Originally published at: Elon Musk says he's willing to buy Twitter again | Boing Boing
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I just don’t get why Twitter even agreed to the sale in the first place. I can’t imagine a scenario where the outcome will benefit the platform, but i suppose that’s not the point. It’s about getting paid.
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It’s tr0lling with stakes in the 10s of billions of dollars, but it’s still tr0lling.
He was (supposedly) offering to pay a significant premium above each share’s price at the time. As you note, it wasn’t about benefiting the platform (and certainly not about benefiting employees or users) but about making a quick-buck cash-out.
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Twitter stock (which had been trading in the low $40s earlier today) has suddenly halted trading, so if you were hoping to make a quick buck (at Elon’s expense), you probably missed your window.
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Ding Ding Ding!
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I don’t particularly love or even use Twitter so i shouldn’t care, but i can’t see how Elon can make Twitter any better. Perhaps now is the best time for Twitter alternatives to really shine
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Considering the number of times he implied that he’d rescind the platform’s ban on von Clownstick once he bought it, he was actively planning to make it worse.
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Yeah. He’s pulling a Trump by delaying.
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Buying Twitter is the kind of thing only an alcoholic could think up while deep in their cups.
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I’m sure Twitter’s value will bounce back, someday.
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Twitter’s board does have a fiduciary duty to do what’s best for shareholders. If a naive billionaire comes along and offers to buy your company at a price well above what your stock is actually worth, then you need a very good reason to turn him down, something rather better than “Honestly, the guy is kind of an asshat, and if he takes over it’s gonna be a trainwreck as far as the platform’s concerned.” Failing to say ‘yes’ to a good offer can expose you to endless shareholder lawsuits, which sucks up both time and money.
So, yeah, it’s about the money – but not just in the sense of “Twitter’s board wanted to make a quick buck.”
I suspect that Musk’s strategy for getting out of the deal will also be money-related. His acquisition is probably contingent on him being able to raise the money, which means that his big lenders have to come across. It would be quite easy for one of them to say “You know, we’ve been watching Musk, and frankly, he’s kind of an asshat, and we don’t think this is going to go well, so we’re withholding financing.” Musk then goes “Ooops, sorry, couldn’t get the scratch together, guess the deal’s off” and walks away whistling.
Things are more complicated than that, of course. The terms of Musk’s contract require him to make a good faith effort to raise the required funding, so he can’t just go to his investors and go “Maybe you should just deny me a loan, mmmkay?” And the investors have also signed a contract saying that they will invest so much in his deal, so they can’t simply refuse to deliver without a good reason. But they will also have get-out clauses in their contracts, so what Musk is probably hoping is that they’ll invoke those clauses based on some contingency that doesn’t put him at fault. If Mark is right that he’s saying ‘Yes’ while secretly planning to sink the deal, that probably means he thinks he’s found the loophole he needs.
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At this point, can they say "Too late.’ and continue with the lawsuit? If they win, they get free money AND keep the company.
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The day I never have to hear anything more from or about Elon will be a truly excellent day. I really wish he’d just fuck off… So sick of his “cool” “genius” shtick.
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I’m not sure what the game is, he already bought it. Now he has to cut the check for it either on his own or - I suspect - by order of the judge sometime in the the next couple of weeks.
And, if Musk can’t come up with the money, there are a couple of other properties Musk is involved with incorporated in Delaware that the judge can perhaps liquidate.
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Wait for tomorrow because Musk.
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This is kind of my thought. We don’t have firm details on this new offer besides the same price per share. He could have other elements, like due diligence etc, which Twitter has no real reason to accept.
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The people that own companies like Twitter don’t care about benefiting the platform. It’s why there have been no substantial improvements in the service for a decade. It’s a tactical financial move to own it, nothing more. Musk’s offer is what every tech bro is waiting for.
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I’m glad that i’m not emotionally invested in whatever happens to Twitter. The whole thing is stupid.
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Musk is wagering on the deal financing falling apart, with the corporate bond and leveraged buyout markets being a mess these days. That was basically the only “out” that was in the merger agreement IIRC - a financing contingency. He’s betting that the bankers won’t be able to find enough buyers for the new debt, and he’ll be able to walk away. He still isn’t buying Twitter unless the courts force him to.
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