In a nutshell… Musk was faced with a court that seemed poised to force him to live up to his agreement and buy Twitter whether he wanted to or not.
There are lots of articles about this. Look for news regarding the Musk-Twitter case in the Delaware Chancery Court.
Life is too short to sit and try to figure whether this guy is utterly or just mostly worthless, but he sure seems determined to come off as a Don Jr. with a certain amount of actual money. That’s an “utterly,” by the way, for those of you keeping score at home.
The default part passed because of all the harm he caused. He was going to be forced to pay and fighting it in court was releasing bad info on him and also would make him look worse when he would be forced to buy it.
Where was it when you bought in?
Musk wanted to buy twitter, but at a discount from the price he originally offered. When that proved unlikely he dropped suit and settled for the deal he originally offered them. This is the worst case for basically everyone, including Musk.
He did not buy the company for revenues or profits. He and his partners (Saudis, mostly) have an interest in controlling the public converdation and believe that owning social media platforms will give them king maker status in the future.
I wonder how many of Musk’s fans will read this as a denial of the NYT report…
…rather than the “Look at me; I’m so clever” joke that it is.
Musk’s personality, behavior, and instincts remind me of another unsophisticated and corrupt boor.
I dunno. Paul McCartney, Willie Nelson and Snoop Dog all manage to perform at a very high level in their chosen fields while high most of the time.
Your brokerage will sell them for you at the price Musk paid, according to what I just read. It’s frozen at that price.
He folded just days before he was to be deposed in that case. Make of that what you will.
I was thinking the same thing… Tesla shareholders must be very… “comforted”… by his increasingly irrational behavior. He is rapidly destroying brand equity. How long till owning a Tesla goes from cutting edge to a punchline?
@jmkwyo, @occamscoin, @voreason
Elon Musk is on the autism spectrum, as am I. A part of this is the idea that we are little gods. This is a problem when not dealt with, and it is apparent to me that he does not deal with it. Autistics can be extremely successful in their endeavors; one pointedness is helpful to an extent. However, the notion of always being right seems well rooted in him, and for that I have not been tempted by Tesla investing. It will crash like a lot of the tech stocks did several years ago. Not bankrupt, but humbled. Probably the same with Twitter, which was pretty much on this path anyway.
My $0.02
Hes ruining the brand. Its now becoming the official fantasy car of the proud boys.
This. He wasn’t going to “lose a billion or two,” he was gonna be forced to live up to his agreement. So he just did without going to - and losing - in court.
Artists may actually benefit for some detachment from reality. In the line of business that Musk operates it does not.
The saud (there is only one) has a six percent stake in the company, just like he did before the acquisition. Six percent makes him the plurality largest partner, at $1.89 billion. The other private investors have some $5.1 billion. That’s not “mostly”.
“If you are an executive at a major American corporation incorporated in Delaware, it’s very hard for you to do business and defy the chancery court’s orders,” Lin said.
…a study group with a “wide variety of views”, IOW the neo-nazis who think all Jews should be wiped from the face of the planet will have an equal seat and voice at the table alongside a Jewish person. And each will get one vote that’ll cancel each other out, and therefore he’s left no choice but to leave up all the “Kanye was right” posts.
All of them “creatives,” not trying to run a billion dollar company in a cutthroat market. Wanna get high and write a song? Sure. Wanna get high and try to outdo GM, Ford, Toyota and Honda? I don’t recommend.
Getting really tired and fed up on outlets constantly reporting on the latest poutrage or abhorrent behavior from assholes. There are plenty more important things that should be front and center rather than what bannon/trump/musk/carlson/ had to say. It is taking up time and space for no good reason.