Musk offers to complete Twitter purchase

[mountainjogger]

On the eve of trial.

https://apnews.com/article/elon-musk...e5be7a1388e0fd

[mountainjogger]

And his deposition was set to begin tomorrow.

[enjoythemusic]

USA's DC office squatters are going to be upset, there goes their propaganda platform.

[Star Ferry]

What were the odds that the DE court enforced the specific performance clause? Apparently high, since he’s doing this?

[brandrea]

Read it on twitter

[dddrees]

Originally Posted by Star Ferry

What were the odds that the DE court enforced the specific performance clause? Apparently high, since he’s doing this?

Well, it was all his doing after all. His other option was to pay a billion dollars to back out of the deal.

[Star Ferry]

Originally Posted by dddrees

Well, it was all his doing after all. His other option was to pay a billion dollars to back out of the deal.

I think you’d be more likely to see a buyer getting specific performance. Just having the clause in a valid contract is not enough; this is equitable relief that requires showing irreparable harm, lack of other good remedies at law, etc. Since businesses are unique and dollars are fungible it’d be easier for a buyer to make that case. It’s not clear to me what happened here — e.g., whether Musk’s lawyers thought the court would force him to do the deal anyway, or whether his lawyers just thought he owed the break fee and the prospect of paying the break fee really pissed Musk off

[mountainjogger]

Originally Posted by Star Ferry

I think you’d be more likely to see a buyer getting specific performance. Just having the clause in a valid contract is not enough; this is equitable relief that requires showing irreparable harm, lack of other good remedies at law, etc. Since businesses are unique and dollars are fungible it’d be easier for a buyer to make that case. It’s not clear to me what happened here — e.g., whether Musk’s lawyers thought the court would force him to do the deal anyway, or whether his lawyers just thought he owed the break fee and the prospect of paying the break fee really pissed Musk off

Paying elevated interest rates has also been mentioned. Don't know if that is contractual, statutory, or based on increased market rates.

Being subject to deposition tomorrow may have been another consideraton.

[330ci]

Originally Posted by Star Ferry

I think you’d be more likely to see a buyer getting specific performance. Just having the clause in a valid contract is not enough; this is equitable relief that requires showing irreparable harm, lack of other good remedies at law, etc. Since businesses are unique and dollars are fungible it’d be easier for a buyer to make that case. It’s not clear to me what happened here — e.g., whether Musk’s lawyers thought the court would force him to do the deal anyway, or whether his lawyers just thought he owed the break fee and the prospect of paying the break fee really pissed Musk off

After reading his proposed plan to monetize Twitter and cut down on costs, I think he realizes its a diamond in the rough. His proposed use of blockchain is going to be incredible if implemented properly. I don't plan on using it, but definitely interested to see how the platform progresses.

[dddrees]

Originally Posted by Star Ferry

I think you’d be more likely to see a buyer getting specific performance. Just having the clause in a valid contract is not enough; this is equitable relief that requires showing irreparable harm, lack of other good remedies at law, etc. Since businesses are unique and dollars are fungible it’d be easier for a buyer to make that case. It’s not clear to me what happened here — e.g., whether Musk’s lawyers thought the court would force him to do the deal anyway, or whether his lawyers just thought he owed the break fee and the prospect of paying the break fee really pissed Musk off

Based on what I heard he had a good idea what he was getting into. If he didn’t maybe he should have spent more time making sure he knew what he was getting into before making an offer and less time talking. He may very well be good at something’s, but this one sounds more of his doing than anyone else’s fault.