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maxhitman · 13th July 2022, 01:44

Twitter sues Elon Musk to hold him to $44 billion deal

July 13, 2022
12:33 AM GMT+1
Last Updated 5 min ago

(Reuters news) - Twitter Inc (TWTR.N) sued Elon Musk on Tuesday for
violating his $44 billion deal to buy the social media platform and asked a
Delaware court to order the world's richest person to complete the merger
at the agreed $54.20 per Twitter share.

"Musk apparently believes that he - unlike every other party subject to
Delaware contract law - is free to change his mind, trash the company,
disrupt its operations, destroy stockholder value, and walk away," said
the complaint.

The lawsuit sets in motion what promises to be one of the biggest legal
showdowns in Wall Street history, involving one of the business world's
most colorful entrepreneurs in a case that will turn on staid contract
language.

On Friday, Musk said he was terminating the deal because Twitter violated the
agreement by failing to respond to requests for information regarding fake or
spam accounts on the platform, which is fundamental to its business
performance.

Musk, who is the chief executive officer of electric vehicle maker Tesla Inc ,
did not immediately respond to a request for comment.

The lawsuit accused Musk of "a long list" of violations of the merger agreement
that "have cast a pall over Twitter and its business." It said for the first time
that employee attrition has been "on the upswing" since the deal was announced.

Twitter also accused Musk of "secretly" accumulating shares in the company
between January and March without properly disclosing his substantial purchases
to regulators, and said he "instead kept amassing Twitter stock with the market
none the wiser."

Code:

http://reuters.com/technology/twitter-sues-elon-musk-hold-him-44-bln-merger-2022-07-12/

alexora · 13th July 2022, 10:50

Quote:

Originally Posted by maxhitman

Twitter sues Elon Musk to hold him to $44 billion deal

July 13, 2022

Twitter Inc (TWTR.N) sued Elon Musk on Tuesday for violating his $44 billion deal to buy the social media platform and asked a Delaware court to order the world's richest person to complete the merger at the agreed $54.20 per Twitter share.

[...]

Musk said he was terminating the deal because Twitter violated the agreement by failing to respond to requests for information regarding fake or spam accounts on the platform, which is fundamental to its business performance.

Seems to me that they are both right, and also both wrong.

BooBootheBear · 13th July 2022, 11:20

Seems to me Elon Musk generated an awful lot of publicity for himself at almost no cost.

Does anyone really think he seriously intended to pay $44Billion for an internet forum that couldn't turn a buck if the fate of the world depended on it?

alexora · 13th July 2022, 15:27

Quote:

Originally Posted by BooBootheBear

Seems to me Elon Musk generated an awful lot of publicity for himself at almost no cost.

Does anyone really think he seriously intended to pay $44Billion for an internet forum that couldn't turn a buck if the fate of the world depended on it?

Musk needs no personal publicity: he is not a product, nor is he an artist, politician, etc..

His Tesla cars, and the SpaceX rocket, however, do.

But he has already taken care of that by putting one in space on a Mars voyage.

You Tube

Jaleso54 · 14th July 2022, 01:17

Every one of these vehicles required the driver to be paying attention and to be in control. Thus it’s the driver who should be investigated not the vehicle. The car did nothing that the driver didn’t allow it to

alexora · 14th July 2022, 02:34

Some people just have an inborn hatred of Tesla vehicles that leads them to commit crime...

You Tube

You Tube

BooBootheBear · 14th July 2022, 03:11

lol

Tesla and SpaceX are companies built on smoke and mirrors, The only thing Musk did that really worked was Paypal. To buy Twitter for $44Billion He'd have had to liquidate everything he owned. He couldn't possibly have raised that kind of dough on the money markets and he doesn't have wealth sitting in a bank. It's all on paper. The stock value of companies that like Twitter are still trying to make money.

That's why he needs publicity. Musk makes a big noise and the stock price of his companies goes up. When the stock value goes up so does the amount he can raise through corporate borrowing. If he should become anonymous or irrelevant the stock value would sink like a rock and so would his own net worth.

When he announced he was going to buy Twitter Tesla stock when up faster than one of his rockets. When he announced he was pulling out because they were telling porkies about bot accounts his stock price stayed up and Twitter's fell.

Smoke and mirrors. The whole thing was a publicity stunt that he won.

alexora · 14th July 2022, 04:40

Quote:

Originally Posted by BooBootheBear

lol

Tesla and SpaceX are companies built on smoke and mirrors

SpaceX's achievements include the first privately funded liquid-propellant rocket to reach orbit around Earth, the first private company to successfully launch, orbit, and recover a spacecraft, the first private company to send a spacecraft to the International Space Station, the first vertical take-off and vertical propulsive landing for an orbital rocket booster, first reuse of such booster, and the first private company to send astronauts to orbit and to the International Space Station.

SpaceX has flown and landed the Falcon 9 series of rockets over one hundred times.

Tesla designs and manufactures electric vehicles (electric cars and trucks), battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services.

Tesla is one of the world's most valuable companies and remains the world's most valuable automaker with a market capitalization of more than US$760 billion.

The company had the most worldwide sales of battery electric vehicles and plug-in electric vehicles, capturing 23% of the battery-electric (purely electric) market and 16% of the plug-in market (which includes plug-in hybrids) in 2020.

I don't see 'smoke and mirrors' here: these companies have made great achievements that are no bullshit...

BooBootheBear · 14th July 2022, 06:41

Both are massively in debt and being left behind by other companies in the same field, and neither has yet turned any kind of profit. That's a bit of a problem with a commercial venture. Tesla especially is being left for dead by major car giants, and startups like Fisker, Aptera, Mullen, XPeng and the Ford/Amazon backed Rivian. Tesla still haven't met many of their production targets and the technology is fraught with issues.
It's also worth mentioning that Tesla actually don't make batteries. All their batteries are manufactured by Panasonic. As far as commercial industrial and societal storage goes, the best in the world again are not Tesla. That would be CATL. Then LG. Then Panasonic. Then BYD. For independent car batteries the most respected independent is EVE. The biggest commercial mass storage for wind and solar farm renewables is General Electric. Tesla barely rates a mention.

The valuations you chucked up are stock market price that I mentioned at length before. Stock market valuation has nothing to do with actual assets or money in the bank and to coin a phrase the value of those stocks and shares can go down as well as up.

SpaceX was a dead end sinking fast until they essentially became the commercial wing of NASA and that only happened because the US space agency wanted a viable American public private partnership solution to get them out of their reliance on Russia and BEzos wasn't seen as an option. All the problems with their technology were solved by NASA engineers and paid for by huge loans secured on the contract with NASA and the long term gamble on SpaceX as a satelite payload ferry.

The Twitter bid was a stunt he had no intention of following through on. No contracts were signed. Twitter didn't even have a letter of intent from Musk. It was all talk abaout a company valued at $40billion that has never made a penny of profit and has no assets.
Musk made a big deal about buying it because he just wants the world to talk about him so he can trade on the rep. Share price in Tesla etc rose as a result. The bot account issue was a ruse. Everyone on twitter knows about buying bot account followers. And two weeks into his bid it suddenly becomes a revelation to him?

Gimme a break. Whether it just occurred to him or it was his plan alll along, he played the bot account card to get himself out of the deal.

But if you wanted an example of how and why Elon Musk thrives on publicity, you just wrote out his companies' press blurb. With a straight face and a heart singing with the righteous reverence of someone with koolade on tap you just listed paragraph bullet points that could have been lifted from an investment prospectus.

Let us bow our heads in prayer.

My rosy cheeked ass.

Musk lost any respect I might have had for him the day he lit a cigar with a hundred dollar bill on live TV not so long ago. That money would have fed a family of four for a week.Someone constantly banging on about saving the planet should be clever enough to see that. And someone who claims to be immersed in a common man social media platform should have good enough comprehension to know that.

He's not brash or clever. He's an ego driven self involved cunt who really wants to live out his fantasy of being a Bond villain.

Australoid · 26th July 2022, 21:07

If he actually fucked the wife of that Google guy he's in some deep shit. Google does manipulate the search results of people/entities it doesn't like - in a really petty fashion - to screw them. This guy's firm essentially controls the global flow of information. He's also pretty well connected I'm sure among Silicon Valley, fundraiser, media, and Democratic party circles. Not to mention Google has an autonomous driving business and they could decide to give that shit away for free for 10 years to GM/Toyota/whoever wants it to route Tesla.

13th July 2022, 01:44	#101
maxhitman V.I.P. Clinically Insane Join Date: Apr 2017 Location: Gilligan's Island Posts: 4,795 Thanks: 15,129 Thanked 21,936 Times in 4,460 Posts	Twitter sues Elon Musk to hold him to $44 billion deal July 13, 2022 12:33 AM GMT+1 Last Updated 5 min ago (Reuters news) - Twitter Inc (TWTR.N) sued Elon Musk on Tuesday for violating his $44 billion deal to buy the social media platform and asked a Delaware court to order the world's richest person to complete the merger at the agreed $54.20 per Twitter share. "Musk apparently believes that he - unlike every other party subject to Delaware contract law - is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away," said the complaint. The lawsuit sets in motion what promises to be one of the biggest legal showdowns in Wall Street history, involving one of the business world's most colorful entrepreneurs in a case that will turn on staid contract language. On Friday, Musk said he was terminating the deal because Twitter violated the agreement by failing to respond to requests for information regarding fake or spam accounts on the platform, which is fundamental to its business performance. Musk, who is the chief executive officer of electric vehicle maker Tesla Inc , did not immediately respond to a request for comment. The lawsuit accused Musk of "a long list" of violations of the merger agreement that "have cast a pall over Twitter and its business." It said for the first time that employee attrition has been "on the upswing" since the deal was announced. Twitter also accused Musk of "secretly" accumulating shares in the company between January and March without properly disclosing his substantial purchases to regulators, and said he "instead kept amassing Twitter stock with the market none the wiser." Code: http://reuters.com/technology/twitter-sues-elon-musk-hold-him-44-bln-merger-2022-07-12/ __________________

13th July 2022, 11:20	#103
BooBootheBear Registered User Addicted Join Date: Feb 2013 Location: Yellowstone Posts: 536 Thanks: 634 Thanked 1,296 Times in 470 Posts	Seems to me Elon Musk generated an awful lot of publicity for himself at almost no cost. Does anyone really think he seriously intended to pay $44Billion for an internet forum that couldn't turn a buck if the fate of the world depended on it? __________________ If it walks like a duck and quacks like a duck, denying the existence of ducks doesn't remove them from anyone's reality but your own. Last edited by BooBootheBear; 13th July 2022 at 11:50.

14th July 2022, 03:11	#107
BooBootheBear Registered User Addicted Join Date: Feb 2013 Location: Yellowstone Posts: 536 Thanks: 634 Thanked 1,296 Times in 470 Posts	lol Tesla and SpaceX are companies built on smoke and mirrors, The only thing Musk did that really worked was Paypal. To buy Twitter for $44Billion He'd have had to liquidate everything he owned. He couldn't possibly have raised that kind of dough on the money markets and he doesn't have wealth sitting in a bank. It's all on paper. The stock value of companies that like Twitter are still trying to make money. That's why he needs publicity. Musk makes a big noise and the stock price of his companies goes up. When the stock value goes up so does the amount he can raise through corporate borrowing. If he should become anonymous or irrelevant the stock value would sink like a rock and so would his own net worth. When he announced he was going to buy Twitter Tesla stock when up faster than one of his rockets. When he announced he was pulling out because they were telling porkies about bot accounts his stock price stayed up and Twitter's fell. Smoke and mirrors. The whole thing was a publicity stunt that he won. __________________ If it walks like a duck and quacks like a duck, denying the existence of ducks doesn't remove them from anyone's reality but your own.

14th July 2022, 06:41	#109
BooBootheBear Registered User Addicted Join Date: Feb 2013 Location: Yellowstone Posts: 536 Thanks: 634 Thanked 1,296 Times in 470 Posts	Both are massively in debt and being left behind by other companies in the same field, and neither has yet turned any kind of profit. That's a bit of a problem with a commercial venture. Tesla especially is being left for dead by major car giants, and startups like Fisker, Aptera, Mullen, XPeng and the Ford/Amazon backed Rivian. Tesla still haven't met many of their production targets and the technology is fraught with issues. It's also worth mentioning that Tesla actually don't make batteries. All their batteries are manufactured by Panasonic. As far as commercial industrial and societal storage goes, the best in the world again are not Tesla. That would be CATL. Then LG. Then Panasonic. Then BYD. For independent car batteries the most respected independent is EVE. The biggest commercial mass storage for wind and solar farm renewables is General Electric. Tesla barely rates a mention. The valuations you chucked up are stock market price that I mentioned at length before. Stock market valuation has nothing to do with actual assets or money in the bank and to coin a phrase the value of those stocks and shares can go down as well as up. SpaceX was a dead end sinking fast until they essentially became the commercial wing of NASA and that only happened because the US space agency wanted a viable American public private partnership solution to get them out of their reliance on Russia and BEzos wasn't seen as an option. All the problems with their technology were solved by NASA engineers and paid for by huge loans secured on the contract with NASA and the long term gamble on SpaceX as a satelite payload ferry. The Twitter bid was a stunt he had no intention of following through on. No contracts were signed. Twitter didn't even have a letter of intent from Musk. It was all talk abaout a company valued at $40billion that has never made a penny of profit and has no assets. Musk made a big deal about buying it because he just wants the world to talk about him so he can trade on the rep. Share price in Tesla etc rose as a result. The bot account issue was a ruse. Everyone on twitter knows about buying bot account followers. And two weeks into his bid it suddenly becomes a revelation to him? Gimme a break. Whether it just occurred to him or it was his plan alll along, he played the bot account card to get himself out of the deal. But if you wanted an example of how and why Elon Musk thrives on publicity, you just wrote out his companies' press blurb. With a straight face and a heart singing with the righteous reverence of someone with koolade on tap you just listed paragraph bullet points that could have been lifted from an investment prospectus. Let us bow our heads in prayer. My rosy cheeked ass. Musk lost any respect I might have had for him the day he lit a cigar with a hundred dollar bill on live TV not so long ago. That money would have fed a family of four for a week.Someone constantly banging on about saving the planet should be clever enough to see that. And someone who claims to be immersed in a common man social media platform should have good enough comprehension to know that. He's not brash or clever. He's an ego driven self involved cunt who really wants to live out his fantasy of being a Bond villain. __________________ If it walks like a duck and quacks like a duck, denying the existence of ducks doesn't remove them from anyone's reality but your own. Last edited by BooBootheBear; 14th July 2022 at 17:11. Reason: Adding info

14th July 2022, 01:17	#105
Jaleso54 Junior Member Novice Join Date: Apr 2021 Location: München, Deutschland Posts: 66 Thanks: 6 Thanked 111 Times in 38 Posts	Every one of these vehicles required the driver to be paying attention and to be in control. Thus it’s the driver who should be investigated not the vehicle. The car did nothing that the driver didn’t allow it to

26th July 2022, 21:07	#110
Australoid Junior Member Virgin Join Date: Apr 2022 Posts: 7 Thanks: 0 Thanked 17 Times in 6 Posts	If he actually fucked the wife of that Google guy he's in some deep shit. Google does manipulate the search results of people/entities it doesn't like - in a really petty fashion - to screw them. This guy's firm essentially controls the global flow of information. He's also pretty well connected I'm sure among Silicon Valley, fundraiser, media, and Democratic party circles. Not to mention Google has an autonomous driving business and they could decide to give that shit away for free for 10 years to GM/Toyota/whoever wants it to route Tesla.