5 ms·
It's not just that TSLA drop. If Twitter had gone through the current tech market drop, without Musk hanging over it, it could easily be down 60-70%, maybe eve
by cloutchaser 4y ago
It's not just that TSLA drop.
If Twitter had gone through the current tech market drop, without Musk hanging over it, it could easily be down 60-70%, maybe even 80%.
Twitter is a terrible business on paper with the current board. It wouldn't have done well in this tech crash.
Musk must be pretty annoyed that if he had waiting about 30 days he could have gotten twitter for 60% less money.
- jacquesm 4y agoRegret was never a valid reason for annulment of a contract.
- ant6n 4y agoIt is when buying stuff on Amazon…
- jacquesm 4y agoNo, even then: You are still operating within the parameters of your contract with Amazon when you return something, the contract is not annulled, it is merely another clause in the same contract that gets triggered. Consumer law gives you certain protection varying from place to place because it is impossible to verify what you buy online, but a bid on the stock of a public company is not an Amazon purchase and hence does not have the same kind of protections. And in a way that is Elon's play: to claim that he put that bid in with important information being withheld by the company that would have had a material effect on the bid price. A reasonable person might take the position that Elon should have done his due diligence before making that bid.
- hef19898 4y agoI always love when these stunts are hitting reality, be that legal, regulation or physics. Because it always fun to watch them crumble. It just doesn't happen often enough, ignorance and endless (VC) money go a long in ignoring those limits without consequences.
- jacquesm 4y agoYes, that's a very good point. I once saw my little kingdom threatened by a funded start-up, fortunately they were really out of control and they didn't last long enough but in that time they burned through 30 million worth of funding and for a while it looked like we might lose the battle before they ran out of funding.
- hef19898 4y agoSituations like this are my main beef with VC funding, we reached a point where it is not the most innovative or the best idea / solution / business wins but the one that can burn through the most money. WeWork failed at that, and even the slightest increase in intrest rates might doom thosr businesses. We will see so. Good that you survived so, facing of against 30 million in funding isn't easy, regardless of how stupid that money is.
- jacquesm 4y agoNo, it definitely wasn't easy. What really helped is that we always remained financially very responsible during the whole run of that business, matching expenses to income with some room to build up a nest egg just in case. We weathered 3 major downturns including the .com bust which is one of the things I'm pretty proud of.
- hef19898 4y agoIt definitly is something to be proud of. Shows that business success is a marathon.
- ant6n 4y agoSo to sum up, regret is sometimes a valid reason for annulment of a contract.
- skohan 4y agoNo, regret is a valid reason to withdraw from a contract if that option is stipulated in the contract. It's an execution of the contractual terms, not an annulment of the contract.
- ant6n 4y agoThere are many places where the right to undo online purchasing contracts is not baked into the purchasing contracts, but based on the law of the land (e.g. Germany). U get the item, decide u don’t like, and undo the contract.
- jacquesm 4y agoNo.
- matkoniecz 4y agoYes, but it is not applicable in case of contract to buy Twitter that Musk entered into.