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thewayneLast week, The World's Richest Man, which I guess makes him think that he must also be the world's smartest man, which he clearly isn't based on his behavior, started tweeting smack about Twitter and the amount of spam bots on the site.
There's a problem with this. There is a specific clause in the purchase agreement that he will not disparage the company while trying to purchase it. Something that he has done repeatedly. He already has one shareholder lawsuit against him for manipulating the stock price, plus an FTC investigation against him. The man is a moron, or thinks that his wealth makes him immune to investigations and lawsuits.
Since he announced his intention to buy Twitter, the world economy has taken a bit of a nose-dive, and the stocks of Twitter and Tesla have tanked. Both are worth a lot less. But he has a signed agreement to buy Twitter at $54 per share. A lot of people are wondering if he actually has the backing to conclude the deal at this point, what with the stock price reduction of Tesla, which is one of Elon's major sources of wealth. People are also wondering if he even wants to go through with it at this point, and whether his derision of Twitter is a way of announcing he wants out, hoping THEY will cancel the deal, because of the cancellation clause. If the deal fails to be consummated, the side which fails pays the other a cool $1 billion. That's supposed to be a solid inducement to get the job done, which Twitter's board wants to see.
Elon? Who knows what he wants.
https://arstechnica.com/tech-policy/2022/05/twitter-board-tells-elon-musk-we-will-not-alter-the-deal/
There's a problem with this. There is a specific clause in the purchase agreement that he will not disparage the company while trying to purchase it. Something that he has done repeatedly. He already has one shareholder lawsuit against him for manipulating the stock price, plus an FTC investigation against him. The man is a moron, or thinks that his wealth makes him immune to investigations and lawsuits.
Since he announced his intention to buy Twitter, the world economy has taken a bit of a nose-dive, and the stocks of Twitter and Tesla have tanked. Both are worth a lot less. But he has a signed agreement to buy Twitter at $54 per share. A lot of people are wondering if he actually has the backing to conclude the deal at this point, what with the stock price reduction of Tesla, which is one of Elon's major sources of wealth. People are also wondering if he even wants to go through with it at this point, and whether his derision of Twitter is a way of announcing he wants out, hoping THEY will cancel the deal, because of the cancellation clause. If the deal fails to be consummated, the side which fails pays the other a cool $1 billion. That's supposed to be a solid inducement to get the job done, which Twitter's board wants to see.
Elon? Who knows what he wants.
https://arstechnica.com/tech-policy/2022/05/twitter-board-tells-elon-musk-we-will-not-alter-the-deal/
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Date: 2022-05-19 12:35 am (UTC)Couldn't happen to a better person. UGH!!!!!!!!!!!!!!!!!!!!!!
Hugs, Jon
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Date: 2022-05-19 02:00 am (UTC)Tesla has been doing some bait & switch for a while - literally removing components and cheapening things for a few years now, while increasing prices. It's gotten worse with the semiconductor shortage. And strangely, their stock price and thus market valuation keeps going up! This stock revaluation is long overdue.
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Date: 2022-05-20 12:45 am (UTC)I totally want to ask the drivers if they are trying to help the environment or if they are just status seekers. :o
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Date: 2022-05-20 03:51 am (UTC)A friend of mine bought one early on, sold it 2-3 years ago. I told him about a problem that was beginning to appear: the memory in the computers were beginning to fail because non-volatile memory, like USB thumb drives, has a limited number of times that it can be overwritten before it fails and starts glitching. Tesla logs so many data points in their system because there are so many computers in that car that it overwrites A LOT and the computer in the console had started crashing in earlier models, costing over $3,000 to replace. And they didn't make it an easy repair. Required replacing the entire LCD touchscreen assembly. And they didn't have enough of them in stock to handle mass replacements! So my friend sold his car - at a profit - and bought a new hybrid Toyota Avalon, top model. Says it's infinitely a better car because of the much newer tech. Said the Tesla was quite good, for a 10+ year old car, but doesn't remotely compare to the newer tech. And he got rid of it before it started glitching. His Tesla was a much earlier model which wasn't capable of the self-driving garbage.
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Date: 2022-05-20 03:57 am (UTC)A great big UGH to all this self driving crap, no matter what maker it is. :o
Rochester was trialing self driving "taxis" recently.
I sure as heck wouldn't ride in one. :o
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Date: 2022-05-19 02:03 pm (UTC)I laughed.
which he clearly isn't based on his behavior
I laughed even more :D I definitely agree with your opinion of the man, he seems to hold himself in high regard even though really shouldn't! *snort*