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.
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/1418091/000119312522...
[1]: https://www.sec.gov/Archives/edgar/data/0001418091/000110465...
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 (when CLEARLY that's what he was doing all along (see my comments eons ago saying that he was pointing to this as an exit strategy). Twitter could have put that information forward and kept the $1B but they knew either (1) don't know or (2) they didn't want to for fear of damaging their company.
It's like all of a sudden Twitter is the good guy and Elon is the bad guy when at the end of the day this is two business entities interacting and positioning themselves.