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Originally Posted by GTO2.0
From what IÂ’m reading, he pulled that 5% number from their previous SEC filings, not from anything specifically produced for the negotiation of the deal. So, yeah the amount of fake accounts is important and vital to the business, but everyone already knows that and could have questioned it any time since the company went public. Musk isnÂ’t citing any new info in bringing it up.
He also waived due diligence to speed up the process and ram the offer through the board.
In any case, just a stay away shitshow at this point, imo.
yeah I'm looking at TWTR as well, and Elon would have to prove bots were like 90% or some other ridiculously high number for the courts to declare it a "material adverse event" (in previous cases a long term 3 percent drop in EBITDA due to misstatements did not qualify while a 50 percent drop over two quarters qualified..). So IMHO and IANAL, Elon would need to prove a sustained 20% drop in Twitters business before being able to back out. It's more likely that TWTR caves and gives Elon a lower price but even then price will be in the 40s...
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"If the deal falls through, Twitter is likely to trade at $30.86 a share, according to the average of estimates from survey respondents. That’s 17% below Monday's closing price.
Based on the acquisition’s proposed valuation, the market is pricing in a roughly 28% probability of the deal being completed. However, that calculation is complicated by expectations that Musk will get it done at a lower price, arbitrage traders said."
From a Bloomberg article today about the deal the traders surveyed also overwhelming thought that Elon was getting it done at a lower price...
