Re:Twitter plans to comply with Musk’s demands for data
by kmonsen on Friday June 10, 2022 @12:51AM
(#31690185)
He declined his right to do any due diligence so they couldn't misrepresent anything since they didn't provide anything. Also they didn't want him to buy and did their best to get him to not do that.
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Re:Twitter plans to comply with Musk’s demands for data
by HWR_14 on Friday June 10, 2022 @01:14AM
(#31690316)
> they didn't want him to buy and did their best to get him to not do that.
They didn't want to be the target of a pump and dump. And they didn't want a bunch of distracting rumors from a takeover bid with no financing. As soon as Elon put financing together they said "yes" pretty quickly.
Re:Twitter plans to comply with Musk’s demands for data
by kmonsen on Friday June 10, 2022 @01:30AM
(#31690409)
The board doesn't want to sell to Elon at any price, but the shareholders told them their opinion was not very important as Elon's price was higher than anyone thought the company was worth at the time. Now there is no question that price was way too high.
Re:Twitter plans to comply with Musk’s demands for data
by systemvoltage on Friday June 10, 2022 @01:24AM
(#31690371)
This is false. He declined his right to do any further due diligence based on what facts that presented in the SEC filings. If those facts turn out to be untrue, shareholders can sue Twitter.
Re:Twitter plans to comply with Musk’s demands for data
by kmonsen on Friday June 10, 2022 @01:32AM
(#31690427)
Right, he declined to do more due diligence after having done none. Looking at SEC filings is not doing due diligence. It is also not statements Twitter made as part of the deal.
Shareholders can only sue Twitter if those facts are materially false. This is an incredibly high bar that is almost never met.