6 ms·

Matt Levine has covered this extensively; the 5% figure has been in twitter's SEC filings for a long time now, and the deal he signed doesn't give him room to w

by d3nj4l 4y ago

Matt Levine has covered this extensively; the 5% figure has been in twitter's SEC filings for a long time now, and the deal he signed doesn't give him room to wiggle out of this with this excuse anyway. But it's Elon. What, is twitter going to sue him? No way they do that, their stock will crater even more! I give it a couple weeks before the deal is through and everybody forgets about it.

matthewdgreen 4y ago
Twitter should just suspend his account for 120 days.
- d3nj4l 4y ago
  AIUI they can't do that under the terms of the deal. So unless the deal is well and truly done, they can't stop him from tweeting. E: Given I can't find sources on this right now (gosh, Google really has gone to the shitter; I can't find the SEC filing for the final deal despite several tortured queries) I'll say, take this with a pinch of salt. If I find a source I'll post it. E2: I finally found it: the same non-disparagement clause allows for Elon to tweet whatever he wants about the deal. Section 6.8 in https://www.sec.gov/Archives/edgar/data/1418091/000119312522120474/d310843ddefa14a.htm https://www.sec.gov/Archives/edgar/data/1418091/000119312522...
  - matthewdgreen 4y ago
    After the deal officially falls through, because it's obvious that it's about to.
  - Traster 4y ago
    >Notwithstanding the foregoing, the Equity Investor shall be permitted to issue Tweets about the Merger or the transactions contemplated hereby so long as such Tweets do not disparage the Company or any of its Representatives. Seems like "do not disparage the Company" might be at risk with: >20% fake/spam accounts, while 4 times what Twitter claims, could be much higher. >My offer was based on Twitter’s SEC filings being accurate. >Yesterday, Twitter’s CEO publicly refused to show proof of <5%. >This deal cannot move forward until he does.
    - d3nj4l 4y ago
      Yeah, but it's very unlikely that twitter can truly win any legal battle here, since it will be at the very best a pyrrhic victory. If they wanted to, they could've sued at any of the times he sicc'd his fans at their employees or the board, but they're not doing that because you simply can't win against Elon!
      - Bubble_Pop_22 4y ago
        > but they're not doing that because you simply can't win against Elon! Maybe in a bull market. During bull markets people were singing the praise of Enron CEO too, not to mention Lehman Brothers CEO. A bear market changes the perception and a techno-utopian cult leader can very rapidly become a security fraudster.
- deleted 4y ago
  [deleted]

by d3nj4l 4y ago

matthewdgreen 4y ago

Twitter should just suspend his account for 120 days.

d3nj4l 4y ago
AIUI they can't do that under the terms of the deal. So unless the deal is well and truly done, they can't stop him from tweeting. E: Given I can't find sources on this right now (gosh, Google really has gone to the shitter; I can't find the SEC filing for the final deal despite several tortured queries) I'll say, take this with a pinch of salt. If I find a source I'll post it. E2: I finally found it: the same non-disparagement clause allows for Elon to tweet whatever he wants about the deal. Section 6.8 in https://www.sec.gov/Archives/edgar/data/1418091/000119312522120474/d310843ddefa14a.htm https://www.sec.gov/Archives/edgar/data/1418091/000119312522...
- matthewdgreen 4y ago
  After the deal officially falls through, because it's obvious that it's about to.
- Traster 4y ago
  >Notwithstanding the foregoing, the Equity Investor shall be permitted to issue Tweets about the Merger or the transactions contemplated hereby so long as such Tweets do not disparage the Company or any of its Representatives. Seems like "do not disparage the Company" might be at risk with: >20% fake/spam accounts, while 4 times what Twitter claims, could be much higher. >My offer was based on Twitter’s SEC filings being accurate. >Yesterday, Twitter’s CEO publicly refused to show proof of <5%. >This deal cannot move forward until he does.
  - d3nj4l 4y ago
    Yeah, but it's very unlikely that twitter can truly win any legal battle here, since it will be at the very best a pyrrhic victory. If they wanted to, they could've sued at any of the times he sicc'd his fans at their employees or the board, but they're not doing that because you simply can't win against Elon!
    - Bubble_Pop_22 4y ago
      > but they're not doing that because you simply can't win against Elon! Maybe in a bull market. During bull markets people were singing the praise of Enron CEO too, not to mention Lehman Brothers CEO. A bear market changes the perception and a techno-utopian cult leader can very rapidly become a security fraudster.
deleted 4y ago
[deleted]