Twitter sues Elon Musk for backing out the deal.

[ebprince the computer nerd]

Summary

The social media company Twitter has filed a lawsuit against Elon Musk to force him to acquire the company.

 

Quotes

Quote

Twitter has sued billionaire Elon Musk in an effort to force him to follow through with his deal to buy the social media company.

 

My thoughts

bruh moment

 

Jokes aside, I guess Twitter really wants Elon Musk to pay up for the company. Thought they didn’t want to be acquired?

 

Sources

cnn

[Arika]

1 minute ago, ebprince the computer nerd said:

Thought they didn’t want to be acquired?

Shareholders saw the money they would get and started salivating.

 

This is basically rich people yelling at another rich person saying "but you promised!"

[OhioYJ]

Yeap. Probably had the stock, not dropped as much as it has, they might not be pressing this so much.  The value has dropped considerably since that offer, like many stocks right now.  I'd imagine an offer made today would be lower considering. 

[ebprince the computer nerd]

3 minutes ago, Arika S said:

Shareholders saw the money they would get and started salivating.

 

This is basically rich people yelling at another rich person saying "but you promised!"

i think its law that investors are always first

[ebprince the computer nerd]

Just now, Caroline said:

Twitter is such a rancid site.

im not even on twitter and i know that

[da na]

"Noooo why didn't you buy us"

-The same company trying their hardest to prevent the same person from buying them just a few months ago

[ComradeIT]

This is Twitter's new value proposition: extorting billionaire's who's wealth depends on their public image and Twitter fame. Honestly, they don't even have to sue him. They can just threaten to ban him. He'll pay. 

[igormp]

57 minutes ago, ebprince the computer nerd said:

Jokes aside, I guess Twitter really wants Elon Musk to pay up for the company. Thought they didn’t want to be acquired?

Even though they didn't want to be acquired, Elon left then in a position where they couldn't do anything and messed up their stock value a lot. Given that he did some damage to the company's valuation, he should pay for that after backpedalling from the deal.

 

IMO Elon should be investigated for financial manipulation, it's not his first pump and dump.

[Donut417]

1 hour ago, ebprince the computer nerd said:

Thought they didn’t want to be acquired?

 They agreed to the $44 billion dollar sale. From what I heard the deal was in the final stages. Funny enough Tesla stock dipped hard and good old Elon picked up a bunch more Tesla stock. He announced the Twitter deal was not going thru and the Tesla stock shot up. I think this is one of his pump and dump strategies. I mean he knows for a fact he cant be touched. The SEC is just going to fine him if they find wrong doing, and the fines will be a lot less than any amount of money he had made. 

[TetraSky]

Elon believes his excuse of them not giving what he wanted ("real" stats on bots account) will ensure he doesn't have to pay anything.

Me personally I hope he has to pay up at least a fine for his antics, even if it would be a drop in the bucket for his wallet anyway.

[Bitter]

They should apply his fine toward ending world hunger...like he said he would do. Or fixing Flint's water. Or one of the many other things he's said he would do publicly and then just never did do.

[RedRound2]

2 hours ago, Bitter said:

They should apply his fine toward ending world hunger...like he said he would do. Or fixing Flint's water. Or one of the many other things he's said he would do publicly and then just never did do.

He did donate a lot last time he sold his shares (after that World hunger debacle). And I don't think he has to publicly disclose that when he does do it

[Rauten]

Garbage-dump-site-on-fire website sues manipulative-overly-opulent-asshat

 

I honestly don't know which side to root for.

I would go for "maybe they'll destroy each other in the process", but we all know that's not going to happen.

[Beerzerker]

3 hours ago, TetraSky said:

Elon believes his excuse of them not giving what he wanted ("real" stats on bots account) will ensure he doesn't have to pay anything.

Me personally I hope he has to pay up at least a fine for his antics, even if it would be a drop in the bucket for his wallet anyway.

If that was a condition of the deal and Twitter didn't deliver on their end of it, he doesn't have to - End of story.
 

3 hours ago, Donut417 said:

 They agreed to the $44 billion dollar sale. From what I heard the deal was in the final stages. Funny enough Tesla stock dipped hard and good old Elon picked up a bunch more Tesla stock. He announced the Twitter deal was not going thru and the Tesla stock shot up. I think this is one of his pump and dump strategies. I mean he knows for a fact he cant be touched. The SEC is just going to fine him if they find wrong doing, and the fines will be a lot less than any amount of money he had made. 

If this is true then an actual deal had NOT been finalized, meaning things were still being worked out with what Musk wanted being part of the final stage of making it happen.
Same basic thing such as when buying a house, right at the end of negotiation you say you want the seller to put a new roof on it, the seller says "No", it's being sold "As Is" and you walk away from it because of that one thing you couldn't get worked out.

If they didn't deliver on their part of the agreed deal that was negotiated, he doesn't have to buy and that's it.

No doubt this one's going to court because a few were looking to get rich overnight from the deal.
If Musk can indeed prove they didn't hold up their end of it, the deal is off, nuff nor no more need be said about it in that case.
 

[wanderingfool2]

Doubt this will go very far (I mean they can't force him to buy Twitter).

 

But if it did, it would be hilarious if they sued and won only to have the shareholders vote to not to sell.  After all, any major investors since mid 2020 would not necessarily want to vote the deal through (as they would be in a losing position).

 

They can't really say the value of twitter has dropped either.  The major stock spike happened when he was purchasing the stock itself...then when it was announced people went at it.

 

 

Also, what's the bets this gets merged with the other thread?  Given it's not really new news, there was even talks of this in the other thread.

[Arika]

9 minutes ago, wanderingfool2 said:

Doubt this will go very far (I mean they can't force him to buy Twitter).

Easiest defense Elon could give:

 

"if i'm forced to purchase twitter, i will cost cut, reduce staff to 3 people and let the company sink"

 

wont want to sell then

[Doobeedoo]

What a joke. They can't do crap. Twitter is a bot infested bird cesspool, among other things. Probably many told him it was a bad idea huh.

[Donut417]

5 hours ago, Beerzerker said:

f this is true then an actual deal had NOT been finalized, meaning things were still being worked out with what Musk wanted being part of the final stage of making it happen.

He already signed on the dotted line. Yes he has the right to pull out of the deal but they were at the stages where Elon might owe money for pulling out. Its like when AT&T tried to buy T Mobile long ago and the Government told them to fuck off with that idea. AT&T had to give T Mobile like 1 Billion dollars because the deal fell thru. Elon is trying to get out of paying any money, Twitter is going to make sure that doesnt happen. 

[Remixt]

Honeslty I have fatigue keeping up with what the rich/elite are doing that will eventually end up screwing over the rest of us. 

[Bitter]

6 hours ago, RedRound2 said:

He did donate a lot last time he sold his shares (after that World hunger debacle). And I don't think he has to publicly disclose that when he does do it

He promised to fix any house in Flint with bad water, ended up giving 480m to put filters in the schools. Just the schools. No details on any support for recurring costs on those filters either that I'm aware of. Promise the moon but deliver a ball of cheese.

[Fasterthannothing]

Anyone defending Twitter hasn't read anything and has their head in the sand. Twitter is a bot infested place that is propped up by fake accounts and they have refused to give Elon accurate information. Elon might like to troll people but I assure you his multiple thousands of dollars an hour lawyers do not and they won't have him sue on a clause that has only been won one time in court if they didn't think they could win.

[wanderingfool2]

8 hours ago, Arika S said:

Easiest defense Elon could give:

 

"if i'm forced to purchase twitter, i will cost cut, reduce staff to 3 people and let the company sink"

 

wont want to sell then

Well I mean the easiest defense is likely the one that is a bit overlooked.

 

In a statement, aside from the bots, iirc Musk's lawyers mentioned the firing of top level employees/talent without notification to him...which was apparently baked into the deal.  If it's true that approval to fire top talent was required, and if they didn't get permission then there might be enough to invalidate the contract.

 

It is a bit ironic though, first they talk doing a poison pill to prevent him from buying it, then dragging their feet before (effectively) being forced to accept the offer, and now suing to have the deal enforced.

 

https://www.documentcloud.org/documents/22084456-final-verified-complaint

 

It will come down to language of the contract though; as some of twitter's claims counter what the counsel is saying.  Specifically it sounds like the language changed last minute in the contract or at least it sounds like they thought it did, which means the lawyers on one side or another goofed.

 

[CTR640]

14 hours ago, Arika S said:

Shareholders saw the money they would get and started salivating.

 

This is basically rich people yelling at another rich person saying "but you promised!"

[CTR640]

14 hours ago, igormp said:

Even though they didn't want to be acquired, Elon left then in a position where they couldn't do anything and messed up their stock value a lot. Given that he did some damage to the company's valuation, he should pay for that after backpedalling from the deal.

 

IMO Elon should be investigated for financial manipulation, it's not his first pump and dump.

And why has this fucker still not been investigated? Did the gov/cops got bribed? Did that sack of shit blackmail? It's like he can fuck over anyone and any business and gets away with it without any consequences to himself.

[Lurick]

2 minutes ago, CTR640 said:

And why has this fucker still not been investigated? Did the gov/cops got bribed? Did that sack of shit blackmail? It's like he can fuck over anyone and any business and gets away with it without any consequences to himself.

Because the organizations that could investigate either don't have any teeth to do anything or would give him such a small fine his farts are worth more. It's a sad state of affairs but it's the reality that people think the rich people and most big corps can do no wrong and should never be punished. Some large corporation or ultra rich person could go so far as to purposely dump toxic nuclear waste into the drinking water for a state or county and you would still have people cheering for them and crying foul for any action taken against them for some reason. I think a big part of it is in the US a lot of people think they can become the ultra wealthy or that those people fight for them and they've been gaslight so badly they're blind to the reality of it all.