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>Honestly I think it's comical that people are complaining that he's not paying up for twitter when valuations went off a cliff and twitter hasn't divulged bot

>Honestly I think it's comical that people are complaining that he's not paying up for twitter when valuations went off a cliff and twitter hasn't divulged bot data We aren't complaining, we're mostly confused how the world's smartest man would make a bid on a product not based on actual valuation, but instead on the inflated current public market price. He's free to back out of the deal, but some people aren't falling for the victimization. His bid was a mistake, and he should own it. >twitter hasn't divulged bot data Once again, this should have been part of a due diligence process that the Musk team deemed unnecessary.

boringg 4y ago
He is not the worlds smartest person - maybe the worlds most ambitious person. And I'm not necessarily saying HN complaining - I'm referring to the general public narrative
espadrine 4y ago
> this should have been part of a due diligence process that the Musk team deemed unnecessary Separately from intent (where I agree with you), legally, Twitter was required to provide “properties, books and records [and] information concerning the business, properties and personnel” per section 6.4[0], which is cited in today’s letter[1]. (The fact that it is not a due diligence, IIUC, means that this information should not change the decision to make the purchase; but if Twitter was found to violate the merger agreement, Musk could walk out on it anyway.) It will all hinge in litigation on whether Twitter can argue that Musk’ demands were not “reasonable business purpose related to the consummation of the transactions” or would “cause significant competitive harm to the Company”. In my mind, it is easy to argue that Musk did violate section 6.4 by making his request public, impacting the stock, which is not a “reasonable best effort to minimize any disruption to the respective business”. [0]: https://www.sec.gov/Archives/edgar/data/1418091/000119312522120474/d310843ddefa14a.htm https://www.sec.gov/Archives/edgar/data/1418091/000119312522... [1]: https://www.sec.gov/Archives/edgar/data/0001418091/000110465922068347/tm2217761d1_ex99-o.htm https://www.sec.gov/Archives/edgar/data/0001418091/000110465...

boringg 4y ago

He is not the worlds smartest person - maybe the worlds most ambitious person. And I'm not necessarily saying HN complaining - I'm referring to the general public narrative

espadrine 4y ago

> this should have been part of a due diligence process that the Musk team deemed unnecessary Separately from intent (where I agree with you), legally, Twitter was required to provide “properties, books and records [and] information concerning the business, properties and personnel” per section 6.4[0], which is cited in today’s letter[1]. (The fact that it is not a due diligence, IIUC, means that this information should not change the decision to make the purchase; but if Twitter was found to violate the merger agreement, Musk could walk out on it anyway.) It will all hinge in litigation on whether Twitter can argue that Musk’ demands were not “reasonable business purpose related to the consummation of the transactions” or would “cause significant competitive harm to the Company”. In my mind, it is easy to argue that Musk did violate section 6.4 by making his request public, impacting the stock, which is not a “reasonable best effort to minimize any disruption to the respective business”. [0]: https://www.sec.gov/Archives/edgar/data/1418091/000119312522120474/d310843ddefa14a.htm https://www.sec.gov/Archives/edgar/data/1418091/000119312522... [1]: https://www.sec.gov/Archives/edgar/data/0001418091/000110465922068347/tm2217761d1_ex99-o.htm https://www.sec.gov/Archives/edgar/data/0001418091/000110465...