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Twitter sues Elon Musk
- Thread starter Shard Shinjuku
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To be fair, the relationship any billionaire has with reality is tenuous at best.
Not trying to call anyone out specifically, but can we get some kind of bold disclaimer on all Elon Twitter threads that remind everyone that we are beyond the point of there being any $1billion walk-away consolation fee? Seems like twice a page we're seeing it pop up and reminding folks of this.
Oh, the "rules" certainly don't apply to the mega rich. But when moneyed interests are involved on both sides, it's a lot harder for him to just hand waive it away with a high-priced lawyer or a "lol jk! y so srs?" tweet. He's not the only rich SOB, and his actions directly affect plenty of other rich SOBs who aren't having any of his antics.
Can he still get out of this scott-free? It's possible, but in my mind, not probable.
Even if he ends up paying this nebolous "1B fine", wouldn't he recoup the amount with just some good stock days? And if he's forced to buy it, that would still be terrible for obvious reasons. Really doesn't seem like the epic own some people here are calling, looks to me that billionaires in the US still can do whatever the fuck they want without repercussions, like in this case fucking over everyone that works on twitter. Billionaires shouldn't exist.
Edit: ironically, i might add, the only thing that would probably make him eat shit is banning him from twitter, given how starved for attention he his.
Edit: ironically, i might add, the only thing that would probably make him eat shit is banning him from twitter, given how starved for attention he his.
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1) as said many times already, the $1B fine is a pretty unrealistic outcome at this point. He's on the hook for $33B, though he has outside investors that'll take about $7B off his shoulders. Call it $26B minimum, but more if those investors back out on him.
2) yes, if his Tesla stock went from ludicrously overvalued back to super duper ludicrously overvalued, he could theoretically find another $33B out of that. Or maybe he could meet his very optimistic projections and the stock price would reach $1000 again without getting to super duper ludicrously overvalued. But it'll definitely be harder with him having dumped a lot of Tesla stock to get liquid enough for this purchase.
Not by much though for a company of it's size. The best EBIT has been around 450m over the past 5 years, with losses in 2 years.
Search - MarketWatch
Search MarketWatch for the latest financial news and market data.
www.marketwatch.com
I think that if I ever got publicly eviscerated like that by Donald fucking Trump I would just walk into the sea
"I could have said 'drop to your knees and beg' and he would have done it" Jesus FUCK
Thanks for your clarifications. Push comes to shove, couldn't he just buy it as opposed to pay a 33B fine? Or is that forfeit once this lawsuit goes too far?
I agree with this. It somehow became the quickest spreading old spouses' tale and no matter how many times it's corrected, people keep marching in with the same take.
Is there any chance of this driving a wedge between Musk and SpaceX and/or Tesla?
I think Musk is a huge liability to those companies, so I'd love to see them under new leadership.
I think Musk is a huge liability to those companies, so I'd love to see them under new leadership.
Trump's a fascist, but man his social media presence is hilarious when he drags people. He says the stupidest things, and I'm here for the clown fight.
As other have said, he probably rambled most of those points ("his rockets and cars bad", "I could have asked him to get on his knee and beg me") and them someone working for him rephrased it to proper English.
And yet online nerds treat him like the funniest thing since pickle rick memes
I can't believe Elon Musk is hacking Twitter in retaliation against their lawsuit.
I'm sure he's done very well from all his illegal insider trading, his brother too. Even so, I bet his net worth has plummeted with Tesla dropping nearly 50% and crypto crashing too.
$1BN or more to shitpost for a while which he could have done for free, is still an epic self own.
The judge will either cancel the deal or force him to buy. That was the agreement.
Musk and the lawyers representing the Twitter board will both want to come up with a solution (a settlement) before the trial ends. So he can agree to buy it, he can agree to buy it at a reduced price, he agree to step away, he can agree to step away but pay out in money and/or stocks, etc. There's a million possibilities.
One of the possible outcomes is the $1 billion payout. That was put in place incase regulators shut down the deal. It was never a walk away fee.
Trumps just dislikes him because he is much richer than him. Saying he didn't vote for him was just the excuse his ego needed to have a go. Also "Rockets that go nowhere"? I dislike elon a lot but SpaceX is pretty fucking great at rockets. Also, Tesla did sort of push EV's when other companies were more than happy to just keep churn out gas and diesel.
More specifically, Trump is jealous that Musk can actually afford to buy Twitter and reinstate his account.
Trump would love to buy Twitter and reinstate himself.
It's not a $33B fine. It would be a judgment in court that he has to complete the contract and buy it, which would personally cost him $26B-$33B.
He can afford it, but even at his wealth it wouldn't be painless* so I think he might settle for a lower payout that hopefully doesn't end with him owning the company. (Meanwhile that would be less money that Twitter is entitled to, but they might value some certainty over going after him for the full amount and he wouldn't end up owning a company he has no intention nor capacity to run.)
* I know, it sounds weird that a guy with over $200B would feel any pinch from having to come up with $33B, but he's borrowed against so much of his stock already that he already doesn't have enough uncommitted stock left to borrow against for Twitter. He has enough uncommitted stock to sell to buy Twitter. But selling Tesla stock to buy a pretty heavily overvalued stock in Twitter is going to lose him a lot of money**. And Twitter is now quite overvalued (at $54.20, his price) because (1) he had to offer a premium to get people to buy and (2) the overall market and tech stocks esp dropped heavily after he signed the contract.
** unless he can unlock some value. Or, much more likely, get his fans to make it a new meme stock if he buys it, takes it private for a year or two, then IPOs it again. But even that is highly unlikely IMO.
This interview in The Atlantic explains why Twitter, who doesn't actually want Musk to buy it anymore is suing him and why their case is pretty strong and why he can't defy a court decision that goes against him.
$20 a share would be about $16.2B. (Or $14.7B if he doesn't have to pay himself, as he currently owns 9.1%(?) of Twitter.) Then it wouldn't be an all-cash settlement; he would also turn over all his Twitter stock to the company for as high a nominal rate as plausible, which would save him some money and save some face for Twitter. I think a settlement like what's described here (which would end up costing him $8B-12B in cash plus his Twitter stock (which cost him ~$3B, is now worth $2.somethingB) might well happen.
(all math in the following is very sloppy)
$20 a share would be about $16.2B. (Or $14.7B if he doesn't have to pay himself, as he currently owns 9.1%(?) of Twitter.) Then it wouldn't be an all-cash settlement; he would also turn over all his Twitter stock to the company for as high a nominal rate as plausible, which would save him some money and save some face for Twitter. I think a settlement like what's described here (which would end up costing him $8B-12B in cash plus his Twitter stock (which cost him ~$3B, is now worth $2.somethingB) might well happen.
Is there an intersection between Trump and Musk supporters? I'm curious who they choose in this stupid fight.
Judge in Twitter v. Musk made [PAST!] rare ruling: ordering a deal to close
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Judge in Twitter v. Musk once made rare ruling: ordering a deal to close
The judge overseeing Twitter Inc's $44 billion lawsuit against Elon Musk has a no-nonsense reputation as well as the distinction of being one of the few jurists who has ever ordered a reluctant buyer to close a U.S. corporate merger.
www.reuters.com
Weird headline?
mod edit: changed title
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So…. tl:dr the Judge is forcing Musk to go through with buying twitter and honour the deal?Judge in Twitter v. Musk made rare ruling: ordering a deal to close
Judge in Twitter v. Musk once made rare ruling: ordering a deal to close
The judge overseeing Twitter Inc's $44 billion lawsuit against Elon Musk has a no-nonsense reputation as well as the distinction of being one of the few jurists who has ever ordered a reluctant buyer to close a U.S. corporate merger.
Weird headline?
That what's I got from that wall of text.
Judge in Twitter v. Musk made rare ruling: ordering a deal to close
Judge in Twitter v. Musk once made rare ruling: ordering a deal to close
The judge overseeing Twitter Inc's $44 billion lawsuit against Elon Musk has a no-nonsense reputation as well as the distinction of being one of the few jurists who has ever ordered a reluctant buyer to close a U.S. corporate merger.
Weird headline?
So in past rulings she order the deal at the time to close, hope she rules diferent on twitter vs musk....that asshat owning twitter would be terrible
No. The judge has forced other reluctant buyers to go through with purchases. Which is a rare occurrence.
That headline made it seem that she already ordered Musk to honor the deal. Talk about misleading; she did that in another case. Hopefully she only forces Musk to pay billions to Twitter instead of forcing him to buy Twitter.
Although in that scenario for sure the asshat will appeal.
Although in that scenario for sure the asshat will appeal.
If you already knew it was weird and likely to cause confusion, why keep it?
White, straight, cisgender narcissistic sociopaths? Yeah, there's a little bit of intersectionality there and the venn diagrams overlap to some extent.
As it typically tends to happen with-in the sphere of xenophobic right wing cults of personality, they usually tend to eat one another when one of their idols gets into a spat with another. Self awareness isn't their strong suit and any challenge to one of them is an affront to their entire belief system and validation of their own self-worth so they tend to see these battles as existential threats towards every fiber of their existences.
No. That is the ruling she has made in previous cases.
Interesting to see if that trend holds here and she does force him to complete the purchase.
I'm curious to see what Musk fanboys are saying, but not actually curious enough to wade into those waters...
yeah when the state of the country isnt on the line and it's two assholes flinging shit at each other, perfectly entertaining
I'm sure Musk's having a great day considering the judge he pulled (and that makes my own day just a little better).
I'm still not convinced he'll actually be compelled to buy Twitter, and considering his proposed 'say-whatever-you-want-consequences-be-damned' policy, I'm not sure I'd personally want him to. Perhaps they can settle with him paying a huge fine (~50% of the original cost) without him buying the company. Make him pay and keep Trump off the platform.
I'm still not convinced he'll actually be compelled to buy Twitter, and considering his proposed 'say-whatever-you-want-consequences-be-damned' policy, I'm not sure I'd personally want him to. Perhaps they can settle with him paying a huge fine (~50% of the original cost) without him buying the company. Make him pay and keep Trump off the platform.
I don't know whether that judge will force the actual acquisition to go through, but I do like that her previously ruling also discarded the excuse of not having the financing available. Hopefully that means she won't buy any of Elon's excuses about previously secured financers backing out as being an excuse for not as large a judgment (whatever form that takes - forced acquisition or penalty, damages, etc. without an acquisition)
OP
OP
Musk (and JOe rogan, who will probably find himself in Trump's crosshairs soon) has been pretty vocal about pushing for Ron DeSantis to represent the Republican ticket in 2024. Trump's outrage likely stems from that.
In this case Trump is probably the lesser evil to DeSantis, which is so royally fucked up.
So Republican civil war coming soon? The Orange Turd controls the cult, not DeSantis. Hopefully this means the conservative vote is split when they can't decide if they should follow Musk or Donnie.
This is the only outcome I want. Whether it means he wins or loses. I don't want him anywhere near Twitter.