488
Value of X has fallen 71% since purchase by Musk and name change from Twitter
(www.theguardian.com)
this post was submitted on 02 Jan 2024
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How the hell was it even worth 44 billion? I struggle to understand how twitter was ever that important and never once found a need to use it myself. I always found it strange that governments and other public entities would use it, like a city making posts about traffic disruptions, or a police dept showing off the latest drug bust via hashtags and url shortening. Fucking strange world.
It wasn't. Musk was blowing hot air and offered a stupid-high share price. Twitter sued to force him to honor that price.
My understanding is that he was basically trying to manipulate the stock price by publicly offering a sum, and he couldn't back out without very clearly breaking SEC laws saying you can't use your influence to directly manipulate the stock market.
Maybe, but I really believe he was just shitposting and got called on it.
Absolutely, he is used to his lawyers being able to get him out of such messes, like when he called a rescuer a pedophile. But this time he screwed up to badly, and the lawyers couldn't rescue him from himself.
Elon Musk is a narcissist who thinks he can do whatever he wants without consequences. Which is mostly true, as there are very few exceptions. He just happened to hit on one of them.
Wasn't the penalty for not going ahead with the purchase 1 billion dollars? That seems to have been the better deal after all?
That was only if he couldn't secure funding, which he could. It did not allow him to just pay the 1bil and walk away.
The contract he did sign was aslo recklessly stupid, basically saying "i wave all inspections and due diligence l and promise to buy this at $54.20/share." Later, when he tried to bring up "possible spam bots" as some kind of get out of jail free card, twitter execs just had to point to that line and say "pay."
He made a lot of noise about fighting the buyout, but the court he was going to would have 100% forced him to buy based on his means and cut and try contract twitter got that sucker to sign
Probably