Doc Posted July 11, 2022 Posted July 11, 2022 4 hours ago, ChiGoose said: Twitter's Chairman has already announced that they are taking this to court: Seems like they aren't that worried about the discovery process. What else are they going to say?
SoCal Deek Posted July 11, 2022 Posted July 11, 2022 Was it Is there another buyer? How is anyone damaged here?
Doc Posted July 11, 2022 Posted July 11, 2022 4 minutes ago, SoCal Deek said: Was it Is there another buyer? How is anyone damaged here? Their stock price will tumble.
SoCal Deek Posted July 11, 2022 Posted July 11, 2022 4 minutes ago, Doc said: Their stock price will tumble. Maybe…. But the stock price will be priced to accurately to reflect the market value. If a super rich guy offers you one billion dollars for your one million dollar house and then decides not to buy it, doesn’t it’s value revert to whatever the next guy is willing to pay you for it? (I realize I’m over simplifying things.)
Doc Posted July 11, 2022 Posted July 11, 2022 10 minutes ago, SoCal Deek said: Maybe…. But the stock price will be priced to accurately to reflect the market value. If a super rich guy offers you one billion dollars for your one million dollar house and then decides not to buy it, doesn’t it’s value revert to whatever the next guy is willing to pay you for it? (I realize I’m over simplifying things.) They realize that no one else is buying it, much less at that price.
ALF Posted July 11, 2022 Posted July 11, 2022 There could be a case for stock manipulation. Some were made rich when the stock went up, if some shorted it at the top same.
ChiGoose Posted July 11, 2022 Posted July 11, 2022 40 minutes ago, SoCal Deek said: Was it Is there another buyer? How is anyone damaged here? As far as I know, there is not another buyer lined up. But Twitter's stock price has taken quite the hit since this whole ordeal started. There is no guarantee that it will rebound upon resolution (whatever that may be). As a public company, Twitter has a fiduciary duty to its shareholders, so it's possible that the board will be sued for mismanagement that led to the stock drop. If the stock price remains low, it is possible that another buyer comes in at a price lower than $44 billion and buys Twitter. In any case, the board has made a solid case that it should be replaced. Either by Musk upon acquisition, or, if he does not end up buying it, then they should be forced to resign and replaced by people who would be better stewards. As an aside, Musk planned on leveraging some of his Tesla stock to finance the deal and since then, Tesla's stock has also plummeted (which makes the Twitter deal less affordable to Musk). There is an outside chance at a similar shareholder lawsuit on behalf of Tesla stockholders but that seems less like than the one for Twitter.
716er Posted July 12, 2022 Posted July 12, 2022 Depp/Heard and the Twitter deal - two things I can't remotely give a ***** about
ChiGoose Posted July 12, 2022 Posted July 12, 2022 Twitter sues Musk after he tries backing out of $44 billion deal Quote Twitter sued Elon Musk on Tuesday to force the billionaire to complete his $44 billion acquisition of the company, setting the stage for a prolonged legal battle over the fate of the social media service. Quote At the heart of the case is the issue of disclosure. To terminate the deal, Mr. Musk claimed that Twitter balked at handing over information about spam bots, also known as fake accounts, on the platform. He repeatedly said he did not believe the company’s public statements that roughly 5 percent of its active users are bots. Twitter intentionally misled the public, he said, and obstructed his efforts to get more information about how it accounts for the figures. Mr. Musk has also taken aim at Twitter for not giving warning before recently firing two key executives. But Mr. Musk signed a legally binding agreement with Twitter. And in that contract, Twitter included a specific performance clause that allows it to sue to force the deal through, so long as the debt that the billionaire has corralled for the acquisition is in place. In a letter to Mr. Musk’s lawyers on Sunday, Twitter’s lawyers said that his move to terminate the deal was “invalid and wrongful” and that Mr. Musk “knowingly, intentionally, willfully and materially breached” his agreement to buy the firm. The company has said that it is confident in its figures about spam accounts, and that it uses experts in spam to audit the count and ensure its accuracy. Still, Mr. Musk’s threat of walking away could bring Twitter back to the negotiating table, allowing the billionaire to buy the company at a discount. Mr. Musk’s reluctance to proceed with the Twitter deal has coincided with a significant dip in the value of many Silicon Valley companies, including Tesla, his electric vehicle company, which is the main source of his wealth. The two sides could also settle. Or they could pay a $1 billion breakup fee and walk away, an option allowed only under certain circumstances, such as if Mr. Musk’s financing fell through. Quote The case may then move to a trial, though there is a chance the judge assigned to the case will dismiss Mr. Musk’s efforts to walk away. If the suit proceeds to trial, the judge will decide whether Twitter’s disclosures were insufficient and constituted a material harm to the deal. The process is likely to take months. In the past, Delaware’s Chancery Court has prevented companies from trying to walk away from deals. In 2001, for example, when Tyson Foods tried to back out of an acquisition of the meatpacker IBP, the court ruled that Tyson had to follow through with the agreement. In situations where the court has allowed buyers to exit, it has required them to pay damages. By most readings of Twitter’s contract with Mr. Musk, damages would be capped at $1 billion.
Big Blitz Posted July 13, 2022 Posted July 13, 2022 (edited) Omg Edited July 13, 2022 by Big Blitz 2 1
ChiGoose Posted July 19, 2022 Posted July 19, 2022 Judge orders trial for Twitter’s suit against Musk to be held in October. Twitter had asked for September, Musk asked for early next year.
Westside Posted July 19, 2022 Posted July 19, 2022 29 minutes ago, ChiGoose said: Judge orders trial for Twitter’s suit against Musk to be held in October. Twitter had asked for September, Musk asked for early next year. Can’t have any dissenting opinions available.
BillsFanNC Posted August 11, 2022 Author Posted August 11, 2022 "Protect election conversations" For our side of course
Doc Posted August 11, 2022 Posted August 11, 2022 Speaking of social media, I found this hilarious: https://www.telegraph.co.uk/business/2022/08/11/mark-zuckerberg-branded-creepy-facebooks-chatbot/
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