Re:ElonJet Is Now Suspended
by yanderekko on Wednesday December 14, 2022 @01:41PM
(#33987926)
>Elon himself chose to eschew due diligence when he signed the first intent to buy.
Really? He specifically claimed that the offer was truly unconditional, no matter what sort of fraud or criminality might be occurring within Twitter? That seems very unlikely to me.
Re:ElonJet Is Now Suspended
by nemothekid on Wednesday December 14, 2022 @02:01PM
(#33988326)
>He specifically claimed that the offer was truly unconditional, no matter what sort of fraud or criminality might be occurring within Twitter?
Yes. This was a huge deal, I don't know how you missed it. It's also why no one believed he could get out of it. That's why he had to tried sue to cancel the deal instead of just, cancelling the deal? It wasn't even clear that if he managed to prove TWTR had misled investors that could cancel the deal.
[1] https://fortune.com/2022/08/23/twitter-elon-musk-whistleblow...
[2] https://www.businessinsider.com/judge-calls-elon-musk-legal-...
Re:ElonJet Is Now Suspended
by dragontamer on Wednesday December 14, 2022 @03:09PM
(#33989588)
Nitpick: Twitter sued for Musk to finish the deal. You got it backwards but your point is otherwise solid.
This does not make Elon look any better. Elon himself chose to eschew due diligence when he signed the first intent to buy. The first intent to buy was incredibly unusual in the first place because he did not ask for any due-diligence.
If I tell you I will buy your car, no questions asked, and then show up and start complaining about the headlights, that is flip-flopping. It's why the whole thing went to court. Do you really think normal M&A doesn't include due-diligence?
Regardless, the "hidden" issues were a scapegoat. It is far more likely that he wanted to backout because the entire tech sector crashed and 44B was now an insane premium (SNAP, which was worth ~30B at the time is now 15B).