Let’s not forget the all the blather from Twitter board and leadership how their fiduciary duty was to not sell to Musk at this price.
Cramer even claimed the board would be personally liable for accepting the deal.
https://www.cnbc.com/2022/04/14/cramer-twitters-board-has-no...
"The SP 500 Index Out-performed Hedge Funds over the Last 10 Years. And It Wasn’t Even Close": https://www.aei.org/carpe-diem/the-sp-500-index-out-performe...
"How Smart Are the Smart Guys? A Unique View from Hedge Fund Stock Holdings" [PDF]: https://jgriffin.info/wp-content/uploads/2016/10/smart.pdf
"...Hedge funds exhibit no ability to time sectors or pick better stock styles. Surprisingly, we find only weak evidence of differential ability between hedge funds. Overall, our study raises serious questions about the perceived superior skill of hedge fund managers..."
Is there a source for this? I certainly didn't see it. They considered rejecting the offer, and quickly passed a poison pill provision, but that was about preventing buying the company on the open market instead of making a deal like this. The offer was initially only a very short note, and Twitter decided to sell within 3 days of financing being lined up.
https://www.sec.gov/Archives/edgar/data/0001418091/000119312...
That is 1%, not .1%
I'm pretty surprised musk seems to have put himself personally on the line, rather than putting 'musk acquisition project llc' as the party making the offer.
If it was the latter, then everything could be arranged so there was no money in that company to pay for any lawsuits. As the worlds richest man, dividing up your liability like that into many LLC's would seem like a very important thing to do.
Unfortunately for Musk, when an LLC is used as a proxy for the single member without real separation, the LL part stops working as anything but (on a matter this size) a small additional speedbump rather than a shield, at the same time, it's even nominal separation makes it harder to make deals than if your hoards of assets were behind them.
It is other way around. It is way easier for rich person to get away from dodging courts then poor one. Just the fact that rich person can pay fights and layers longer, and fact that rich has it easier to retaliate so everyone is more careful not to step on their toes or do mistake.
a) You were happy to settle, which sounds understandable. But when the stakes are $44bn and most actors on Twitter's side are but agents for Twitter shareholders, their chief concern will be not breaking their fiduciary duties if they accept anything less than the maximum amount they could get. It's a bit hard to imagine how the legal bills for seeing this through could stack up to even .1% of the purchase price ($440m), and that's nowhere close to the discount that Musk will be looking for (with good reason imho, btw).
b) In your case the other party might have gotten away with dodging a court order to pay (or at least made it appear like that). That's pretty much unfathomable if you are literally the richest man on earth and live in the US.