https://www.teslarati.com/twitter-refuses-elon-musks-renewed-bid
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I can't even follow wtf is going on with this anymore.
So the Twitter board refused because Musk wanted to close by Oct 28 but the Twitter board wants to close by Oct 10? Surely going to an actual trial will drag it out beyond that anyways.
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Elon's "new" deal is the same deal as before but contingent on Twitter dropping the lawsuit. But the lawsuit is about Elon pulling out of the deal improperly before, so Twitter doesn't have a lot of faith that he'll stick to it this time. Twitter would rather go through the courts and get an order requiring Elon to go through with the deal than take his word again, and the fact that he's offering this deal means that his team doesn't like his chances at trial. What will likely actually happen is Elon will move forwards with the deal to some more advanced stage, like putting the money in escrow or something, then the lawsuit will be dropped when Twitter is sure that he really can't pull out again.
Also note that it doesn't matter to Twitter how much money they spend on legal fees since when it's all over Elon will own twitter and be responsible for those anyways.
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I didn’t know Twitter was suing musk for pulling out. Wouldn’t it have been decided in favor of musk or even thrown out because Twitter lied about their worth and obstructed him numerous times from completing the deal?
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No lol if you sign a contract to acquire a Delaware company - unless it’s absolutely fricked to the point of having a material adverse effect on the value - the Delaware courts will make you buy it. The material adverse effect clause has only ever been relevant in one case ever. Also, Twitter never lied about bots. Even if their methodology is dogshit and found 5% of users were bots when it was actually 8% or whatever, they still didn’t lie on their SEC reports about the bots (the claim isn’t ‘x% of our users are bots’, it’s ‘according to our methodology x% of our users are bots’). Musk’s lawyers were grasping at straws and it showed in the filings.
Obviously if bots were actually like >50% of MAU in actuality, MAE would probably be an easier claim to make. But a discrepancy of a few % isn’t a big deal in Delaware court eyes.
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Praying for this outcome
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Actually, it's probably going to go the other way. Twitter was playing a bit fast and loose with the bot calculations, but they gave Musk all the raw data (including the "fire hose", a stream of every single tweet as it's posted in real time) to analyze. It was then Musk's job to analyze it differently if he wanted to. But by the time he got around to doing that he'd already signed the papers, including signing away his right to do any further due diligence (normally if you want to do more analysis you would postpone signing this, but the whole deal was fast-tracked and apparently Musk was OK with this).
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