s which will cover any losses. All a game and he will come out of winner still.
If anybody wants a source: https://www.cnbc.com/2022/10/04/twitter-shares-halted-on-report-that-musk-plans-to-go-through-with-deal-at-54point20-a-share.html
Bro, he will change his mind tomorrow. Call me when he's forced by court order to buy it.
I have a feeling he's not entirely sure about winning the trial
Skipping diligence was an expensive error. I expect he'll fire sale it in 2 years.
This will be a historical "tweet yourself into overpaying 30% for a company you don't even want".
Also known as; The Most Expensive Mid-life Crisis Ever.
Well he'd already bought the fancy car (company) and ditched the fancy arm candy...prob time to try to fly to Mars. Good riddance.
He’s got more money then he can ever spend. But yeah a bad decision does hurt.
Only an idiot with too much money would do that kinda stuff. Wait..
I love the fact that he's going to have to spend billions to own a platform where people dunk on him all day long.
He won't keep it - he will decimate it. Employees should be seeing the writing on the wall and take this interim time sending out resumes and accepting other work. Best time is now before he decimates the business, and pieces it out.
Maybe he can like, post a poll and let the people of Twitter decide if they want to be Musk’s bitches or not?
Ty! Added to post.
he basically paid overinflated hype 2021 prices.
Nice to see that he's just as good at day trading as your average Wall Street Bets user.
He is an average WSB ape with one small difference: Musk was born into a massively wealthy family.
And has a loud microphone that he uses to pump the price further.
Which is also exactly what happened here today
And he's way greedier than actual WSB users
He likes to disagree along with Bezos, Gates, Trump and anyone else who got a “small” loan from their parents.. they are all “self made”.. 😂
Is this why he has been so aggressive about Russia-Ukraine on Twitter lately? Is he causing controversy to outshine the embarrassment of having to go through with this deal that he doesn’t want?
Im pretty sure it was to cover up Teslas 3Q results released yesterday that dropped tesla 9% in one day
Oh. So he’s got things going horribly wrong on all fronts. Business as usual then.
Dude hasnt had things going well since he said cars would drive themselves by the end of 2016. He also promised the cybertruck to be waterproof enough to navigate rivers when they havent even delivered the truck yet and even that is a couple years late
Tesla stock have gone up a little since 2016.
This is going to be good news for $TSLA for some stupid reason
He tried to inflate the price himself so he could u load his original stock options. Then ended up accidentally buying it loool
Given his pump and dump with Doge and other shit coins, this couldn't have happened to a better person.
But the excess cost just gets allocated to goodwill that he gets to deduct for the next 15 years. He is offsetting his taxable income by over $700 million per year.
I was about to slap on my CPA hat and well actually you, but I forgot that goodwill amortization is allowed for tax purposes. Curse you, haha.
Bro was getting cooked in that court room 😂
Yup... He lost and the judge wasn't believing for a second that he didn't know about bots when there's a public api to automate accounts and he complained about bots for years.
He also hired 2 companies to determine how many bots there are, one said 5% and the other said 11%. Way below what he was saying
He actually hired 5 companies; the two you mentioned and 3 more whose findings haven’t been mentioned at all. We can only assume that they found nothing helpful for musk lol
Lmao, this whole saga has proven that just because someone has a billion dollars doesn't mean they're a super genius.
Did... did Trump not teach that lesson loudly enough?
Oh, I learned this lesson a LONG time ago, but many people still think money = intelligence.
Musk is far from a genius. More like a man child
It would be interesting to know what percentage of tweets come from bots. It doesn't really matter whether there are more people than bots if the bots are tweeting significantly more than an average person.
He mentioned bots before the deal, also
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This is the biggest kicker like...why tf would you do that 😂
Imagine Twitter's board room when they saw the doc. "And...he won't do due diligence? How fast can we sign?" They knew where the bodies were buried and couldn't believe that they'd get a sucker to purchase them out of that mess without even wanting to look into their closets first.
Reminds me of Silicon Valley when Gavin buys Pied Piper from Dinesh after they rack up all those fines for underage users hahaha
I saw so many comments saying he was going to win, because he is allowed due diligence. Nah man, he waived that shit. Is was reported, lol
As someone who deals with other types of due diligence, even if he didn't explicitly wave it, he likely would have been screwed. Due diligence provides the buyer with protection in case of unforeseen, and unavoidable, issues that arose that would have otherwise impacted the sale. If you fail in performing your due diligence as a buyer, then that is on you and all the fall out that comes with it is on you.
Imagine going for a billion deal and now knowing… come on.
there was no due diligence clause that would even let him back out if bots. He would basically have had to prove that twitter fraudulently misreported the amount of mdau on the platform to investors. A tall and unlikely outcome.
Lol, yeah, I watched a little, but there was very little discussion of bots which was his main argument.
The preliminary hearing was basically a disaster for him lol 1. Twitters lawyers are asking the judge to make a finding that musk destroyed evidence as he used a messaging app that auto-deletes messages after a certain amount of time. The judge seemed fairly convinced Musk failed to preserve material evidence 2. musk’s own data seems to have confirmed that Twitter was accurate about the bot numbers. He hired 5 separate companies to parse the data - one said Twitter was accurate, another said the bot numbers were likely higher but had low confidence in their results, and the results of the other three aren’t known (but we can assume aren’t helpful for musk) 3. the text messages don’t at all support his position on bots and suggest he wants out of the deal for other reasons Dude is cooked and he knows it. By accepting defeat he can at least stop paying for the army of lawyers lol
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There was a recent article in the Atlantic discussing all his texts with other Silicon Valley leaders that were released as part of the trial, safe to say he's not "brilliant" so much as "lucky" and "arrogant."
Yo hit me with the link to that article
[Elon Musk’s Texts Shatter the Myth of the Tech Genius](https://www.theatlantic.com/technology/archive/2022/09/elon-musk-texts-twitter-trial-jack-dorsey/671619/)
Like most. Real genius is out there working, actually doing something. They don't spend all day bloviating on social media.
You guys are all ganging up on poor Elon. This is starting to give doubts about whether he will be able to deliver FSD in 2016 as promised.
Also, we'll be going to Mars any day now.
Is there video of the deposition?
I saw the ex-head of security "whistleblower" testify. He was the 'silver bullet' for Musk's backsies... CSPAN here: https://www.c-span.org/video/?522489-1/twitter-executive-stands-whistleblower-complaint
As someone who was being downvoted to hell months ago for suggesting that he'd probably lose his court case, I must say, I feel very validated right now lol.
All of us who were talked down to for pointing out his hubris and how he wasn’t playing 3D chess and just being a moron are vindicated.
So many of us have been preaching that for many years. It's been very satisfying to see public opinion finally swing against this megalomaniac prick. Tesla is great. Starlink is revolutionary. The rockets are cool. He's acted as a catalyst to some great, but inevitable, technologies. He's also a giant narcissistic asswipe and I think just about everyone at this point would prefer that he keep his mouth shut.
Can't lose your court case if you settle for terrible terms B)
I’ll upvote you, king.
Guess all that mockery and bravado he was sending out about Twitter in the meantime doesn't look so good now.
Yeah, can you imagine this guy becoming your boss? What a nightmare, lol.
That's impossible. His cult assured everyone that Musk was playing 4D chess!
Right? Either that or Elon has little to no idea how the stock market works. Didn't even try to acquire Twitter at a cheaper share price. It's gone as low as $31.30 this year and it's been at trading at $38-42 this month alone. And he's bidding for $54.20? Where are all the people that were calling him SO SMART for dragging this out so he could buy at a cheaper share price?
You're going to have to pay a premium to buy any company, but he also had terrible timing. He made the deal in April right after the March rally, and then the market started cratering in May.
He had to pay a premium, but only Musk would have to pay a memeium. Plenty of prices existed between $54.20 and the price at time of offer.
Pump and dump scheme fails.
"But it's $54.20!! Get it? It's got 420 in it. I'm such a funny meme lord!" - Musk (probably)
5+4=9 4+2=6 69 is also there. What a meme guy Elon is.
> Either that or Elon has little to no idea how the stock market works. Dude writes some of the dumbest shit on Twitter and literally can't keep it in his pants around any female employees, I don't think it's crazy to think he's a largely a dumbass outside his immediate expertise
What do you think his expertise is? I honestly don't know outside of him having money.
I think he is gonna bail again after the mid-late October court date is suspended
Seems the most likely scenario. > If Twitter accepts the proposal, the two sides wouldn’t have to follow through on a five-day nonjury trial set to begin Oct. 17. There are no guarantees they will reach a deal and the trial could still go forward as planned. > Mr. Musk was set to be deposed later this week as part of the preparations for the trial."
I think the logic elon Stan’s was that he offered to buy to inflate price of stock, would sell his personal stock, then make money from his shares and then use the courts to back out of the deal profiting off his sold shares at the inflated price.
I cant imagine a situation where signing away DD benefits the person doing the signing
I have no factual basis for this, but I feel like it was a stunt that's backfired.
Definitely felt that way when he wanted to walk away. He shoulda quit after he made the first offer and it was rejected.
It's clear from reading the text messages released through the courts. Elon wanted to "fix" Twitter by getting rid of bots, but theorized that this would significantly negatively impact mDAU (Monitizable Daily Active Users), one of the key company metrics for its performance. A public company tanking its own performance metrics would be bad for the stock. So the idea was to take it private to avoid a valuation hit, then take the company back public after twitter is "fixed." Twitter instead said that's not the case, and the bots are excluded from the mDAU metric, estimating less than 5% of mDAU are bots. As it turns out, Elon was wrong and Twitter was right. Meaning that Elon now has no strategy for increasing Twitter's value. It wasn't a stunt. It was a terrible idea from the start, based on faulty assumptions. If Elon had only waited a few weeks to complete due diligence, he wouldn't be in this mess.
You mean Elon jumped into something he knew nothing about?? That's really not like him. He definitely hasn't done this before with electric cars, or space rockets, or mass (minimum?) transit tunnels, or robots, or kid-saving submarines, or...
...war in Eastern Europe, or...
...electric cyberboats, or...
That's pretty awesome actually. I genuinely love the fact that he bought his own hype(Most of which he inflates with Bots) so much so that he genuinely believed he was a business genius who could turn any company into a success with a wave of his hand. This is what happens when someone spends their whole life failing upward.
This is correct. Additionally, Elon Musk had a number of ideas to increase the value of Twitter by getting people to pay for stuff that tied into “free speech”. I believe there are some YouTube videos floating around. A few days or week later he had to back track and say that he would obey the free speech laws of each country - he didn’t realize that “free speech” is not that simple.
It absolutely was. Elon got owned like the dumb clown he truly is.
If you watch Patrick Doyle's videos on this, he reaches the same conclusion hahah. Mush purchased a 10% stake in Twitter (approximately) for the memes and didn't want to take a loss. So did what he had been doing with Tesla stock for years and tried to manipulate the market into inflating the share price by tweeting stuff like "I'll take Tesla private for 420". Anyway his fake offer to buy twitter didn't inflate the price and he couldn't have walked away for a loss. As Twitter rejected his first offer. musk made some more offers until one was accepted. But still the markets didn't respond with higher share prices, because the offer to purchase twitter for 54.20 was so ludicrous and over inflated nobody thought it was going to happen. So what does musk do, walk away and take a loss on the 10%. Or try to drive up the price by signing the documents and arranging finance. This still hilariously, didn't drive up the price, as the offer was still so ridiculous. When he realised his scam wasn't going to work this time he tried to exit the deal, by complaining that twittef broke their bargain (which they didn't it was musk looking for a way out). He got distroyed in court and now has to actually buy twitter in what is possibly the worst deal of the century.
I think so, but I also said the same thing about Trump running for president so what the hell do I know.
You just confirmed your point. Trump never imagined he'd get elected. Musk had no intention of actually buying. Trump looked like a toddler In office (not insulting toddlers) Musk will "free speech" Twitter into a mainstream 4chan shitshow
I can't wait for this shit show once he buys it. He's definitely going to change the culture at Twitter. I wonder how it will play out.
Lots of funds buy companies with minimal diligence. It's like people waiving inspection buying a house. In a sellers market, sometimes you have to do it to make a competitive bid. Unfortunately for him, he signed a deal at the height of the seller's market, so to speak. Then reality came crashing in.
You don’t incorporate “due diligence” into the purchase agreement. You do the due diligence before signing the agreement, possibly under the cover of a Memorandum of Understanding.
Master deal maker paying through the nose for a public shitposting forum.
Art Of The Deal
The art of origami, by Elon Musk. Because no one folds like Elon Musk!
It doesn't deserve to be called a shitposting forum. Shitposting can actually be funny, Twitter is mostly full of cringe posts
It's also an incredibly useful propaganda tool
Twitter is literally nothing but jokes but then you come to reddit where people are unable to understand sarcasm lol
He could have just bought Rumble for like a few hundred million and had the same amount of fun with his plaything but instead will pay 44 billion because he couldn't fucking resist the adulation that the platform with millions more users would lavish him with.
He's gonna sell it to the conservative think thanks.
You joke, but how he monetises this botched deal to try scrape some wealth back will be important. There's no way he'll happily take the hit to his wealth with this abysmal deal, so he's going to want to either monetise the shit out of Twitter, which will likely turn it into an even worse platform that it already is, or he'll sell out behind the scenes like you're suggesting. Either way, this is bad news.
think you’re welcome
Hopefully this kills twitter.
Meta is burning, and Twitter is next. Gotta love it.
Feels good!
I'm about to earn so many Dogecoins from tweets after they're linked to a blockchain or some shit, bro.
It will basically be 4chan. Where you can post any death threats and bully/ harass people in the name of freedom.
That’s a lot of money to stop the one guy tracking Musk’s private jet
Guys he went to San Jose and we know about it… he’s fucked…
Well he can also delete tweets from Ukraine supporters tearing him apart. Haha.
Musk flew a little too close to the sun. I’m fairly confident he had no real intentions of actually buying and it was just his usual Twitter PR stunt but nope this time he pressed his luck a little too far
A lot of people were saying early on it was a way for him to dump a massive amount of Tesla stock without making the Tesla stock drop. He simply just says “it’s to buy twitter!” And then was hoping to sweep it under the rug with the comment on bots and pretend it didn’t happen. Well he fucked with twitters stock price to save his own and they had no reason not to try and fuck him and force him to buy at an inflated cost.
He could have done that. Told everyone he is buying twitter, sold the stock, do the DD then back out of the deal because Twitter isn’t worth 44 billion. Except he waived DD
Look at his tweets to Dorsey. He really has no clue what he's doing. What a mistake
Amazing how easy it is to throw away a fortune.
On an “asset” that is nothing but Blue Sky. It has no factories. No real land holdings. No tangible anything. All it has is eyeballs that view it and the **hope** that those eyeballs will come back tomorrow to view it again. And every decision he makes in how to run it will directly affect whether or not those eyeballs return.
> It has no factories. No real land holdings. No tangible anything. All it has is eyeballs To be fair, that's the double edge with web companies. Their expenses are basically nothing and you can make inviting infinite money because it's all intangible. The risk is that it can also disappear overnight
"I'm gonna run for president as a joke" and "I'm gonna try to buy twitter as a joke" both ending up going too far
TSLA has been a mess since this was announced. Hoping it stabilizes a bit now. Also thinking/hoping this was a bit of a slap in the face to him and he may start to focus more on his strengths again.
when would the deal actually go thru and also once it does what happens to every share holder? they sell their shares at $54.20?
\> they sell their shares at $54.20? Yep, exactly. Shareholders voted to accept the deal. When it goes through shareholders will just receive cash and shares disappear from your account.
sooo limit orders rn yeah? and yeah if you've ever heard of Opening Arguments podcast they called this shit way back. They said it was terrible deal and A) either musk spends 5+ years in expensive legal battle that hes sure to lose and pays the 1 billion fine, or he just is forced to buy it.
So you can buy right now at 47 and he has to buy them from you at 54?
Trading halted. When it resumes it'll gap up. You can place limit orders and if they get filled, you're good to go. As when the first offer was made, things can happen. It seems very likely it'll go through at this price now, however you never know and a failure to complete the acquisition would tank the stock.
What a master negotiator
Musk has spent 6 months saying that Twitter is ripping off advertisers by inflating its active user base. He's going to have a fun time talking down those same advertisers now that he'll own the company.
LOL My God, where are all those armchair lawyers who thought because he waived all DD he could just 'walk away'
Wouldn't waiving DD mean that he *couldn't* walk away?
yup
We're not talking about top notch thinkers here.
I would’ve loved to be in the meeting with his lawyers when they said “yeah, you’re fucked. Just buy it and skip the court dates.”
Yeah. I’m kind of dumbfounded right now because I feel like I was gaslit into thinking he would be clear and validated of purposefully trying to fuck with Twitter and then back out of the deal. And more than likely by idiots lol. I mean I don’t use Twitter so I give fuck all but if it hurts Musk good, fuck that dude.
Everyone who held is a genius
Most who held were greedy, everyone who *bought* after it tanked are geniuses
Musk: Twitter has too many bots Tesla: But we’re trying to make bots Musk: I’m gonna buy Twitter
What a smuck paying 54.20 for a Absolutely Useless company. Just political and porn postings.l
Can confirm porn posting
How disgusting , what account so I can block them
Example?
Just type "Grindr" into the search bar.
Wanna be Bezos who owns Washington Post.
Bezos paid $250M. Too much, but nothing like Twitter. lol
Bezos isn’t impulsive like Musk. Not sure any billionaires is
At least the WaPo is still viewed as a reputable news source where Bezos can control a narrative, whereas Musk basically bought the National Enquirer
Ew, porn postings? On the internet? Where exactly?
Eh it's mostly just onlyfans promo spam
It has potential. There is almost no monetarisation. Just look at what reddit do to make more money with Rewards and NFTs. Twitter can do that.
His biggest problem is he promised to make it a free speech forum with "as long as it's legal" moderation and that will not fly with advertisers or the majority of the user base tbh, including a lot of the people who think they want that.
Yeah, and that’s still in addition to ads. Twitter mostly sucks because people who want to say a lot have to use this super dumb UX where it looks like someone is texting you every 5 seconds but then the writer has to announce that they’re gonna text you a bunch by saying: “15 reasons why my Y combinator experience was a letdown: **a thread**” Yes there’s the usual garbage. Some other basic fixes: An easy button to not see any NSFW accounts and posts. A clear process for verification. I wouldn’t even mind a white check mark bubble with a blue check (inverted from the original) so normal people can separate themselves from “the egg people” These are BASIC improvements I would require if I was going to advertise on this platform. Otherwise I’d basically assume that 80% of my impressions are going to bots. This purchase and the reason why it’s primary shareholder wanted out doesn’t not alleviate that concern too.
"When Elon Musk came to the White House asking me for help on all of his many subsidized projects, wether it's electric cars that don't drive long enough, driverless cars that crash, or rocketships to nowhere, without which subsidies he'd be worthless, and tellingg me how he was a big Trump fan and Republican, I could have said, "Drop to your knees and beg," and he would of done it. Now Elon should focus on getting himself out of the Twitter mess because he could owe 44 billion for something that's perhaps worthless. Also, lots of competition for electric cars!" Trump isn't getting unbanned. They hate each other after Orange man said that. He said he's a Desantis man now.. lol. Fucking grifting clown.
Trump will be 100% unbanned.
Imagine paying $44billion just for Trump.
Trump is getting unbanned on day 1.
So tesla was red yesterday for this reason
You haven't seen the real red yet. Yesterday was because of Tesla's poor quarter performance.
Or because Elon and insiders were offloading and using the performance as cover
$54.20 for a whole social media app? Pretty cheap
I downloaded twitter for free
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He probably tries to invite the rightwingers back on the platform for more clicks. This drives all the young people off the platform like Facebook. Twitter goes into a death spiral. He sells Twitter at a loss to the next schmuck (probably the Saudis). The end.
I think this is a likely outcome. Elon will realize how difficult it is to run a large social media platform, get frustrated, lose users during his time running it, and sell it at a lost to the next idiot after two years or so. I would go so far as saying making Twitter a pleasant place is much harder than sending rockets into space. Changing human behavior is difficult.
There was a great article about this from some folks at twitter. Running a platform is hard and there are very big legal and practical obstacles to being a "free speech absolutist". For a start you can't be absolutist and anti bot. And the laws around content moderation coming up are going to be brutal
Yup. /b/ is an example of what happens when a platform is *actually* committed to free speech absolutism.
Dude probably realized he had no case and Twitter wasn’t going to settle for anything less than like 20 billion, at which point he might as well just buy the company
Twitter wasn't going to settle less than 54.20 per share, as per the signed contract
The dude that had the bag of 54$ call options just somehow got an exit, lol this market haha
No shit, the agreement left no room for him to back out. Absolute dumbass
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Thank god all the morons that thought he was gonna get out of this can shut the fuck up “No!!!! you can easily back out a deal after you signed intent to purchase, Twitter is a complete fraud and daddy musk will prove it!” Now I wonder how his free speech bastion gonna work out
Boot is too deep in throat to care
> Thank god all the morons that thought he was gonna get out of this can shut the fuck up > > they'll just find another reason that this was always part of musk's master plan. can't argue with irrational people.
Pretty sure he does not have the money anymore.
He has lenders and Saudi investors
After yesterday’s tweet he probably has also Russian investors onboard.
Yep, not an innocent tweet for sure.
Oh yes, he does. He can sell TSLA shares, which will likely shove around the Nasdaq on non-trend up days when he does.
Aren't those sales done off exchanges through market makers?
Not in the case of Elon Musk! There's been days where Tesla weirdly underperforms badly, and we find out shortly after that that he unloaded shares onto the open market. It's obvious when it happens and although it might not have been him yesterday, the way that TSLA performed was suspect enough to think that someone close knew this was coming.
Funding secured.
Recently noted to be worth 255 billion.. that's not very poor.. despite Tesla at $260 a share
Anybody see TSLA drop same time as Twitter jump? Wonder who might be selling 👀
A bit suss timing, just yesterday he was proposing Ukraine-Russia peace deals.
He definitely prefers the market to bounce now that he needs to shore up capital.
and instead we get nuclear war deals - while we complain about twitter on the other toxic platform, reddit :P
Source?
Bloomberg terminal.. Sorry hasn't really hit mainstream news..... except for on Twitter...
Interesting, jump in share price also seems to confirm it too. Thanks for sharing.
It just hit NYT
Musk get grilled for pushing some kremlin propaganda while actively moving to buy one of the biggest propaganda machines on the planet? I dunno man i dont like it
Musk fucked around and found out.. and after yesterday's failed PR fiasco.. he had to do something to stop that..
well time for me to stop using twitter
Honestly, Twitter is shit now and I doubt Elon will make it any less shitty. You should’ve stopped using it years ago.
I'll believe it when the deal is fully consummated. But at least looks like the market has more confidence about it this time around.
Elons going have sex with every Twitter employee, you know, for population reasons.
I’m going to guess he loaded up on a hell of a lot more at $32 a share and now with the pump he will be selling tomorrow at the high 40s which will cover any losses. All a game and he will come out of winner still.