News for hackers. Stuff that matters.
Re:Elon’s Out by abirch on Saturday July 09, 2022 @07:28PM (#32040302)
Twitter employees are watching the board force a lunatic to buy their company.
Re:Elon’s Out by bandyaboot on Saturday July 09, 2022 @08:35PM (#32040738)
The Twitter board would have a tough time explaining why they didn’t enforce the rock solid agreement allowing the shareholders to sell their shares for an extreme premium.
Re:Elon’s Out by scaramanga on Saturday July 09, 2022 @09:14PM (#32040960)
Not just an extreme premium but an "unconditional offer" lol.

Imagine I go to mcodnalds and offer $10 for a big-mac unconditionally, lol. I'm going to get a half eaten shit sandwich and a broad grin.

Re:Elon’s Out by scaramanga on Saturday July 09, 2022 @09:22PM (#32041008)
But tech workers don't need unions, right. Must be fun for twitter employees to completely powerless spectators with no seat at the negotiating table while the lunatic has a chance at becoming their new King and turning their labour in to an election-swinging doomsday machine at the end of human civilisation.

But hey, we've got beanbags and a playstation.

Re:Elon’s Out by scaramanga on Saturday July 09, 2022 @08:01PM (#32040527)
Because they know he has absolutely no ability to do so. They are simply trying to collect legal fees at this point.
Re:Elon’s Out by danaris on Saturday July 09, 2022 @10:07PM (#32041213)
He absolutely has the ability. He's demonstrated that publicly, with his verified presentation of having raised the $44 billion a few weeks ago (through a combination of financial instruments).

What he doesn't have is the inclination.

Re:Elon’s Out by bandyaboot on Saturday July 09, 2022 @08:40PM (#32040769)
I mean, he does though right? It’s just that doing so at this point would cause a world of hurt for Tesla and its shareholders?
Re:Elon’s Out by scaramanga on Saturday July 09, 2022 @09:11PM (#32040931)
I don't think so, I mean, you are not just going to place a single market order for $44bn of stock, you are going to have liquidity problems because there is not that much buy-side volume in the market, so the price must fall drastically to attract new buyers. Also I assume musk has legal obligations not to do stuff like that to begin with, as an executive with fiduciary responsibilities to shareholders. If Musk can tank Tesla, Exxon execs can dismantle Exxon to save the environment. But there's also the fact that a lot of his Tesla shares are already leveraged on loans. The most likely course would be for him to take out loans on the remaining unleveraged stock, but he doesn't have enough of that at the rates the banks are offering.

Anyway, I'm no expert on Musk, and I have almost zero interest in Tesla, or Twitter, or any of this clown show. So maybe my ballpark guesstimations of all the relevant numbers are way off. So take it all with a huge pinch of salt. I am just some uninformed spectator watching two lizards fight in the dust and speculating who will win or whatever :)

Edit: leveraged -> unleveraged, woops

Re:Elon’s Out by bandyaboot on Saturday July 09, 2022 @10:00PM (#32041186)
All fair points.