The Elon Musk and Twitter deal is in danger, again

Posted:
in General Discussion
Ahead of a looming court date in Delaware, Elon Musk's renewed $44 billion bid for Twitter has been shot down by Twitter, says Musk's lawyers.

Elon Musk Twitter bid in question again
Elon Musk Twitter bid in question again


The renewed bid came from Musk just days before he was set to appear in a Delaware court over the Twitter deal. In the letter proposing the renewed deal, Musk hoped -- and required -- that the trial would end as a result of the re-up of the $44 billion offer.

On Wednesday, the judge presiding over the case said she will continue to press on with the trial as neither side had moved to stop it.

According to a report from Associated Press, Musk's attorneys said the trial should be adjourned to leave more time for Musk to secure the financing -- and for the first time, Musk was clear that the deal was dependent on finding that funding.

"Twitter will not take yes for an answer," said the court filing signed by Musk attorney Edward Micheletti. "Astonishingly, they have insisted on proceeding with this litigation, recklessly putting the deal at risk and gambling with their stockholders' interests."

Twitter did not respond with a comment.

Musk had previously tried to walk away from the Twitter deal in July, but was sued for the action soon after. The court date has been debated since the lawsuit began, with Musk's lawyers originally fighting for more time to gather data over spam accounts and bots.

The court date is still set for October 17 in Delaware.

Read on AppleInsider

Comments

  • Reply 1 of 20
    DAalsethDAalseth Posts: 2,381member
    I’ve given up trying to guess what that nut-ball is doing. 
    williamlondonravnorodomlolliverOferFileMakerFellerronntwokatmewdarkvaderigorskywatto_cobra
  • Reply 2 of 20
    DAalseth said:
    I’ve given up trying to guess what that nut-ball is doing. 
    Whatever he does, whatever his intentions, they're always driven by his incessant mirror gazing.
    DAalsethlolliverOferronntwokatmewdarkvaderwatto_cobra
  • Reply 3 of 20
    The judge has now delayed the trial until October 28. 
    watto_cobra
  • Reply 4 of 20
    chadbagchadbag Posts: 1,794member
    It’s all part of Musk’s dance to get a lower price. 
    Oferronntwokatmewwatto_cobradewme
  • Reply 5 of 20
    We all wonder what’s next for Musk. Maybe a turn of events he’s pronounced he wants to called Elana and turned into a full transformer!!! nothing would shock me with this lunatic.
    darkvaderwatto_cobra
  • Reply 6 of 20
    Musk is playing games to get a new trial date. Twitter isn’t falling for it. Musk would drag the “I’m still securing financing” schtick as long as he possibly could. Twitter is right I’m not trusting Musk and wanting to proceed with the trial WHILE Musk does his financing song & dance.
    OferFileMakerFellerronntwokatmewdarkvaderforegoneconclusionwatto_cobramwhiteh2p
  • Reply 7 of 20
    It sounds like Musk's admission that he doesn't have financing secured could be used by Twitter to declare that Musk has breached the conditions of the deal and should pay the penalty specified by the contract. I doubt Twitter's shareholders would be negatively affected by that.
    twokatmewDAalsethdarkvaderwatto_cobra
  • Reply 8 of 20
    crowleycrowley Posts: 10,453member
    Very sensible of Twitter. Keep the pressure on.
    twokatmewdarkvaderronnFileMakerFeller
  • Reply 9 of 20
    Musk is in trouble.. want discount now financiers are running away..
    twokatmewdarkvadermikethemartianronnwatto_cobra
  • Reply 10 of 20
    xbitxbit Posts: 365member
    I wouldn't trust a word this clown says. He said take his mid-life crisis private rather than Twitter.
    darkvaderronnwatto_cobra
  • Reply 11 of 20
    blastdoorblastdoor Posts: 2,822member
    chadbag said:
    It’s all part of Musk’s dance to get a lower price. 
    Or worm his way out of the deal. 

    Musk's attempted hostile takeover of Twitter was a self-indulgent, self-destructive strategic blunder. It reminds me of another highly overrated egomaniac who attempted a hostile takeover this year. Maybe that's why Musk is suddenly concerned about Putin's feelings. 
    darkvaderigorskywilliamlondonronndrdavidwatto_cobra
  • Reply 12 of 20
    For an Apple-focused site you sure are obsessed with Elon Musk.
    williamlondonelijahg
  • Reply 13 of 20
    JP234JP234 Posts: 484member
    Anyone who believes anything Musk says, probably believes an orangutan born with a silver spoon in his mouth represents his interests.
    darkvaderronnwatto_cobraDAalsethmichelb76FileMakerFeller
  • Reply 14 of 20
    anonymouseanonymouse Posts: 6,697member
    TLDR version: It's a trap!

    He's hoping to avoid court, where he is assured to lose, by attempting to get Twitter to accept a "new" deal, for which he hopes to negotiate new terms which would give him new reasons to back out. Twitter doesn't need to accept a "renewed" offer to buy them, they already accepted an offer and signed a deal. Musk just needs to follow through with his part of the existing deal, as far as Twitter is concerned — i.e., if he's changed his mind and wants to buy Twitter again, all he has to do is complete the previously agreed to purchase.
    edited October 7 ronnwatto_cobramwhitethe monkh2pFileMakerFeller
  • Reply 15 of 20
    I was interested in buying the Cybertruck when it comes out just because of the stainless steel body but it makes me question that decision if there is any chance that Tesla is run as erratically as Musk acts personally.
    williamlondonronndrdavidwatto_cobramwhite
  • Reply 16 of 20
    We all wonder what’s next for Musk. Maybe a turn of events he’s pronounced he wants to called Elana and turned into a full transformer!!! nothing would shock me with this lunatic.
    What's next is Musk widens his lead as the richest human in the world, with Gates now #5, behind an Indian Industrialist.  And to think, our former US President is #343, and likely much more of a lunatic.  
    watto_cobra
  • Reply 17 of 20
    DAalsethDAalseth Posts: 2,381member
    Just ran across this. Yes, Elon Musk doesn’t really understand the things he’s working with, and has no gameplan. He just got lucky. There’s a hundred guys on skid row with the same ego, that didn’t.

    Elon Musk’s Texts Shatter the Myth of the Tech Genius

  • Reply 18 of 20
    Pretty sure Musk will get the funding together easily, there are several parties anxious to get control of twitter before the 2024 election cycle, and none of them good. Many of which you can find in the published court documents.
    DAalsethwilliamlondonronn
  • Reply 19 of 20
    MarvinMarvin Posts: 14,830moderator
    DAalseth said:
    Just ran across this. Yes, Elon Musk doesn’t really understand the things he’s working with, and has no gameplan. He just got lucky. There’s a hundred guys on skid row with the same ego, that didn’t.

    Elon Musk’s Texts Shatter the Myth of the Tech Genius

    The document with the conversations is an interesting read, about half way down Exhibit H and Exhibit J at the bottom, transcript in second link:

    https://s3.documentcloud.org/documents/23108357/redacted-version-of-exhibits-a-j-to-letter-to-the-honorable-kathaleen-st-j-mccormick-from-edward-b.pdf
    https://danluu.com/elon-twitter-texts/

    Quite a few people just casually saying they'll throw a couple of billion dollars in.

    Jack Dorsey wanted Twitter to be an open protocol (like Signal https://en.wikipedia.org/wiki/Signal_Protocol ) so government and advertisers wouldn't influence it. This would need a decentralized verification system like blockchain.
    Musk and a few others want to get rid of bots but know it will tank revenue, which wouldn't go down well as a public company so they want Twitter private.
    One plan to tackle bots was to use crypto/blockchain/dogecoin (possibly getting https://en.wikipedia.org/wiki/Sam_Bankman-Fried on board for $5b) to verify tweets but dismissed as not scalable due to latency/bandwidth.
    Musk plans to lead software development, says he coded for 20 years. Parag (Twitter CEO) used to be Twitter CTO so is also familiar with the codebase. Someone recommended their son who works at Reddit for software development. Parag said Twitter has 2500 coders doing at least 100 lines of code per month.
    They spoke about revenue per employee $5b/8k and how it would improve to be nearer Google and Apple by cutting headcount to 3k.
    Twitter currently doesn't make revenue from videos, plan to do revenue sharing like Youtube e.g 100% for creator up to $1m and split above.
    Aim to fix free speech, e.g allowing Russian news feeds even though they are against and sanctioned.

    The ideas inherently hit the same barriers that all social media companies run into. They want free speech but need to moderate bots/spam/scams and having a centrally controlled platform means free speech is determined by the shareholders, employees and government in each region. If they make it decentralized, they can fix the censorship issue more easily but then they lose control over bots, ability to verify users, ability to monetize because big advertisers don't want to be associated with bad content and it's harder to scale. They'd really have to maintain and mingle both setups.

    There are lots of areas for Twitter to grow revenue. Earning revenue from video could be a big one and would take on TikTok and Youtube, maybe even Twitch if they do live streaming. They can also give Reddit competition if they do articles and article feeds and these can be used like Medium and independent forums as long as they do revenue sharing.

    Execution will determine if any of this will work out for them. All the big social media companies have tried to add in the strengths of competing platforms and didn't reach a competitive level.

    It feels like there's some demand for a large-scale open conversation platform. Peer-to-peer like torrent is one way. Building nodes on open platforms is another but these are still censored individually, the following is used by Truth Social:

    https://en.wikipedia.org/wiki/Mastodon_(software)

    Fully peer-to-peer allows for really bad content to be shared, not just disagreeable conversation. Community censors can help somewhat but can also be weaponized and the online community can't be trusted to block really bad content effectively.

    One option for scalability is to have a platform that only maintains conversations for a few days while active. The rest can be archived. Most people are only interested in the current conversations and interest in archived content tails off exponentially.

    Another option is for people to be their own platform and host so their conversations are initially stored locally. They would be the main seed of their content. Others could seed the same content like how the torrent protocol works and everybody stores blocks of the data along with central servers. Each block has a unique id. It doesn't necessarily need a blockchain to verify the seeded content as long as someone couldn't easily spoof the message against the id and conflicting messages/ids can use timestamps to get the original one. There was a torrent chat app Bleep that didn't take off:

    https://en.wikipedia.org/wiki/Rainberry,_Inc.#BitTorrent_Bleep

    It will be interesting to see what happens with a Twitter takeover. There have been a lot of conversations about cutting headcount dramatically so Twitter employees would be rightfully concerned about a takeover.

    Whatever platform comes as a result will still have issues. At some point there's a realization that the main problem with social media isn't the platform - not Facebook, Twitter, TikTok - the problem is with people, how they choose to express themselves, especially online and how well people tolerate opposing views. This won't change with an open, bot-free platform. People today are arrested, prosecuted, fired for what they write on Twitter, in Eastern countries even worse and that will continue. An open platform will allow hateful, harmful, defamatory, false information to proliferate. Social media will always be a mess because they are platforms for people.
    thtmuthuk_vanalingamFileMakerFeller
  • Reply 20 of 20
    So many attempts to recreate the web, which already has the features people say they want. The big problem is discoverability, but that's been solved to the fullest extent possible by search engines plus advertising. It's never going to be the magical "world will beat a path to my door" solution that so many people dream of and think that "social media" will provide.
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