Twitter Says It Will Enforce $44 Billion Deal as Musk Appears to Edge Away

[babylonsister]

Ouch!

https://www.thedailybeast.com/twitter-says-it-will-enforce-dollar44-billion-deal-as-elon-musk-appears-to-edge-away?ref=home

Twitter Says It Will Enforce $44 Billion Deal as Musk Appears to Edge Away
BOTS VS. TROLL
Published May. 17, 2022 9:33PM ET

As Elon Musk has tapped the brakes on his $44 billion offer to buy Twitter, saying he’s now concerned by the number of fake accounts on the platform, the social media giant said it intends two hold him to his offer. After Musk speculated on Twitter early Tuesday that “20% fake/spam accounts, while 4 times what Twitter claims, could be ‘much’ higher,” adding that “My offer was based on Twitter’s SEC filings being accurate,” Twitter’s board said in a statement that “We intend to close the transaction and enforce the merger agreement.” The deal to purchase Twitter that the Tesla and SpaceX founder signed includes both a $1 billion breakup fee along with a “specific performance clause” allowing the social media company to sue to try and force him to see through the deal so long as his financing for it remains, The New York Times reported.

Read it at The New York Times

[Joinfortmill]

1. Rofl

[Carlitos Brigante]

2. That is just pure geni..... wait. Whut??! nt

[pbmus]

3. Financing will not remain and Elon is out 1 billion

[Takket]

5. i lost a quarter once so, I can relate to how he's feeling.

[former9thward]

8. Actually he will not be out anything.

If the deal doesn't go thru his Tesla stock will jump, more than making up for the billion.

[SoonerPride]

4. Hahahha

You can’t tender an offer and then back out.

Not at that level of business.

It isn’t like taking a car for a test drive, Elon.

[OAITW r.2.0]

6. What's a billion dollars when you already got the media exposure for your

play? That's worth a billion, right Elon?

[bucolic_frolic]

7. No other bidders so far

Says to me Musk overbid. But forcing him to buy the company? That's crazy. The company would get a CEO who doesn't want to be there and wants to recoup his losses.

[Effete Snob]

9. They're not going to force him to buy the company

They are going to squeeze every penny they can wring out of him and he STILL won’t get the company.

[chowder66]

10. This doesn't make Twitter execs look very good either.

Both sides didn't do their due diligence.

[Hassin Bin Sober]

12. The richest man in the world with $350 billion dollars made a cash offer of $44 billion.

Why does that make Twitter execs look bad? They have a clause for specific performance and a $1 billion dollar break up fee.

Now Musk will have to pay…

What else do you want?

[WarGamer]

20. But then he comes right back with an offer better reflecting it's value today.

[Hassin Bin Sober]

22. Why does that make Twitter execs look bad?

[WarGamer]

24. I didn't say it did...

Twitter execs would only look bad after "bot" stats were released.

[Hassin Bin Sober]

27. This sub-thread was about Musk's buffoonery somehow making the Twitter execs look bad.

I agree. It doesn’t.

[Haggis 4 Breakfast]

11. This is getting interesting . . .

[BootinUp]

13. Ive never shoved something down the mouth of a billionaire. nt

[BootinUp]

14. Im curious what drugs...I mean prescriptions, is Elon is on?

[littlemissmartypants]

15. I hope he's learned his lesson.

[WarGamer]

18. What lesson? He's just looking for a better price.

[littlemissmartypants]

21. Sorry I forgot to post

[WarGamer]

23. ok

I hear ya!

[Joenobody]

16. The bank is going to back out of this

They're in a deal to finance buying Twitter for about 2x what it's worth. Twitter will sue for breaking the NDA. Musk is probably closer to being right on the number of Twitter bots though. No way it's 5%

[WarGamer]

19. It's just a $1B penalty for breaking the deal then he comes back in at $44 a share and saves $6B

[WarGamer]

17. Cheaper to pay the $1B penalty and change the offer to 44.20... saving approx. 6 Billion

It's a smart move.

[Celerity]

25. If he comes back in, I somewhat doubt it will be north of 40 usd a share, he has them over a barrel.

Time will tell.

[WarGamer]

26. Indeed, he does!