It's okay. I don't think I need to go to Delaware in October. It is intended to give the parties time to complete the deal. The court case is still going on if the deal doesn't close.
This week has been one year old. On October 4th, Musk filed a letter with the SEC stating that he intended to do the deal as long as the court proceedings continued. Musk was to be deposed on October 6th.
We think it's a good idea for Musk to buy us for $54.20 a share.
There are a lot of lawyers in my life, and I love them all, but I know they're not good people. One of Musk's firms is known for its punishing hikes, which sometimes require helicopter rescues. This is going to work out, but I am not sure.
You will receive a SEC letter if you are on the social networking site. You put out a carefully worded statement to the effect that you think Musk should buy us for $54.20 a share. You should tell Musk that it is for real. Maybe it's time to see some money moving hands. Maybe that means you would like to have money deposited into a bank account. Maybe you would like to change the legal agreement. I'm not sure.
According to The Chancery Daily, the docket slowed down. When I leave the gym in the morning, I have a small panic attack as I look at the emails I have received. Crickets this week. Something serious must be happening, says "Chance". Musk is a big fan of lawyers.
Musk was trying to get a few bucks knocked off the price so he could save some money.
The New York Times and The Wall Street Journal both reported on October 5th that Musk offered a lower price than $54.20 for the company. According to the Times, Musk was at one point asking for a 30 percent discount, but he was scrambling to get a few bucks knocked off the price.
Usually sources for these stories are lawyers or bankers who just want everyone to know they are involved; since these stories make Musk look kinda desperate, I think the source is on the social media side. The Times story has a graf in it.
Twitter is considering a range of options for adding certainty to the deal. They include court supervision of the closing process to ensure that Mr. Musk follows through on his commitment, and requesting that Mr. Musk pay an interest fee to compensate for the delays in the closing process, sources familiar with the talks said.
Who are the people who benefit from this information? "Hey, we're not Charlie Brown", was said by the social media site. Someone other than Lucy is needed to hold the football. A new deal price is not something that the social media company wants. The news that the letter about the original price went out to the company suggests that it won, and now its lawyers are taking a victory lap.
The problem is that the shareholders have already approved the old price.
According to Alex Spiro, Musk's lawyer, the deal would be done at a lower price if certain conditions were met. I don't know what those conditions would have been. If you put $20 billion in escrow and fail to close, we'll keep the $20 billion.
If the shareholders approve the old deal, you have to go back to them with a worse deal. The upside of taking a buck or two off the deal price is certainty and avoiding the trial, which will expose the inner workings ofTwitter to lookie-loos like me. It is not difficult to find embarrassing stuff in any set of documents that are released because social networks are so large.
I don't know if the delays are related to getting the money together, but it takes some time to close a deal.
There seem to be other issues, according to the report. The story states that the letter we all saw agreed to the deal pending receipt of the proceeds of the debt financing. There was no contingency in the original deal. It was tricksy.
"Don't worry, we promise we'll do the deal" is quite a thing to say when you've tried to back out.
The motion to stay the trial was filed by Musk's attorneys without any cooperation from the attorneys from the social media company. According to Musk's lawyers, the SEC letter made the trial irrelevant. This is worse than clowns. "Don't worry, we promise we'll do the deal" is a thing to say when you've tried to back out before. In its own filing, the social networking site said a lot.
The stay was granted anyways. The trial is back on if the deal doesn't close by the end of October.
Musk created an international shitposting incident by following the example of Silicon Valley isolationism. I don't know enough about the Russian invasion of Ukraine to start addressing Musk's solution on its merits. I think it's probably not a realistic solution that Musk united Russia andUkraine to dunk on him.
It seems like this annoyance is related to All-In, a Silicon Valley show where people worry about the war in Ukraine. In the most recent episode, VC David Sacks said that the markets wouldn't have bottomed out if the war wasn't ended. The main problem with most of the commentariat is that they don't play enough high-stakes poker, according to a piece written by him in The American Conservative.
These are the things Musk talks about. He was just repeating the common wisdom in his circles and I don't think he was expecting the blowback. He gets to do what he wants. Didn't you see the text?
It's a bad idea to annoy a judge.
Levine thinks that Musk will eventually own the social networking site. There could be more shenanigans. It is technically within the lines of what is allowed, but still annoying.
Is anyone getting annoyed? Chancellor McCormick's pointed tone of her orders this week could be an answer. There is a case about Musk's pay package that will be coming in front of her.
Between this maneuvering and the finding earlier this week that Musk probably had deleted Signal messages that were relevant to the suit, Musk may be less sympathetic to him. It's smart to annoy a judge. This judge is dumb and annoying. Musk usually gets to where he is by doing what he wants. I don't know if I'll be in Delaware in November.
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