Let's discuss the backdrop against which he made this decision, whether it was an incredibly elaborate effort to get out of the deal, and what the employees are saying about it.
The news came as a surprise. I think so. For months now, the billionaire CEO of the company has remained uncharacteristically on message, holding fast to his assertion that the amount of bots on the platform should be a reason for him to abandon his deal. His legal team was encouraged by the late-breaking appearance of a whistle-blower who claimed that the company poses a threat to national security.
I have adjusted my stance so that I won't get anything from Musk. I don't make predictions anymore.
This relative consistency is an exception in the multiverse of madness that is Musk's feelings about the company.
I used to write here that one should expect the unexpected with regards to Musk. Since then, I have adjusted my stance so that I don't expect anything from Musk. I don't make predictions anymore. His style of leadership has a randomness that I can't figure out. The man signed a deal, spent months trashing it, did everything he could to get out of it, and then one Monday night he told the lawyers that he wanted to sign it again. Fan fiction is written by people who tell you they can draw a straight line.
I can offer a scatter plot if I can't draw a straight line.
The past week has been turbulent for Musk. He posted a half-baked idea to end Russia's war on Ukraine, which involvedUkraine surrendering some of its territories, along with a yes or no poll. The Ukrainian ambassador to Germany told Musk to "fuck off" after he blamed bots for the victory.
Musk was embarrassed by the disclosure of various texts sent to him by millionaires and billionaires offering advice, money, and other support as he sought to acquireTwitter. The point is that discovery in the lawsuit had begun to blow back on him and his friends.
It might not be enough for a man to spend $44 billion to regain control of the product and narrative. I wouldn't wager my life on it.
Musk's case wasn't going well. If you are looking for an explanation for the events of the day, this is it. Musk signed the agreement without doing any research. Delaware is where most US tech companies are based, and it's where they adhere to the rule of law.
Musk’s legal team was getting the sense that the case was not going well, as Judge Kathaleen St. J. McCormick sided repeatedly with Twitter in pretrial rulings, according to one person familiar. Even with the late emergence of a Twitter whistleblower who alleged executives weren’t forthcoming on security and bot issues, there were concerns Musk’s side would not be able to prove a material adverse effect, the legal standard required to exit the contract.
It is possible that Peiter Zatko had contacted Musk before he tried to back out of the deal, which may have caused some unpleasant new questions for both of them.
Faced with likely defeat and much embarrassment along the way, Musk might have decided to capitulate.
There is reason to be confused here as well. There were two consequences if Musk lost. One is that the judge would force Musk to buy the company for $44 billion and the other is that she would force him to pay a $1 billion break-up fee.
Would you take the dice if you were Musk?
It would be bad for the business world and the legal system that underpins it if the world's richest person was allowed to leave a deal for a nominal fee.
You have lost a significant amount of your wealth due to the downturn in the markets, and you have spent a lot of time bashing the executives of the company. Wouldn't a rough couple weeks in Delaware be justified if you could save $43 billion?
I think it would work for me. The way Musk's legal team asked the court to stay or adjourn the trial before a settlement was reached was skeptical. As a way to delay the closing of the deal, Musk's team has been complaining thatTwitter is refusing to comply with the agreement from the beginning.
Maybe that is just standard legal stuff. It seems to me that if Musk was prepared to close the deal, he would have put out a joint statement with the company.
How will the social network reply? The company said they received the letter from the Musk parties. The company intends to close the transaction at $54.20.
If they are to reach a new settlement with Musk after all this, they will surely seek some new assurances from their owner. How Musk responds to that request will tell us a lot about how real today's move is.
The latest twist in the Musk saga hit hardest on the employees of the social media company. When news of Musk's latest antics hit the timelines, many of them were 45 minutes into a three-hour 2023 planning session. The meeting adjourned.
One employee of the company was suspicious of Musk's letter in the company's Slack channel. They wrote that they didn't understand why the deal needed to be proposed again. The original is still standing. Write the check.
An employee summarized the mood by saying that employees generally have a low opinion of Musk and that they would rather he and the company get on with it.
According to a poll on Blind, what will you miss the most?
One employee wrote that he saw the post and thought "haha my job", but realized he wouldn't miss his job. I will miss my job in the next two years, but I won't miss my job in the future.
It's time to leave the theme park and allow the new owner to take it down.
Another person said it was true. Maybe because of it, Jack Dorsey was still at his job. One of the benefits of working for him was that he had one of the best cultures. The time has come to leave the theme park and allow the new owner to build what he wants.
In the last few months, more than 700 employees have left the micro-blogging site.
Parag Agrawal, who has been mostly silent since the legal battle against Musk began, appears to have the upper hand for the time being.
The employee wrote that Parag had just finished the game. You outmaneuvered Musk and made a lot of money. You have a lot of money, and your reputation is not in danger. At the end of the day, you won. Have to be respectful of that. Don't dislike the player. I don't want to play the game.
This column was reported by ZOE SCHINER.
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