Current Events > Elon calls it quits on Twitter merger.

(+) Yeah! (+)

Musk, Trump and Crypto folk all operate on an "experts are wrong" communal Dunning-Kruger system where they literally can never be wrong, under any circumstances.

dotsdfe posted...

What I've learned in all of this is that Elon Musk fans are mental gymnastics all-stars.

Musk is going to buy Twitter? He's doing it! He's saving free speech! He'll own those libs for sure!
Musk might not buy Twitter? He did it! He owned Twitter! Their stocks are worthless now! Take that, Twitter!
Musk might get forced into buying Twitter? It's all part of his master plan! He's three steps ahead! Musk is a genius!

They seem to think that anything that he does is some grand, calculated scheme instead of him just being some overgrown child with way too much money who just loves attention.

https://gamefaqs.gamespot.com/a/user_image/8/8/2/AAHe5VAADORS.jpg

twitter heads said they were taking Musk to court over backing out

odds they win?

The only 4D Chess plan I can think of for Musk is that he might be trying to delay the purchase for as long as possible in hopes that Tesla stock will go up.

How Musk managed to convince the rednecks he was some type of "genius" always amuses me.

HovaRex posted...

How Musk managed to convince the rednecks he was some type of "genius" always amuses me.

Same reason Trump did - people who never admit they're wrong speak to these folk. Political extremism hinges on strong, unwavering opinions. Strong, unwavering opinions are the realm of the people who are ignorant. The more you actually know, the less strong your views become.

NonDairyMiltank posted...

twitter heads said they were taking Musk to court over backing out

odds they win?

100%

I'm a pretty cynical girl when it comes to "rich people don't have to follow the rules" world, but in this case Elon Musk screwed up so completely, I legitimately can't see any way he gets out of this unscathed.

DarkRoast posted...

I'm a pretty cynical girl when it comes to "rich people don't have to follow the rules" world, but in this case Elon Musk screwed up so completely, I legitimately can't see any way he gets out of this unscathed.

He's the grifting equivalent of Icarus. This time he's flown to close to the sun and will have to pay for it.

ScazarMeltex posted...

He's the grifting equivalent of Icarus. This time he's flown to close to the sun and will have to pay for it.

A lot of people are saying this, but like Trump, I feel like Musk will somehow continue to weasel his way out of any possible negative situation. Its just something these billionaire con men do, all the friggin time.

Dont get me wrong, I would love to see either of them eventually get their comeuppance, but I aint holding my breath for it.

Krojen posted...

The deal was structured around loans against Tesla shares because he didn't want to sell them for many reasons.

He has over 10B in cash now. Just one of many options would be selling some of his SpaceX equity which would easily cover the rest.

The deal was structured on outside financing to support his purchase. Since the drop of the price market, that outside financing has disappeared leaving Musk responsible for most (or all) of the financing.

And for those still claiming that Twitter 'lied' about their bits, Twitter even admitted that their 5% number is not accurate. In order for Musk to claim that they were intentionally lying, they'd need that percentage to be so far off that wouldn't be explained by statistical analysis but directly lying about it.

And the really sad part is that even if they were able to prove that, which would be next to impossible anyway, it's still almost certainly wouldn't nullify the contract since such knowledge wasn't a provision for signing the contract anyway.

DarkRoast posted...

And the really sad part is that even if they were able to prove that, which would be next to impossible anyway, it's still almost certainly wouldn't nullify the contract since such knowledge wasn't a provision for signing the contract anyway.

I actually do think you can get out of a contract if there's that level of negligence, but I'm not a lawyer so don't fill trust me. If you agreed to buy a product but found that the seller egregiously lies about what you were buying you could potentially back out of the deal.

pistachio12 posted...

I actually do think you can get out of a contract if there's that level of negligence, but I'm not a lawyer so don't fill trust me. If you agreed to buy a product but found that the seller egregiously lies about what you were buying you could potentially back out of the deal.

Yes, but but in this particular case the seller didn't approach him and make claims. And that's what makes this extra ridiculous - Twitter made numerous attempts to not sell the company to him, but ultimately failed when enough stockholders voted in favor of the sale. Twitter didn't have to make any promises because Musk pretty much dominated the entire process.

It's kind of like knocking on someone's door, saying you want to buy their house, initially they say no but then you offer double the value of the house so they say yes, then you later say it's unfair that you didn't mention the ugly vinyl floor.

Twitter, ironically, has a far, far stronger argument that it was misled into this agreement than Musk does.

DarkRoast posted...

Yes, but but in this particular case the seller didn't approach him and make claims. And that's what makes this extra ridiculous - Twitter made numerous attempts to not sell the company to him, but ultimately failed when enough stockholders voted in favor of the sale. Twitter didn't have to make any promises because Musk pretty much dominated the entire process.

It's kind of like knocking on someone's door, saying you want to buy their house, initially they say no but then you offer double the value of the house so they say yes, then you later say it's unfair that you didn't mention the ugly vinyl floor.

Twitter, ironically, has a far, far stronger argument that it was misled into this agreement than Musk does.

Oh I 100% agree. I'm just trying to even show the Musk fanbois why their fantasy won't be a reality, but you're really doing it from the other angle too.

pistachio12 posted...

The deal was structured on outside financing to support his purchase.

Yes. Those were the loans. Rich people do this because it's tax efficient and liquid. It isn't because rich people are secretly poor.

pistachio12 posted...

Since the drop of the price market, that outside financing has disappeared leaving Musk responsible for most (or all) of the financing.

No, Tesla stock had to drop to $500 for his margin call. The stock is at $770. So even the original outside financing is still intact and was never under much threat. But again, he could buy Twitter on his own without using a cent of his Tesla wealth or any loans.

It's ridiculous how rich clowns like Musk/Bezos/Gates,etc have gotten so I understand it will never sink in no matter how many times I say it.

https://www.youtube.com/watch?v=eD4TLmNyGYA&ab_channel=BrianSimerl

pistachio12 posted...

The deal was structured on outside financing to support his purchase. Since the drop of the price market, that outside financing has disappeared leaving Musk responsible for most (or all) of the financing.

And for those still claiming that Twitter 'lied' about their bits, Twitter even admitted that their 5% number is not accurate. In order for Musk to claim that they were intentionally lying, they'd need that percentage to be so far off that wouldn't be explained by statistical analysis but directly lying about it.

Didn't he waive due diligence as well?

OzoneNeon posted...

Damn, I wanted to see Twitter go down in flames. Social media is cancer

Fucking dumb thing to say while posting on social media.

Heineken14 posted...

Didn't he waive due diligence as well?

Technically you waive due diligence when you sign a binding contract unless you explicitly specify conditions that nullify the contract.

there's a topic on this already but

https://twitter.com/elonmusk/status/1546344529460174849