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Elon Musk buys 10% of Twitter

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Let me explain that part about a "Company Material Adverse Effect" for those of you in Rio Linda.

It means if Musk had consummated this deal to purchase Twitter, and it had gone through, the company would have almost immediately suffered a catastrophic event that would have caused Twitter's value to plummet.

Because Musk would have been left holding the bag of a social media platform where a large segment of it's supposed users turn out to be bogus.

Under new honest ownership, a vast and extremely COSTLY restructuring of the entire company would have had to ensue.

With Elon taking it right in the wallet as the new owner as he watched the value of a company he had just paid $44 billion to acquire plummet straight into the freaking toilet.

HOWEVER Elon is avoiding this tragic and unnecessary fate by pulling out of the deal because Twitter's Board, CEO and staff have not met their contractual obligations under the deal that was made.

They are to this day still refusing to show him how many of the accounts are fake.

 

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I don't know who needs to hear this, but Monday is....

7-11

 

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You really REALLY gotta love it when a plan comes together....

 

Goldhedge

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I suspect....Elon already knows exactly how many fake accounts there are on Twitter.

He will have forensic evidence to prove it.

Remember this?

Did Gregg Phillips of True The Vote Just Make Elon Musk An Offer He Can't Refuse?
Who Knew Geotracking of Social Media Accounts Was Even Possible?
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SongSungAU

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Unca Walt

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What I expect is that he will go through the motions and allow Twitter mgmt to correct their prior statement. Recall that after he signed the agreement, they came out and said their prior statemetns about the number of legit users were not reliable. That is basically an admission that their prior disclosures were fraudulent.

But pretty soon, when Twitter mgmt is unable to confirm the veracity of their prior statements, he'll pull the plug on the deal and sue for the $1 billion break up fee.

He'll also sue for the decline in value of his 10% stake because it was the result of Twitter mgmt's prior phony statements.

I think this has all dawned on Twitter mgmt since they are having big layoffs.
We wuz spot on.

Just by using the power of the existence of his wealth, and not actually using his wealth for other than a huge baseball bat...

Elon has swung a mighty swing and knocked the bastages teeth out completely.

The cabal's censoring, Big Brother Is Watching YOU Twitter is DONE.

And Elon may have actually made some money off it. Even if he didn't -- which is unlikely -- he sure got his value in spades for anything it cost.
 

Unca Walt

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"Twitter is in a terrible position. It is facing potentially devastating lawsuits for claiming less than 5% of its users were fake or bots in its filings with the SEC. To report lies to the SEC is enough to take down any company and cause it to go bankrupt."

"Twitter must PROVE it didn't lie in SEC filings about only 5% bots -- Elon Musk is waiting -- Newsweek reports Biden account may be 50% bots."

 

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But what it exposed is a fake reality. What I liked is when users went from 50,000 followers to less than 500. It created an entire fake alternate reality.

My guess is they judged content & the more it fit with the direction they want to influince society the more "followers" that person received creating a false narative. They used "followers" and paid for more content just like we use likes on this site. Like handing out doggy treats.
 

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Here is an article from ZH. They are pro-Twitter board for some reason.

If Musk can prove there are more than 5% bots, and his statements seem to suggest this is the case, then Twitter can't enforce the agreement. It was obtained through fraud. Musk can rescind and get damaged (expenses, reduced stock price of his 10% stake), or collect the $1 billion termination fee, but not both. Once the deal is gone, and its revealed how phony Twitters numbers are, the stock price probably goes down by a third.

CBS estimatest that he bought his stake at an average of a little over $36 per share. But he did so based on the company's false statements about the number of users. So if Musk can prove that, then arguably the company was overvalued at $36.

Its telling that no one else tried to top Musk's offer of $54, or evan at $36 where Twitter stock languished for a long time. Apple, FB, Amazon, ATT etc might have bought it but did not.

Right now, the stock price is down to the pre-deal price. The market is assuming the deal doesn't happen.

Twitter doesn't even think the deal will happen since they are laying people off. Although they say publicly that they are going to force Musk to buy it at $54; good luck with that.

People were speculating that Musk was anglin for a 25% discount. But he offered $54, whichi was more than a third above what he paid for his shares. If they want him to go through with the purchase, they are going to have to come clean about their numbers, indemnify him from shareholder suits for the Company's phony numbers, and drop the purchase price below $36 imho. And the new purchase price will need to be approved by a majority of Twitter shareholders.
 

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"Twitter is in a terrible position. It is facing potentially devastating lawsuits for claiming less than 5% of its users were fake or bots in its filings with the SEC. To report lies to the SEC is enough to take down any company and cause it to go bankrupt."

"Twitter must PROVE it didn't lie in SEC filings about only 5% bots -- Elon Musk is waiting -- Newsweek reports Biden account may be 50% bots."


TWTR is desperately trying to scrub the platform now to bury the evidence before this mess goes to trial. If they are, in fact, scrubbing one million bot accounts each day, that action itself will come out in discovery and further prove the allegations. More proof that leftist goons are just plain stupid.
 

Unca Walt

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TWTR is desperately trying to scrub the platform now to bury the evidence before this mess goes to trial. If they are, in fact, scrubbing one million bot accounts each day, that action itself will come out in discovery and further prove the allegations. More proof that leftist goons are just plain stupid.
I really cannot see why they would even try to alter any numbers at all.

It is too fargin late: EVERYBODY has them numbers. Musk has the ORIGINALS. The SEC has the originals. The fargin stockholders have the phony reports.

So if TWAT honchos make any changes to their records, they would be triply nailed -- with an added crime that cannot be missed.

Yeah, I agree that they are evil, but not necessarily stupid. What they did NOT anticipate was the one-in-a-trillion chane that there would be some unbelievably rich guy who decided he was pissed enough over their machinations that he would spend more money than Croesus just to break their balls.

It was an out-of-this-world possiblity. For which there could be no possible defense. But it would never, could never happen.

Ooop.

They just lost a near-impossible roll of the dice. They shoulda sent Musk million-dollar gifts since Twitter was born to keep him away from being pissed at them.

They went all-in and lost their really unbeatable Nine-to-King Straight Flush... to a Royal Flush at showdown.
 
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Ensoniq

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I really cannot see why they would even try to alter any numbers at all.

It is too fargin late: EVERYBODY has them numbers. Musk has the ORIGINALS. The SEC has the originals. The fargin stockholders have the phony reports.

So if TWAT honchos make any changes to their records, they would be triply nailed -- with an added crime that cannot be missed.

Yeah, I agree that they are evil, but not necessarily stupid. What they did NOT anticipate was the one-in-a-trillion chane that there would be some unbelievably rich guy who decided he was pissed enough over their machinations that he would spend more money than Croesus just to break their balls.

It was an out-of-this-world possiblity. For which there could be no possible defense. But it would never, could never happen.

Ooop.

They just lost a near-impossible roll of the dice. They shoulda sent Musk million-dollar gifts since Twitter was born to keep him away from being pissed at them.

They went all-in and lost their really unbeatable Nine-to-King Straight Flush... to a Royal Flush at showdown.
It’s never the crime but the cover up ;)

The Dems in Congress are trying to pass legislation to prevent future Congress from access to the J6 data
 

Fiat Metaler

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TWTR is desperately trying to scrub the platform now to bury the evidence before this mess goes to trial. If they are, in fact, scrubbing one million bot accounts each day, that action itself will come out in discovery and further prove the allegations. More proof that leftist goons are just plain stupid.

If you read the letter from Musk's laywers, Skadden Arps, TWTR is already caught in their lies. Its not just the number of fake accounts, its their statements that they remove the accounts and no longer count them. The geo-tagging technology looks like it would be a releatively easy way to determine whether an account is real, and Musk negotiated strong information rights which TWTR breached so if TWTR was lying they are sunk.
 

Thecrensh

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I really cannot see why they would even try to alter any numbers at all.

It is too fargin late: EVERYBODY has them numbers. Musk has the ORIGINALS. The SEC has the originals. The fargin stockholders have the phony reports.

So if TWAT honchos make any changes to their records, they would be triply nailed -- with an added crime that cannot be missed.

Yeah, I agree that they are evil, but not necessarily stupid. What they did NOT anticipate was the one-in-a-trillion chane that there would be some unbelievably rich guy who decided he was pissed enough over their machinations that he would spend more money than Croesus just to break their balls.

It was an out-of-this-world possiblity. For which there could be no possible defense. But it would never, could never happen.

Ooop.

They just lost a near-impossible roll of the dice. They shoulda sent Musk million-dollar gifts since Twitter was born to keep him away from being pissed at them.

They went all-in and lost their really unbeatable Nine-to-King Straight Flush... to a Royal Flush at showdown.
I seriously doubt they are stupid - I think they were so arrogant that they felt were above possible blowback. I also think that Twitter as well as other social media accounts are involved with the Intel community to monitor EVERYONE who is on those platforms.
 

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pop some corn!

Twitter’s general counsel warns big-mouthed employees to shut up about Elon Musk deal​

July 9, 2022

As the dream of a Twitter free from Big Tech censorship comes crashing down, Twitter’s lawyers are telling employees to keep quiet about Elon Musk and the $44 billion acquisition that has been brought to its knees by bots.

Following the announcement from Musk that the deal is off due to what his lawyer called “false and misleading representations,” several Twitter employees took to the platform to voice their reactions.

“End of season one — what a cliffhanger…” tweeted Amir Shevat, who, according to his bio, works on Twitter’s developer products.


Jared Manfredi, from the company’s iOS department, lamented, “If only this wasn’t the start of a long drawn out court battle that will just end up lowering the purchase price and continuing the circus for another indefinite amount of time.

Parag Agrawal, CEO of Twitter, gave Manfredi’s assessment a nod with a retweet.

And Twitter’s chairman, Bret Taylor, reaffirmed the board’s commitment to seeing the transaction through.

“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement,” he tweeted. “We are confident we will prevail in the Delaware Court of Chancery.”




One employee went on NBC and spoke out on the condition of anonymity, according to the Daily Mail.

Musk, the employee said, had “f**king destroyed the company.”

“I guess it feels like we won,” the employee said. “But it feels like the end of the movie, where the characters are bloodied and bedraggled with a Michael Bay explosion behind them. We could see this was coming, but in the meantime, he’s f**king destroyed the company.”

Emotional reactions might be reasonable given the drama that has surrounded the acquisition from the moment Musk proposed it, but according to a leaked memo obtained by New York Times reporter Mike Isaac, Twitter’s general counsel, Sean Edgett, just wants everyone to put a sock in it.

“Given this is an ongoing legal matter, you should refrain from Tweeting, Slacking, or sharing any commentary about the merger agreement,” the internal memo read. “We will continue to share information when we are able, but please know we are going to be very limited on what we can share in the meantime.”

“I know this is an uncertain time,” Edgett continued, “and we appreciate your patience and ongoing commitment to the important work we have underway.”

More:
 

Thecrensh

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pop some corn!

Twitter’s general counsel warns big-mouthed employees to shut up about Elon Musk deal​

July 9, 2022

As the dream of a Twitter free from Big Tech censorship comes crashing down, Twitter’s lawyers are telling employees to keep quiet about Elon Musk and the $44 billion acquisition that has been brought to its knees by bots.

Following the announcement from Musk that the deal is off due to what his lawyer called “false and misleading representations,” several Twitter employees took to the platform to voice their reactions.

“End of season one — what a cliffhanger…” tweeted Amir Shevat, who, according to his bio, works on Twitter’s developer products.


Jared Manfredi, from the company’s iOS department, lamented, “If only this wasn’t the start of a long drawn out court battle that will just end up lowering the purchase price and continuing the circus for another indefinite amount of time.

Parag Agrawal, CEO of Twitter, gave Manfredi’s assessment a nod with a retweet.

And Twitter’s chairman, Bret Taylor, reaffirmed the board’s commitment to seeing the transaction through.

“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement,” he tweeted. “We are confident we will prevail in the Delaware Court of Chancery.”




One employee went on NBC and spoke out on the condition of anonymity, according to the Daily Mail.

Musk, the employee said, had “f**king destroyed the company.”

“I guess it feels like we won,” the employee said. “But it feels like the end of the movie, where the characters are bloodied and bedraggled with a Michael Bay explosion behind them. We could see this was coming, but in the meantime, he’s f**king destroyed the company.”

Emotional reactions might be reasonable given the drama that has surrounded the acquisition from the moment Musk proposed it, but according to a leaked memo obtained by New York Times reporter Mike Isaac, Twitter’s general counsel, Sean Edgett, just wants everyone to put a sock in it.

“Given this is an ongoing legal matter, you should refrain from Tweeting, Slacking, or sharing any commentary about the merger agreement,” the internal memo read. “We will continue to share information when we are able, but please know we are going to be very limited on what we can share in the meantime.”

“I know this is an uncertain time,” Edgett continued, “and we appreciate your patience and ongoing commitment to the important work we have underway.”

More:
This is me being excited at the prospect of seeing twitter go down in flames.
 

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It seems to me that the executives at Twitter have been caught falsify SEC filings that bolstered its stock price through seemingly fraudantly inflating their stock price that Elon Musk made his business decision to purchase the company. When it became apparent that Musk was looking into their customer account (one of the basises that was at the foundation of the deal).

What was amazing to me is the executives at Twitter had no compulsion to stonewall the new owner and thus their new boss. Not only that but the SEC filings have been brought into suspicion everything about the company is now suspect.

How long do you think that you would be keeping your job if you didn't tell your boss what he wanted to know? How long would you be keeping your job if you ignored your potential new boss inquiries?

This is a classic case of a company wanting a new owner's money but him.
 

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I'm not a twitter person anymore. Never was a big one but when Biden started running and I mentioned he should be on trial for treason and hung instead of running for president, they got rid of me.

Anyway, how was twitter ever worth 440 billion? In what universe? They have a PE ratio of 152 and a market cap of 28 billion. Why would musk buy 10% of the company for 44 billion?
Total annual revenue is 175 million. Where does that even come from?

So reading a little more I guess he was buying the entire company for 44 billion, not just a 10% stake in it. Still overpriced based on the revenue I see.
 
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Ensoniq

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Elon offered 54.20 now trading at 36.81

ill bet it tests the 20s on Monday

its like listening to a seashell but hearing a toilet flushing ;)



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"Twitter is in a terrible position. It is facing potentially devastating lawsuits for claiming less than 5% of its users were fake or bots in its filings with the SEC. To report lies to the SEC is enough to take down any company and cause it to go bankrupt."

"Twitter must PROVE it didn't lie in SEC filings about only 5% bots -- Elon Musk is waiting -- Newsweek reports Biden account may be 50% bots."

Very DWAC positive.
 

<SLV>

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Elon offered 54.20 now trading at 36.81

ill bet it tests the 20s on Monday

its like listening to a seashell but hearing a toilet flushing ;)



View attachment 267179
Buy some Twitter on Monday? Hope that Elon closes the deal in the end?
 

Ensoniq

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I think he knows the real numbers from the true the vote connection

He’s Got ‘em in a corner

i think he’d still do it if he gets the right price

I’m enjoying watching him burn them to the ground though; can’t lie
 

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It seems to me that the executives at Twitter have been caught falsify SEC filings that bolstered its stock price through seemingly fraudantly inflating their stock price that Elon Musk made his business decision to purchase the company. When it became apparent that Musk was looking into their customer account (one of the basises that was at the foundation of the deal).

What was amazing to me is the executives at Twitter had no compulsion to stonewall the new owner and thus their new boss. Not only that but the SEC filings have been brought into suspicion everything about the company is now suspect.

How long do you think that you would be keeping your job if you didn't tell your boss what he wanted to know? How long would you be keeping your job if you ignored your potential new boss inquiries?

This is a classic case of a company wanting a new owner's money but him.

Why do you think the Sec would care? They have been caught deleting evidence in many old cases.
 
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<SLV>

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I think he knows the real numbers from the true the vote connection

He’s Got ‘em in a corner

i think he’d still do it if he gets the right price

I’m enjoying watching him burn them to the ground though; can’t lie
All this attention Musk is getting from the right is making Trump jealous.
 

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