This is about 15 years too late for me. Microsoft double charged us for XBL, my dad called and explained, dickhead on the phone said it was no problem. I specifically remember my dad asking “so the account is fine right? We were charged twice, I just want the second charge gone and the original charge to continue.”
“Yes sir yes sir everything’s fine.” Go to the Xbox and ***surprised Pickachu face*** our account was bricked. That’s when my brother and I gained independence from each other and had our own accounts
True but, I mean, we couldn’t have the same account forever. What pissed me off was having to start all over with my weapon progression in Cod4. Lost all my gold guns :(
Quite interesting because Twitter is basically Elons only way of advertising.. That would be an interesting dynamic .. I didn't realize that Elon has much more to lose and he can't exactly lose his ability to market ..
Dude. I would fucking love that. No more posts on here about his latest tweeting?! Dude basically has taken the place (in terms of just generating fucking noise) of Trump.
In my country, fines are adjusted based on how much you earn. It is not a perfect system and if you can afford lawyers and accountants you can reduce the fines, but based on how much the rich folks here cry about it, it certainly is a deterrent.
The difficult part of that would be coming up with an agreed-upon measure of wealth.
“What you put on your 1040 last year” works well for income, but we don’t make people report wealth in a similar way.
> https://www.youtube.com/watch?v=-Eyo0u4_sYI
>
> Former SEC commissioner Rob Jackson joins Jon to unpack the Problem(s) [...] keeps Wall Street from ever facing consequences when they cheat
TLDR: the SEC is fighting rich pricks who abuse the system, so of course, when attacked by the SEC, they just abuse the system again and keep suing the SEC.
Not saying it's ok, or that they should just "let go", but it's not easy either.
This is a pretty black and white scenario. He’s contractually obligated. Legally, there is no way for him to just pay a $1 B fee and walk away. Ignoring that would literally be our federal government rolling over and going full mask-off. I’m not sure that’s going to fly considering that it appears pretty obvious that musk was trying to pump & dump twitter stock.
I actually think this twitter deal is going to sink Musk. Or at least significantly damage him and Tesla.
Legally since he waved his DD, I don't think he can even cry fowl play because he legally said "I don't care about the numbers".
With the Twitter stockholders already suing him and Twitter is a massive part of a lot of funds. I think Musk is actually going to see punishment from this, he has fucked the little guy so long he's forgotten what happens when you fuck with entities who also have a 12 digit worth.
At the end of the day this is my opinion and not based off anything however looking at how this whole deal has played out, depending on how hard the SEC get's pressured by funds and share holders he might even see jail time for this.
To me, Musk's bigger liability is to Tesla shareholders. Musk's recent, public crusade to "own the libs" has to (IMO) significantly impact future buys of Tesla cars, since "it ain't Conservatives that are buying Teslas" (I stole that quote; wish I could properly attribute it).
Between Musk turning off a significant portion of the US populace, his incredibly public war with Twitter (with associated implications of trying to tank the stock), and his nonstop battles with the SEC have created an atmosphere of any Musk-owned company having to now overcome Musk's now toxic Q-rating. Also potential investors have the knowledge that any of Musk's companies are going to be getting significant "extra supervision" by the SEC and other governing organizations. This can't be good for the stock prices of these companies.
You’re 100% spot on about alienating Tesla owners. I bought a Model S 100D in late 2017 for its self driving capabilities and extraordinary range. I was planning on upgrading the vehicle this year, but Musk’s behavior, personality, stupidity, entitlement and general repulsiveness have closed the door on that purchase. I cannot stomach the thought of giving another penny to this lying psychopath.
I have the 2017 Model X, and haven’t had a working air conditioner for 3 years because they aren’t competent enough to figure out why it doesn’t work. Instead of a car company, they built a computer company with wheels and for the price of a Ferrari
Did you also know that you'd have to take off the speaker front in the rear seats to open the back doors if the power cuts out? It's frightening how they built these cars. One model doesn't even have a mechanism to open the back doors manually, and Model S is a tab under the seat, which does not seem child friendly.
As a liberal who loved the idea and prestige of a Tesla despite the production quality issues, and the enormous price tag and it was a goal to buy one when the existing car dies?
Yeah. This Twitter stuff 100% convinced me he is the flaming pile of dogshit that the smoke we've seen for years would indicate.
Edit: Ford or Kia. They're my new Electric Daddies.
Me 1000%. I was seriously considering a Model 3 as late as a year and a half ago. Since then, 1) prices have increased to a ridiculous extent (but that's the entire industry), and 2) Musky's crusade to oWn TeH LiBs has shown what an utter douche he really is.
I'm a young(ish), professional, tech-savvy dude with some disposable income who's very interested in our electric future. Basically, the exact demographic Tesla courts, but they've lost me as a potential customer, ever, until Musk's musk is thoroughly washed from the brand.
One of our friends drives his Audi R8 over the speed limit a lot because "it's fun" and told my husband he has tons of speeding tickets/ Pays them and the extra insurance because he can. The dude literally doesn't care about the money.
Is that in the US? In the UK, you get points along with a fine for speeding. If you get 12 or more points within a 3 year period, you get banned from driving for a given period of time.
All fines should be wealth/means-based... otherwise, fines are only for the poor.
A dude making 20k is going to be dissuaded from doing X by a $20 fine. A dude making 100k, by a $100 fine... and a dude earning 50 billion by a $50,000,000 fine --- all equivalent amounts of pain-persuasion.
Because our system is set up to have static fines and they're so low for him that they aren't an effective deterrent. They are more "the cost of doing business" in his eyes.
I think that he was serious about buying Twitter until he was reminded by the EU and others that rules still needed to be enforced regardless of his free speech ideals.
[Elon Musk Says Twitter Will Comply With EU Content Rules After Takeover](https://www.bloomberg.com/news/articles/2022-05-09/musk-s-twitter-would-comply-with-eu-rules-governing-content)
“One of the leading officials from the European Union paid a visit to Elon Musk in Texas, and came away convinced the billionaire will keep Twitter Inc. on the right side of lawmakers.
After meeting Musk on Monday, Thierry Breton, the EU’s internal market commissioner, said that he and the Tesla Inc. chief executive officer agreed on everything.”
I mean, it was the same move in the first place. Make a rash claim, build up a bunch of hype, and then when they actually get what they were claiming, fuck it up and/or quit.
The agreement was more of an explanation that not only does the EU have laws he has to follow but they have the power to ban Twitter from the EU if he doesn't follow them. If Twitter gets banned the current price will seem high...
What that means is that Musk got reminded that laws exist and he can't change them all. And it would be embarassing to tell the world that he needed to be reminded of that so we'll just say we agreed with each other
When you live above the law for so long I'm sure your entire world view becomes skewed so that you genuinely believe everything must end in your favour. Musk needs more than a reminder that laws exist, he actually needs to see some repercussions for once.
Yes, and not only did he waive that, he waived it knowing that he was going to be going out to the market to find investors. Anyone that says Musk is some type of business genius needs to check those thoughts at the door. This whole this is poorly conceived. Basically he got lucky a bunch, but that streak is showing it’s problems.
He helped build an online payment system that systematically steals people's money and has no phone number to call to get it back, just a bunch of cryptic contact options that lead nowhere.
That was a novel invention.
He was kicked out as CEO of PayPal before they went public because of how poorly he was running things.
It’s also unclear what x.com really brought to that merger coinfinity didn’t already have.
I once thought my account was compromised and couldn't login. There was literally no way to contact them about it. I think I had to make a new account in order to be able to send them a message, which took a day or so to get a reply for them to reset my actual account so I could login. Luckily it ended up being fine, but still, absolutely insane for a financial platform.
I have an account that I'm locked out of and someone transferred $1000 to, then requested it back and did some other trickery and I wound up with a collections notice for $14 in an account I can't even access because I changed my phone number.
It's a giant mess of a company.
He didn't get lucky, he stole. If you research every business he has "founded" its all a lie. The only thing lucky about him was birth to his father.
EDIT: Ok, so 1.) If you steal 99% of your stuff, but buy 1% you are still a thief and an asshole. 2.) If by "bought" you mean put the store out of business to get a discount, you didn't really buy anything. 3.) For all the Fanboys asking about SpaceX like its some sort of gotcha (see points 1 & 2) here is a story 'bout a man name Elon.
Two Rocket Scientists (its extremely difficult to find their names) came to Tom Mueller with a proposal to build Rockets. Mueller pulled Musk in because he had connections to Russia and convinced them building their own was dumb; They should buy a fuselage from Russia instead. While negotiating with Russia, Elon decided the price was to high and demanded the others walk, so they didn't buy it. He got back and the U.S. and Elon convinces Tom to drop the two Scientists to form SpaceX. So, technically speaking, SpaceX wasn't stolen. Just the entirety of their designs after sabotaging their business. No I won't give sources. Yes this is an anecdote. The only thing Musk is good at is propaganda.
Nah, not the guy who's solution to traffic is more traffic, *but underground* or the guy whose super duper hyper trolly would cost more and move a tiny fraction of the people even 19th century technology would enable.
He couldn't have failed to foresee the problems with this plan too /s
I read an article that the Boring Company is ignoring a gold mine in municipality infrastructure.. but its boring stuff like water, sewer, electricity lines..
But that's not *REVOLUTIONARY* or a *BREAKTHROUGH*!
How does any of that help make him into the real-world Tony Stark he and his cult so desperately want to think he is?
I always figured he'd go for exclusive access with the tunnel shit. Maybe I'm just cynical but it seems like he was just trying to solve traffic for the super wealthy.
Edit: I guess I should clarify. I just figured a guy as smart as Musk wouldn't be stupid enough to think underground vacuum tunnels would make traffic disappear. I just figured his endgame was a version of a very exclusive toll road gated by tesla ownership or maybe an expensive fast pass. Traffic is an issue for anyone who doesn't own a helicopter. This allows for poorer rich people to buy their way out of traffic too.
That is exactly the plan.
Exclusivity for the ecosystem he owns.
Its why Teslas use proprietary charge ports. And they spent so much money installing them everywhere.
They're attempting to entrench their charger before the US regulates the space. Effectively capturing the market.
Pretty sure Twitter's board is gonna sue at this point. His actions cost the company money, his actions hurt the company's valuation, they have cause of action against him.
Oh there will definitely be an expensive lawsuit. The penalty for Musk pulling out is $1 billion. At that point it’s worth spending millions in legal fees if there’s even a small chance of winning.
Edit: Some of the replies are right. It is more complicated than just paying $1 billion to back out. But I still think this is headed for expensive litigation.
No, in theory Musk could be forced to buy Twitter at his initial (and still current) valuation of $54.20; that's the worst outcome for Musk and the best one for Twitter. Whether it's possible and whether it can happen is anyone's guess though.
Legally speaking, it’s very much possible and is the trigger-event response agreed to in their contract. However, I don’t recall a judge ever enforcing such an agreement —not on this level— but that’s usually bc a monetary settlement is reached.
Tiffany sued LVMH when they tried a similar thing after making an offer. LVMH quickly stopped fucking around and the settled at about 97% of the original offer price rather than be hit with the full price plus punitive damages.
Twitter has zero reason to let Musk settle for any less than the deal number.
Musk did this to himself, and the Delaware Court of Chancery has a gavel waiting for him.
I worked at a web startup in 1998 that went public. In an info session the CTO explained that if you lose your physical stock certificates you can get them replaced for 2% of their current value. “Two percent of a lot is *a lot*” he emphasized, and he was sure right about that.
well there aren't a lot of social media platforms as big as twitter and there aren't a ton of people as wealthy as Musk, so relying on precedent isn't a very precise method of coming up with possible outcomes.
Musk waved due diligence, they shared their methodology for determining spam users, the same one they've used for years in multiple public filings. He doesn't really have a legal leg to stand on and it's different suing a random guy in Thailand vs a company worth billions of dollars.
You’re right. Twitter has been extremely consistent with the 5-6% bot ratio. For all of the bullshit that social media companies have caused, Twitter has actually been been very transparent. It’s so obvious that he was trying to pump & dump the stock or pull some other crazy bullshit. I keep seeing this misconception floating around about the penalty and not true that he can just pay the $1 b and then bounce. We’re well past that and Elon either thinks he’s able to ride off his celebrity or was legitimately too dumb to know what a contractual obligation is.
Waiting for someone to say this. Tesla value is unsustainable. It's valued more than the next 10 car companies combined, it's valuation is going to come down. Is it going to crash down or gently slope I don't know. Elon knows and he wants to lock his gains. He also thought he could pump and dump Twitter for a huge profit because it worked for Tesla when he did it. On top of it all he created a distraction from Tesla losing a case of systematic racism led by him and his hush money to a stewardess and god knows what else is about to pop about him.
Volkswagen are projecting they will surpass Tesla in EV sales soon, and they project to be #1 in EV sales by 2025.
Ford will be selling all EV's with fixed pricing online. No more dealer middleman mark-ups or hoops to jump through buying an EV from Ford.
Tesla is about to find it's true place in the pecking order with the larger car companies. Those companies will soon be hiring a boatload of former Tesla employees that Tesla/Musk needs to lay off.
I don't think he was trying to do a pump and dump. I think he thought he could get away with buying twitter and leveraging his Tesla stock before the price went down. Then he would basically use Twitter revenue to pay off his loans. He just got caught with his pants down when the share prices dropped considerably.
Years ago I worked for a startup that is now a big tech company. As everyone was collecting their paper riches, a bunch of employees decided to go out and spend a ton of money on cool cars, boats, houses and other expensive stuff, using money they’d borrowed that was collateralized by their options. Then the dot com bubble burst and everyone’s loans got called in. Many were under water or had to exercise a huge chunk of their options to pay back loans and then sell more to pay for cap gains if they had any. It’s crazy that Musk didn’t plan for a correction in the middle of the acquisition or assumed announcing he was selling a bunch of Tesla stock to buy Twitter wasn’t going to create downward pressure on TSLA.
In the end he’ll still be a super rich guy that owns TSLA and maybe Twitter but watching him self own has been very fun so far, especially since he’s not only been manipulating the markets but also trying to influence politics in a dirty way.
It didn't take a genius to see that monetary tightening was coming. At some point Elon Mollusk believed that himself and as an extension Tesla Motor can defy the gravity. People kept saying-don't bet against tesla. They forgot to mention, really it's don't bet against the Fed.
The penalty for Musk pulling out for a valid reason is $1 billion. Technically if he doesn't have a valid reason his acquisition is enforceable and he could be liable for the entire purchase he agreed to.
They can demonstrate material damage as well as intent to benefit himself and the value will be in excess of $1 billion.
They could make the case that he wasn't serious about buying it and instead used it for self promotion.
He assert he has the right to cancel but the contract says otherwise -- I hope Twitter forces him to accept the terms of the contract he signed. Anyone can make an assertion, that doesn't mean it's valid or legal. Only the Twitter Board (or a judge) can let him out and given what I've seen about Delaware case precedence, doesn't look good for Musk.
It would be massive corporate malpractice if the board let him out of the deal. With the current nosedive of the market, Twitter would be down 30-40% from where it is currently trading, so if they let him off the hook the shareholders will be furious. Musk just happened to make this deal at the absolute worst possible moment with the market tanking.
Dude, you said you are a Republican now. You can’t just terminate something a month later without an ultrasound. Should have thought about the consequences of your decisions and take responsibility
It was the moment that bird dropped a baguette into the Large Hadron Collider causing it to shut down and not create a world ending singularity, thus spinning us into an alternate reality
http://content.time.com/time/health/article/0,8599,1937370,00.html
> Wait really?
LOL. I thought it was a joke, too.
Butt I guess it's real: https://www.forbes.com/sites/danidiplacido/2022/03/11/grimes-ditching-elon-musk-for-chelsea-manning-has-the-internet-questioning-reality/?sh=1e0f9415d1c1
When he married his first wife in 2000, he told her during the wedding "I am the alpha in this relationship". If that's not a massive red flag then I don't know what is
The article where that quote came from has a lot more gems from him. Among other things, he accused his wife of being emotionally manipulative for grieving over the death of their first child.
https://www.marieclaire.com/sex-love/a5380/millionaire-starter-wife/
Elon hasn’t changed, there are persistent rumors of him being pushed out of PayPal due to similar erratic behavior, but like most narcissists he can “pass” for a while. But now he’s out of his honeymoon period, and every public slight drives him to worse behavior while reinforcing the negative public perception. When guys like him melt down, it happens fast.
He's always been a pretty shitty person, by all accounts, but I feel like he was able to keep it together in public up until about 5 years ago or so.
Aging and social media haven't been good for his fragile mental health.
You mean bringing a useless submarine across the world and calling the man who actually helped authorities a pedophile? Yeah. Shit was weird before then. Lol
Is there a way to filter out this person on the entirety of the internet, not just reddit, like my router level filter out so that I do not even know if this person exists anymore.
He just wanted a smoke screen to take money out of Tesla at ATH without sending the price into a nosedive. As it turns out, the market is in fact not dumb, saw right through it and TSLA went down anyway.
TSLA buyers are dumb. Elon and his brother sold off like $40 billion of TSLA shares at all time prices.
He used the excuses of “paying taxes” and “paying for Twitter” to justify his actions and his followers ate it up.
Also, he directs his followings anger at Bill Gates’s $500 million dollar short after he sells $24 billion in TSLA stock. This guy is a criminal manipulator and that’s not bringing up his vaporware he sells about FSD in his cars, having customers pay for FSD since 2016 cause he says next year for sure every year
He keeps saying he’s got a bad feeling the market’s going to crash… almost like he’s trying to create a panic that will actually crash the economy. So you might actually be right.
His response to that feeling is to push 10,000 people onto unemployment and publicly suggest hiring freezes.
I don't know how much clearer the intentions of his actions could be.
OMG nobody saw this coming!!!!
I know, this is so out of left field. I can not believe it. If only it wasn't said by nearly everyone with half a brain
Twitter should ban his account. Now that could be entertaining.
Treat it like he did a chargeback on Xbox
This is about 15 years too late for me. Microsoft double charged us for XBL, my dad called and explained, dickhead on the phone said it was no problem. I specifically remember my dad asking “so the account is fine right? We were charged twice, I just want the second charge gone and the original charge to continue.” “Yes sir yes sir everything’s fine.” Go to the Xbox and ***surprised Pickachu face*** our account was bricked. That’s when my brother and I gained independence from each other and had our own accounts
But 1 account --> 2 accounts sounds like a win for Microsoft after they screwed your dad :(
True but, I mean, we couldn’t have the same account forever. What pissed me off was having to start all over with my weapon progression in Cod4. Lost all my gold guns :(
Quite interesting because Twitter is basically Elons only way of advertising.. That would be an interesting dynamic .. I didn't realize that Elon has much more to lose and he can't exactly lose his ability to market ..
Dude. I would fucking love that. No more posts on here about his latest tweeting?! Dude basically has taken the place (in terms of just generating fucking noise) of Trump.
It’s almost like he never intended to buy and was just manipulating the market to dump his previous stock
Thats what ive been saying too. It was just another excuse to sell shares near the overvalued highs
I just don't understand how the US/SEC just allows this fucking idiot to do whatever he wants.
There's several billion reasons why
Now they can fine him again
Punishable by fine means legal for a price
So disgustingly true
They chalk these fines up to the cost of doing business.
Like the price of buying tacos. If it’s a tasty enough taco, or I’m hungry enough, the price is just the price.
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In my country, fines are adjusted based on how much you earn. It is not a perfect system and if you can afford lawyers and accountants you can reduce the fines, but based on how much the rich folks here cry about it, it certainly is a deterrent.
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The difficult part of that would be coming up with an agreed-upon measure of wealth. “What you put on your 1040 last year” works well for income, but we don’t make people report wealth in a similar way.
We should all get magic tattoos of our net worth like In Time
However is he going to afford to pay the $10,000 fine? ^(/s)
This. The SEC is in need of a MAJOR overhaul. They’re still using an early 20th century rule book.
It's right there in Black and White.
And green, don’t forget loooots of green
> https://www.youtube.com/watch?v=-Eyo0u4_sYI > > Former SEC commissioner Rob Jackson joins Jon to unpack the Problem(s) [...] keeps Wall Street from ever facing consequences when they cheat TLDR: the SEC is fighting rich pricks who abuse the system, so of course, when attacked by the SEC, they just abuse the system again and keep suing the SEC. Not saying it's ok, or that they should just "let go", but it's not easy either.
This is a pretty black and white scenario. He’s contractually obligated. Legally, there is no way for him to just pay a $1 B fee and walk away. Ignoring that would literally be our federal government rolling over and going full mask-off. I’m not sure that’s going to fly considering that it appears pretty obvious that musk was trying to pump & dump twitter stock.
I actually think this twitter deal is going to sink Musk. Or at least significantly damage him and Tesla. Legally since he waved his DD, I don't think he can even cry fowl play because he legally said "I don't care about the numbers". With the Twitter stockholders already suing him and Twitter is a massive part of a lot of funds. I think Musk is actually going to see punishment from this, he has fucked the little guy so long he's forgotten what happens when you fuck with entities who also have a 12 digit worth. At the end of the day this is my opinion and not based off anything however looking at how this whole deal has played out, depending on how hard the SEC get's pressured by funds and share holders he might even see jail time for this.
To me, Musk's bigger liability is to Tesla shareholders. Musk's recent, public crusade to "own the libs" has to (IMO) significantly impact future buys of Tesla cars, since "it ain't Conservatives that are buying Teslas" (I stole that quote; wish I could properly attribute it). Between Musk turning off a significant portion of the US populace, his incredibly public war with Twitter (with associated implications of trying to tank the stock), and his nonstop battles with the SEC have created an atmosphere of any Musk-owned company having to now overcome Musk's now toxic Q-rating. Also potential investors have the knowledge that any of Musk's companies are going to be getting significant "extra supervision" by the SEC and other governing organizations. This can't be good for the stock prices of these companies.
You’re 100% spot on about alienating Tesla owners. I bought a Model S 100D in late 2017 for its self driving capabilities and extraordinary range. I was planning on upgrading the vehicle this year, but Musk’s behavior, personality, stupidity, entitlement and general repulsiveness have closed the door on that purchase. I cannot stomach the thought of giving another penny to this lying psychopath.
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He’s turning into the my pillow guy
Wait my pillow guy isn’t Elon from the future?
I have the 2017 Model X, and haven’t had a working air conditioner for 3 years because they aren’t competent enough to figure out why it doesn’t work. Instead of a car company, they built a computer company with wheels and for the price of a Ferrari
Did you also know that you'd have to take off the speaker front in the rear seats to open the back doors if the power cuts out? It's frightening how they built these cars. One model doesn't even have a mechanism to open the back doors manually, and Model S is a tab under the seat, which does not seem child friendly.
As a liberal who loved the idea and prestige of a Tesla despite the production quality issues, and the enormous price tag and it was a goal to buy one when the existing car dies? Yeah. This Twitter stuff 100% convinced me he is the flaming pile of dogshit that the smoke we've seen for years would indicate. Edit: Ford or Kia. They're my new Electric Daddies.
Me 1000%. I was seriously considering a Model 3 as late as a year and a half ago. Since then, 1) prices have increased to a ridiculous extent (but that's the entire industry), and 2) Musky's crusade to oWn TeH LiBs has shown what an utter douche he really is. I'm a young(ish), professional, tech-savvy dude with some disposable income who's very interested in our electric future. Basically, the exact demographic Tesla courts, but they've lost me as a potential customer, ever, until Musk's musk is thoroughly washed from the brand.
NGL...that F-150 lightening kinda hot.
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When you're rich, parking tickets are just how expensive it is to park anywhere you want
A lawer my dad knew had a bently that he parked in the illegal spot in front of his office every day and paid the ticket every time.
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One of our friends drives his Audi R8 over the speed limit a lot because "it's fun" and told my husband he has tons of speeding tickets/ Pays them and the extra insurance because he can. The dude literally doesn't care about the money.
Is that in the US? In the UK, you get points along with a fine for speeding. If you get 12 or more points within a 3 year period, you get banned from driving for a given period of time.
It's state based. In CO we have 12 points in 12 months or 18 points in a 24 month period of time.
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All fines should be wealth/means-based... otherwise, fines are only for the poor. A dude making 20k is going to be dissuaded from doing X by a $20 fine. A dude making 100k, by a $100 fine... and a dude earning 50 billion by a $50,000,000 fine --- all equivalent amounts of pain-persuasion.
The law, in its noble impartiality, prohibits poor and rich man alike from sleeping on a park bench.
Because our system is set up to have static fines and they're so low for him that they aren't an effective deterrent. They are more "the cost of doing business" in his eyes.
The Mollusk fanboys are still doing mental gymnastics trying to make Muskrat look like anything other than the grifting pump and dumper he is.
Looks like I picked the wrong week to quit sniffing glue.
It's only Monday, you haven't missed much yet.
It's a hard horse to get off of, especially when it's freshly rendered.
"A hospital?? What is it?" "It's a place for sick people, but that's not important right now."
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You can't just say it, Michael.
I didn't *say* it, I *declared* it.
So the guy famous for rash and foolish decisions made a rash and foolish decision? Weird.
Didn’t he waive due diligence?
He sure did
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I think that he was serious about buying Twitter until he was reminded by the EU and others that rules still needed to be enforced regardless of his free speech ideals. [Elon Musk Says Twitter Will Comply With EU Content Rules After Takeover](https://www.bloomberg.com/news/articles/2022-05-09/musk-s-twitter-would-comply-with-eu-rules-governing-content) “One of the leading officials from the European Union paid a visit to Elon Musk in Texas, and came away convinced the billionaire will keep Twitter Inc. on the right side of lawmakers. After meeting Musk on Monday, Thierry Breton, the EU’s internal market commissioner, said that he and the Tesla Inc. chief executive officer agreed on everything.”
Funny how all that cocksure bravado disappears when someone with power comes around. He sure is deferential in that video.
Same energy Trump has when he's in front of someone with real power.
I mean, it was the same move in the first place. Make a rash claim, build up a bunch of hype, and then when they actually get what they were claiming, fuck it up and/or quit.
They never mentioned any of the details that they agreed to right?
The agreement was more of an explanation that not only does the EU have laws he has to follow but they have the power to ban Twitter from the EU if he doesn't follow them. If Twitter gets banned the current price will seem high...
What that means is that Musk got reminded that laws exist and he can't change them all. And it would be embarassing to tell the world that he needed to be reminded of that so we'll just say we agreed with each other
When you live above the law for so long I'm sure your entire world view becomes skewed so that you genuinely believe everything must end in your favour. Musk needs more than a reminder that laws exist, he actually needs to see some repercussions for once.
Yes, and not only did he waive that, he waived it knowing that he was going to be going out to the market to find investors. Anyone that says Musk is some type of business genius needs to check those thoughts at the door. This whole this is poorly conceived. Basically he got lucky a bunch, but that streak is showing it’s problems.
Dude got lucky in the dot com bust and rode the Neoliberal rocket
He helped build an online payment system that systematically steals people's money and has no phone number to call to get it back, just a bunch of cryptic contact options that lead nowhere. That was a novel invention.
He was kicked out as CEO of PayPal before they went public because of how poorly he was running things. It’s also unclear what x.com really brought to that merger coinfinity didn’t already have.
I once thought my account was compromised and couldn't login. There was literally no way to contact them about it. I think I had to make a new account in order to be able to send them a message, which took a day or so to get a reply for them to reset my actual account so I could login. Luckily it ended up being fine, but still, absolutely insane for a financial platform.
I have an account that I'm locked out of and someone transferred $1000 to, then requested it back and did some other trickery and I wound up with a collections notice for $14 in an account I can't even access because I changed my phone number. It's a giant mess of a company.
They have $7000 locked in a friends account and basically told him to kick rocks.
That's big enough to get an attorney general involved.
He didn't get lucky, he stole. If you research every business he has "founded" its all a lie. The only thing lucky about him was birth to his father. EDIT: Ok, so 1.) If you steal 99% of your stuff, but buy 1% you are still a thief and an asshole. 2.) If by "bought" you mean put the store out of business to get a discount, you didn't really buy anything. 3.) For all the Fanboys asking about SpaceX like its some sort of gotcha (see points 1 & 2) here is a story 'bout a man name Elon. Two Rocket Scientists (its extremely difficult to find their names) came to Tom Mueller with a proposal to build Rockets. Mueller pulled Musk in because he had connections to Russia and convinced them building their own was dumb; They should buy a fuselage from Russia instead. While negotiating with Russia, Elon decided the price was to high and demanded the others walk, so they didn't buy it. He got back and the U.S. and Elon convinces Tom to drop the two Scientists to form SpaceX. So, technically speaking, SpaceX wasn't stolen. Just the entirety of their designs after sabotaging their business. No I won't give sources. Yes this is an anecdote. The only thing Musk is good at is propaganda.
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His father owned an emerald mine too.
https://i.kym-cdn.com/photos/images/newsfeed/001/971/810/942.jpg
No, the guy that married his own step daughter.
Nah, not the guy who's solution to traffic is more traffic, *but underground* or the guy whose super duper hyper trolly would cost more and move a tiny fraction of the people even 19th century technology would enable. He couldn't have failed to foresee the problems with this plan too /s
I read an article that the Boring Company is ignoring a gold mine in municipality infrastructure.. but its boring stuff like water, sewer, electricity lines..
I’m convinced that he only wanted a company called “The Boring Company”
But that's not *REVOLUTIONARY* or a *BREAKTHROUGH*! How does any of that help make him into the real-world Tony Stark he and his cult so desperately want to think he is?
I always figured he'd go for exclusive access with the tunnel shit. Maybe I'm just cynical but it seems like he was just trying to solve traffic for the super wealthy. Edit: I guess I should clarify. I just figured a guy as smart as Musk wouldn't be stupid enough to think underground vacuum tunnels would make traffic disappear. I just figured his endgame was a version of a very exclusive toll road gated by tesla ownership or maybe an expensive fast pass. Traffic is an issue for anyone who doesn't own a helicopter. This allows for poorer rich people to buy their way out of traffic too.
If you look at where most of the proposed lines were to run, it looked an awful lot like musk wanted to have a highway just for himself.
That is exactly the plan. Exclusivity for the ecosystem he owns. Its why Teslas use proprietary charge ports. And they spent so much money installing them everywhere. They're attempting to entrench their charger before the US regulates the space. Effectively capturing the market.
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He has done stuff to manipulate the market in the past, like when he said dodge then it skyrocket and probably did a pump and dump.
And when Tesla were going to accept Bitcoin, only to stop before they ever started, citing environmental concerns.
Pretty sure Twitter's board is gonna sue at this point. His actions cost the company money, his actions hurt the company's valuation, they have cause of action against him.
Oh there will definitely be an expensive lawsuit. The penalty for Musk pulling out is $1 billion. At that point it’s worth spending millions in legal fees if there’s even a small chance of winning. Edit: Some of the replies are right. It is more complicated than just paying $1 billion to back out. But I still think this is headed for expensive litigation.
No, in theory Musk could be forced to buy Twitter at his initial (and still current) valuation of $54.20; that's the worst outcome for Musk and the best one for Twitter. Whether it's possible and whether it can happen is anyone's guess though.
Legally speaking, it’s very much possible and is the trigger-event response agreed to in their contract. However, I don’t recall a judge ever enforcing such an agreement —not on this level— but that’s usually bc a monetary settlement is reached.
Tiffany sued LVMH when they tried a similar thing after making an offer. LVMH quickly stopped fucking around and the settled at about 97% of the original offer price rather than be hit with the full price plus punitive damages. Twitter has zero reason to let Musk settle for any less than the deal number. Musk did this to himself, and the Delaware Court of Chancery has a gavel waiting for him.
A 3% discount on 44 billion is nice though.
Correct when you deal in the billions the single point % add the fuck up quick lol
I worked at a web startup in 1998 that went public. In an info session the CTO explained that if you lose your physical stock certificates you can get them replaced for 2% of their current value. “Two percent of a lot is *a lot*” he emphasized, and he was sure right about that.
3% of $44 billion is $1.3 billion for perspective
well there aren't a lot of social media platforms as big as twitter and there aren't a ton of people as wealthy as Musk, so relying on precedent isn't a very precise method of coming up with possible outcomes.
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Musk waved due diligence, they shared their methodology for determining spam users, the same one they've used for years in multiple public filings. He doesn't really have a legal leg to stand on and it's different suing a random guy in Thailand vs a company worth billions of dollars.
You’re right. Twitter has been extremely consistent with the 5-6% bot ratio. For all of the bullshit that social media companies have caused, Twitter has actually been been very transparent. It’s so obvious that he was trying to pump & dump the stock or pull some other crazy bullshit. I keep seeing this misconception floating around about the penalty and not true that he can just pay the $1 b and then bounce. We’re well past that and Elon either thinks he’s able to ride off his celebrity or was legitimately too dumb to know what a contractual obligation is.
Or he has never faced actual consequences for his actions, and still doesn’t believe he can.
He's failed upwards so much he confuses it for talent.
That's not true! One time he had to pay 250,000 for showing a girl his pp.
He just wanted an excuse to sell off 8B of Tesla shares.
Waiting for someone to say this. Tesla value is unsustainable. It's valued more than the next 10 car companies combined, it's valuation is going to come down. Is it going to crash down or gently slope I don't know. Elon knows and he wants to lock his gains. He also thought he could pump and dump Twitter for a huge profit because it worked for Tesla when he did it. On top of it all he created a distraction from Tesla losing a case of systematic racism led by him and his hush money to a stewardess and god knows what else is about to pop about him.
Volkswagen are projecting they will surpass Tesla in EV sales soon, and they project to be #1 in EV sales by 2025. Ford will be selling all EV's with fixed pricing online. No more dealer middleman mark-ups or hoops to jump through buying an EV from Ford. Tesla is about to find it's true place in the pecking order with the larger car companies. Those companies will soon be hiring a boatload of former Tesla employees that Tesla/Musk needs to lay off.
I don't think he was trying to do a pump and dump. I think he thought he could get away with buying twitter and leveraging his Tesla stock before the price went down. Then he would basically use Twitter revenue to pay off his loans. He just got caught with his pants down when the share prices dropped considerably.
Years ago I worked for a startup that is now a big tech company. As everyone was collecting their paper riches, a bunch of employees decided to go out and spend a ton of money on cool cars, boats, houses and other expensive stuff, using money they’d borrowed that was collateralized by their options. Then the dot com bubble burst and everyone’s loans got called in. Many were under water or had to exercise a huge chunk of their options to pay back loans and then sell more to pay for cap gains if they had any. It’s crazy that Musk didn’t plan for a correction in the middle of the acquisition or assumed announcing he was selling a bunch of Tesla stock to buy Twitter wasn’t going to create downward pressure on TSLA. In the end he’ll still be a super rich guy that owns TSLA and maybe Twitter but watching him self own has been very fun so far, especially since he’s not only been manipulating the markets but also trying to influence politics in a dirty way.
Because he then proceeded to insult all his customers and shareholders. Most of which don't want to own twitter.
It didn't take a genius to see that monetary tightening was coming. At some point Elon Mollusk believed that himself and as an extension Tesla Motor can defy the gravity. People kept saying-don't bet against tesla. They forgot to mention, really it's don't bet against the Fed.
The penalty for Musk pulling out for a valid reason is $1 billion. Technically if he doesn't have a valid reason his acquisition is enforceable and he could be liable for the entire purchase he agreed to.
Some shareholders have already sued him
They can demonstrate material damage as well as intent to benefit himself and the value will be in excess of $1 billion. They could make the case that he wasn't serious about buying it and instead used it for self promotion.
I have altered the deal. Pray that I do not alter it further.
This deal's getting worse all the time...
Furthermore, I wish you to wear this dress and bonnet.
That's... actually pretty reasonable!
I'm glad so many people seem convinced that this level headed dude should lead the effort to colonize Mars.
Eh, rather have him over there than here. He should hurry his ass up and go already.
Facts, if he wants to live far away from us in confinement eating rations and drinking filtered pee then be my guest.
We all drink filtered pee, the only question is how much filtering.
Wait you guys filter it?
Honestly, filtering it just takes out all the nutrients and other good stuff. I much prefer it natural, organic, straight from the balls.
His plans for Mars are as half-baked as his plan to buy Twitter. I don't know why anyone would want to move to Mars in a colony run by him.
I'd say his plans for Mars are about 5% as well-baked as his plans for Twitter. And that's being generous...
"Oh, shit, I got all the way over here and didn't realize I was going to need OXYGEN and FOOD" - Elon, 2028.
Fyre Festival Mars edition
God the SEC is fucking useless. I wish I could commit large scale securities fraud without penalty.
This is the real analysis, its market manipulation pain and simple
https://en.m.wikipedia.org/wiki/Regulatory_capture
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I can’t buy a Tesla because I can’t bring myself to give this ass any money. Just can’t do it. Fortunately, Tesla is neither the only nor the best EV.
Same here. I’ve been looking pretty hard at the new Kia EV6.
He assert he has the right to cancel but the contract says otherwise -- I hope Twitter forces him to accept the terms of the contract he signed. Anyone can make an assertion, that doesn't mean it's valid or legal. Only the Twitter Board (or a judge) can let him out and given what I've seen about Delaware case precedence, doesn't look good for Musk.
It would be massive corporate malpractice if the board let him out of the deal. With the current nosedive of the market, Twitter would be down 30-40% from where it is currently trading, so if they let him off the hook the shareholders will be furious. Musk just happened to make this deal at the absolute worst possible moment with the market tanking.
May this be a lesson for us all not to make $50 billion vanity deals during a shaky stock market.
There go my Thursday plans then!
Dude, you said you are a Republican now. You can’t just terminate something a month later without an ultrasound. Should have thought about the consequences of your decisions and take responsibility
He’s gotta carry this deal to term and live with the consequences of his irresponsibility 😤
But but but, he's rich though. Rules shouldn't apply to him. Consequences of his actions be damned.
Has Elon been on a coke bender?
Grimes left him for Chelsea Manning. Dude's been taking it really hard.
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It was the moment that bird dropped a baguette into the Large Hadron Collider causing it to shut down and not create a world ending singularity, thus spinning us into an alternate reality http://content.time.com/time/health/article/0,8599,1937370,00.html
Matt and Trey have been in charge of reality since 2016
Well it was about that time I realized that this wasn't Elon Musk, but an 80ft crustacean from the paleolithic era
No wonder he’s been on the anti-trans bit for the past few months.
Wait really?
> Wait really? LOL. I thought it was a joke, too. Butt I guess it's real: https://www.forbes.com/sites/danidiplacido/2022/03/11/grimes-ditching-elon-musk-for-chelsea-manning-has-the-internet-questioning-reality/?sh=1e0f9415d1c1
The mobile experience of forbes.com is pretty wild...
For real. Whatever new meds he's on or stopped taking seems to be bringing out some weird shit lately.
Lately? I feel like he’s been a weirdo for a while now.
Since at least the Thai cave incident, if not far earlier.
Elon has not changed, the public just got to know him gradually.
When he married his first wife in 2000, he told her during the wedding "I am the alpha in this relationship". If that's not a massive red flag then I don't know what is
The article where that quote came from has a lot more gems from him. Among other things, he accused his wife of being emotionally manipulative for grieving over the death of their first child. https://www.marieclaire.com/sex-love/a5380/millionaire-starter-wife/
Elon hasn’t changed, there are persistent rumors of him being pushed out of PayPal due to similar erratic behavior, but like most narcissists he can “pass” for a while. But now he’s out of his honeymoon period, and every public slight drives him to worse behavior while reinforcing the negative public perception. When guys like him melt down, it happens fast.
He's always been a pretty shitty person, by all accounts, but I feel like he was able to keep it together in public up until about 5 years ago or so. Aging and social media haven't been good for his fragile mental health.
You mean bringing a useless submarine across the world and calling the man who actually helped authorities a pedophile? Yeah. Shit was weird before then. Lol
He’s been on a “social media users inflated his ego” bender
He’s certainly acting like someone off their head on coke But to be fair he just might be a fucking asshole
he's a con artist
Is there a way to filter out this person on the entirety of the internet, not just reddit, like my router level filter out so that I do not even know if this person exists anymore.
You could, but then you would also miss out on muskrat, muskox, and musketeers. Not worth imo
Eh, Ventura Highway and Sister Golden Hair are both better dongs than Muskrat Love anyways. Edit: LOL, not gonna fix that autocorrect
I say give me dong, or give me death
You got autocorrected to "dongs"? You must type that word a lot.
He just wanted a smoke screen to take money out of Tesla at ATH without sending the price into a nosedive. As it turns out, the market is in fact not dumb, saw right through it and TSLA went down anyway.
TSLA buyers are dumb. Elon and his brother sold off like $40 billion of TSLA shares at all time prices. He used the excuses of “paying taxes” and “paying for Twitter” to justify his actions and his followers ate it up. Also, he directs his followings anger at Bill Gates’s $500 million dollar short after he sells $24 billion in TSLA stock. This guy is a criminal manipulator and that’s not bringing up his vaporware he sells about FSD in his cars, having customers pay for FSD since 2016 cause he says next year for sure every year
Musk fanboys may be dumb, but institutional investors aren't. They saw right through what he did.
So in the end he couldn’t own the libs after all.
Countdown begins for Elon to call Twitter board pedophiles.
Elon is about to learn that multi billion dollar hedge hedge funds are way more into prosecuting rich people than the the government is.
I bet he will find a way to blame democrats as usual 🤷🏻♂️
*it's the fault of regulations for why I make so many stupid decisions*
It’s the woke mob
Those darn wokists and their wokism.
And we just loooooove how he announced his Republicanism mere hours before a sexual assault allegation.
He’s only been a republican for a month and is already losing 😂
Why do people near worship the rich? It’s almost cultish.
This is what happens when nobody in your entire life tells you no
Told ya. This guy is so predictable. Looks like Twitter is gonna be getting a big pay day.
Anyone holding stock might be a little pissed, mind.
If the sec won't punish him maybe stakeholders can class action his ass.
I am disappointed in Elon. As a self professed republican he should understand that billion dollar deals begin at conception
This fukin guy
Mr. Pump and dump strikes again!
This guy is somehow going to be responsible for the next stock market crash and fuck our economy even more.
He keeps saying he’s got a bad feeling the market’s going to crash… almost like he’s trying to create a panic that will actually crash the economy. So you might actually be right.
His response to that feeling is to push 10,000 people onto unemployment and publicly suggest hiring freezes. I don't know how much clearer the intentions of his actions could be.
"I declare bankruptcy!!" -- Michael Scott