re: Twitter board unanimously recommends Musk's takeover bid...Has Elon Bit off too much?

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Elon when he did his crazy high bid waived due diligence.

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Twitter still made representations and warranties. If they were not earnest in those representations Musk can back out with no penalty.

I hope he doesn’t back out. Musk losing 10 billion is not much to him. His net worth will continue to grow. Probably double in less than ten years.

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He waived due diligence.

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I think

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No the hell you don't.

Dumbass....

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Same with getting into the web payments business to compete with PayPal.

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I thought one of the companies he owned changed its name to PayPal (or maybe merged with another and the surviving name became PayPal).

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I’m not sure how much thought he has given to those ideas he mentioned in that meeting.

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Not sure how much thought he has given to those ideas, eh?

You guys are so interesting.
Really, you are.

I've been perusing comments by your leftist brethren about Musk along the same lines. He's stupid. He's dumb. He's an idiot. He doesn't understand computers, much less coding. He's a simpleton. He didn't build his companies, someone did that for him. He's got Asperger's. He's a racist. Etc.

Meanwhile, Hunter Biden is is the brightest guy your Potato-in-Chief ever met.

I can actually see where the Metaverse of make-believe would be so appealing to you all.

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You don’t seem to understand he’s not permitted by the contract to request and due diligence the bot issue. He can either close or walk and pay the break up fee. That’s what happens when you don’t do any pre sign diligence and then waive post signing pre close diligence. That’s the contract - it heavily favors the seller. frick.

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Since it's you, I'll just believe the opposite, due to your history of being wrong all the time.

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What you don't understand is you're bringing civil law to a criminal law discussion.

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He can’t bring criminal charges and he can’t just allege fraud and bingo-bango contract cancelled.

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After all, TWTR capitulated to Musk's legal team, and folded to at least some of their demands for data. It's now a matter of seeing whether they make good on those assured provisions.

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Which was achieved outside of the 4 corners of the contract through the threats of litigation and refusal to close the deal. The deal being tied up in litigation and not closing could be so damaging that they capitulated. He is using this leverage to renegotiate, not the contractual provisions.

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Your understanding to the contrary is ... amazing.

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Bruh, it’s cwill.

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If you read Twitter quarterly reports they explicitly state that their estimate of false or spam accounts could be higher than they estimate. It’s there in black and white. I’m sure Elon and his attorneys were well aware of this prior to the offer.

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Quarterly reports are garbage. The annual audited statements are where the estimates should have been tested by an independent 3rd party-- well, as independent as a company can be when being paid by the auditee. Reliance on audited financial statements for decision making is one reason why the SEC exists.

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Can the law force him under threat of financial penalty to acquire an enterprise which is likely criminally tainted?

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You can’t just say I believe it’s fraudulent or “likely criminally tainted” and get out of an agreement. He waived diligence pre and post signing. He had data rights relative to financing. At a point Twitter will be in a position to sue for specific performance. Just because they can and may ultimately prevail, that is not a desirable outcome and could ultimately be more damaging. Musk is at this point playing a game of chicken outside of the 4 corners of the contract. The quality of Twitter legal isn’t an issue in this result.

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If he is simply using this leverage to renegotiate, the thing is going to litigation regardless.

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Not necessarily.

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If your premise was correct, opening the data firehose (Twitter's terminology regarding its recent action) will allow Musk to slow-walk the path to inevitable litigation, rather than moving straight to it. In other words, if the goal is expeditious closure, TWTRs legal team just shot its client in the foot.

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Your assuming a lot. First that the bot #s as disclosed are fraudulent. Second that flooding the field with data will lead to a later close date and certain litigation v a refusal to disclose per contract and end up having to litigate on that end. The calculus isn’t easy in this situation.

I think it’s more likely that Twitter has a heavily lawyered defensible bot counting methodology, but musk will use threats and twitters desperation to close the deal to renegotiate the $.

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With regard to "renegotiation" being the Musk endgame, renegotiation at a significantly lower pricepoint will, with virtual certainty, bring a bidding war from Salesforce and others.

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As crazy as it sounds the merger agreement is still in place and if Twitter tries to pivot to another buyer musk could sue to enforce the agreement! The renegotiation of price does not terminate the executed “binding” contract!