On a break due to a lot of things, but let us savor:
Elon Musk said on Friday he was terminating his $44 billion deal for Twitter Inc (TWTR.N), saying that the social media company had failed to provide information about fake accounts on the platform.
Yeah, lots of us knew, yet it’s good when the other shoe gets to droppin’.
And some ol’ skool to celebrate:
Open this thread up wide and say “ahhhhh…”!
Hope folx have the best weekend y’all can, if you can! I’ll continue to be more away than not, for a while longer.
Some lawyers are going to start shopping for new mansions.
ETA: They might be able to pick up some slightly-used super-yachts super-cheap. Apparently that market is suddenly awash with supply.
@sdhays: ”Build me more stately mansions, o my billables!”
I have gotten into the habit of reading the headlines the Google app on my iPhone provides. Very rarely are these headlines related to actual important (and/or current) news. In any event, there was an article from People magazine informing me that Musk recently fathered twins. Apparently he tweeted that he was doing his part to help the underpopulation crisis. It seems he believes the world does not have enough people.
The caption under his picture could have been “Christ, what an asshole!”
I think, in fact, that Musk has suffered significant reputational damage. And possibly future financial damage as well. Once upon a time I had some respect for him, but no longer. We shall see.
Based on how fast the Twitter board said “Yes”, it was obvious Musk was overpaying, and hadn’t planned it well beyond a PR Stunt.
I hope they soak him… he can afford it.
Yeah, turns out “didn’t give the numbers I liked” is not a valid withdrawl condition, especially after they gave him access to the Firehouse – every Tweet being made in real time.
Delaware courts – the specified jurisdiction in the contract, have enforced these purchases before, requiring those backing out to liquidate other assets. The Twitter board sees Elon with this high bid in the $50’s as the best possible option for shareholders, and thus must pursue an order to buy Twitter at the price agreed upon.
But it’s going to be a huge fight.
Gee, what a surprise, since the deal never made any financial sense, even before the stock market drop. It will be interesting to see if the courts hold him to the billion dollar penalty for withdrawing his offer.
@sdhays: Musk’s lawyers are probably the primary driver of inflation.
The gossip: He had secret twins!
I guess her new job is now not available. LOL
A philanderer and overall douchebag getting slandered a thousand different ways on a platform he’s too broke to buy.
this is amazing
Didn’t Musk have some sort of tussle with Amber Heard? Something about embryos, if I recall correctly
Hangs head “Again.”
There was a slimy billionaire named Elon
who decided to get a stupid deal on
he tried to buy Twitter
but had to reconsider
Let’s put him in a rocket to Orion
I said from the beginning that it would never happen.
I have never heard of the people in the music video but the music was great and I loved the visuals.
If Elon is being competently advised by experienced litigators, he’ll be told that it’s worth $1 billion to avoid being deposed. He would be a more self-destructive deponent than Trump.
Gin & Tonic
Glad to see you posting, and I hope your health issue reaches a swift and satisfactory resolution.
And that’s why he thinks populating Mars is the answer?
@Pharniel: Consider my Fruede to be thoroughly schadened.
Gin & Tonic
@Burnspbesq: I think Matt Levine thinks he can’t get out of it even with that $1B.
David ☘The Establishment☘ Koch
Who could have known
If Twitter has the stomach for it, they can hold to him to more than the billion, though it might take a long time. The contract language doesn’t actually allow him to simply walk away for a flat billion. Twitter can ask the Delaware courts to enforce the agreement.
But then they will have to keep on dealing with Musk for as long as that takes. Musk is counting on the fact that he’s a known asshole to dissuade them. Seems like a fair bet. That’s more or less how he got Tesla.
I was looking at the NY Times story via the Seattle Times (no paywall) and it looks like the Bezos yacht had 3 masts planned for what looked like a hybrid sail.
I’m thinking just don’t install the masts and it should fit under the bridge, just install them elsewhere.
I had respect for Elon Musk back when I knew absolutely nothing about the SOB other than the fact the fact that he was trying to expand the market for electric cars. Every fact I have learned about him other than that 1 detail has made him more and more repulsive in my eyes.
And I believe the twins were not birthed by his wife. I think I read that he and an employee are the parents.
@Scout211: He’s gross and I can’t imagine banging him. Ewww.
Great track, Pharcyde was brilliant.
Mike in NC
It will be cheaper for Musk to buy the Supreme Court.
@geg6: yes, that is correct. The twins and the other kid were born a few months apart.
Someone should make a site to nominate passengers for
GolgafrinchanMartian Ark Fleet Ship B.
The Thin Black Duke
Thank you for taking me back to the Pharcyde. Good times.
@Pharniel: he specifically waived due diligence, so his complaints about twitter not providing good data aren’t relevant in any case.
This is as entertaining as the story about Trump quitting his own social media company and running away from it.
@Mike in NC: Wow, you just made my heart sink into my stomach.
AJ formerly of the Mustard Search and Rescue team
Great to have some Pharcyde on the blog. Hope you are doing ok MisterDancer. We’ll be here with open arms when you get back.
Damn you for making me take a deep dive into the entertainment/gossip news on google!
Only the “best” news sites (i.e. gossipy infotainment sites that I never heard of before today) hint that Musk and Heard had an on and off relationship after she divorced Depp. The baby she now has could be Elon’s! But it would have had to be from IVF!!!
Spoiler Alert: NOT CREDIBLE.
Whew! I need a shower. Those sites are just icky.
@The Thin Black Duke:
In my younger days I used to sport a sag…
@Jerzy Russian: Messy, messy!
Thanks for the tune, MD. New one to me, though I see not to the world.
Musk could tender bitcoin to pay for twitter – paying for something of dubious value with something of dubious value.
That is what they are doing, installing the masts after the boat is towed under the bridge.
The boat is a sail boat, a huge fucking sail boat, like most it very likely has an engine as well. Mine did, although neither the boat or the engine were the same size as his. I bet his dingy might be bigger than my sailboat was.
@The Thin Black Duke:
I’m glad to see your nym! Hope you are recovering well, and that the medicos can soon find out what was going on with you!
@The Thin Black Duke:
What @SiubhanDuinne said.
I do not think the Twitter Board is going to walk away from the deal.
Fuckin’ douchecanoe extraordinare!
@AJ formerly of the Mustard Search and Rescue team:
What did I miss about MisterDancer? Whatever it is, hope you’re okay, MD!
You are so kind to cite me. I think I’ll take off my pants in your honour.
@Pharniel: My theory, based on some things I read and the way this issue was phrased is that the purchase agreement might contain a clause to the effect that even though he is agreeing to forego diligence (who does that?) he is entitled to rely on Twitter’s SEC documents, and Twitter provides estimates of bot activity in some of its SEC filings. His argument might be that if the filings are materially inaccurate he can walk away. If he has independent information, that might be one thing, but he’s asking for that information from Twitter, so it’s still hard for me to see how that argument would be successful. Most likely outcome is a settlement with a somewhat less valuable break up fee, but still a lot of money. The sums involved outstrip the legal fees. This is not a fight where you are going to settle just to avoid paying lawyers.
If I had a nickel for every time I heard that …
This is how Musks stupidity and arrogance catching up with him makes me feel
from what I understand, the douche canoe sans masts will pass underthe bridge.
@The Thin Black Duke: Good to hear from you!
@debbie: Cats are the original “fuck your feelings” group
@The Thin Black Duke: Good to see you’re feeling better
The Pale Scot
Jonathan Pie’s unique take on Boris Johnson
It’s like John Oliver on meth and Freon
Hey all! Thanks for the well wishes, yet a quick note: my issues aren’t medical for me, personally. Other people’s medical, yes, but I personally have other stuff going on in my…exciting life (sigh) .
Apologies for the confusion!
Y’know, color me crazy, but I just can’t shake this feeling that Elon Musk just might not be as smart as he seems to think he is.
@The Thin Black Duke: How are you doing, btw?
A number of people pointed out that most of his assets were actually illiquid. The post said today he sold $8B in stock and had commitments for another $7B. That’s only a third of his bid and not even enough to buy Twitter at it’s current price.
Basing your entire termination argument on bots seems like a poor legal strategy, but I’m sure he knows better than his counsel.
@MisterDancer: Ah, rats. Nix on these “interesting times” all round.
Being as it’s Elon Musk, I assume the contract doesn’t have a sanity clause.
John Crace in The Guardian suggests we call Paul Dacre Lord Fuck of Fuckshire. I wish we had him in the NYT but he’s necesssary to his country.
Sister Golden Bear
Fixed it for you.
@The Thin Black Duke: Great to hear from you! I hope your health is improving!
The thing about Musk that floors me is how thoroughly he has trashed his own reputation over the last few months.
I had a vaguely positive attitude towards him, thanks to Tesla (which I knew he hadn’t started, but I credited him with making it a global brand and making e-cars “cool”) and SpaceX (anyone willing to invest in space exploration is good in my book, though I’d much prefer the government was doing so).
Then: I find out everything I thought I knew was wrong.
Musk essentially stole Tesla from the original owners and is/was trying to use the same tactics against Twitter. SpaceX’s corporate culture is a nightmare of misogyny, bigotry and harassment. And Musk himself is a creep-jerk-asshole supreme.
Now I hope everything he does tanks.
Thanks, Elon, for showing your ass so bigly.
@Miss Bianca: What do you know?! C’est une folie à deux — if not more!
Ron’s got a bug up his butt.
Sick burn, DeSantis, on account of you’re here checking out plates in traffic and all. Woo, how’s Gavin going to sleep tonight, after this?
@Gin & Tonic: if the “waive due diligence” thing was really on the agreement not sure how he backs off cause they wouldn’t give him the data he wanted or disliked the data.
but that’s why a lot of lawyers are going to make a ton of money over the next 5-10 years cause he’s going to drag this out as much as possible.
wonder if the Twitter lawyers can get the court to put the “purchase price” in escrow for the inevitable loss?
@The Thin Black Duke: Hey you! Hope you’re feeling much better. Good to see you posting.
The Pale Scot
As an appreciator of sailing ships, that is the ugliest piece of crap I’ve ever seen. And some Captain with a Master All Seas license is going to suck it up to take that scow out of harbor for a ludicrous pric
Or as the Klingon said, hauled away as garbage
For those who were interested in this previous post:
TCM is running The Thing/Invasion of the Body Snatchers starting at 9:45.
Gin & Tonic
@Edmund Dantes: He didn’t “waive due diligence” he decided not to perform it. You sign a purchase agreement, the time to perform due diligence is before, not after.
@trollhattan: Speaking as someone who got the F out of Fla. after giving it a fair chance (3 wasted years of my life), I went to the Ca. DMV within 2 weeks of moving. I couldn’t wait to get the shithole’s license plate off my car.
O/T, but for any Canadian commenters who can see this, is the Rogers outage still ongoing? I’ve been trying intermittently throughout the day to phone my cousin and a friend (both in Ontario) and can’t contact either of them.
@The Thin Black Duke: Yay! Glad to see you posting, hope you’re doing better!
The Thin Black Duke
Thanks, folks. I missed the joint. Not 100% but better than I was.
@SiubhanDuinne: Yes, outage is still ongoing.
@trollhattan: Bullshit. I see plenty of Florida plates around here. In any event, this is a variety of the thinking “how could Biden have won, he didn’t have big rallies”.
@MattF: I think he’s the personal equivalent of Enron: there’s really nothing there but scam.
@trollhattan: Aside from Covid concerns, I don’t imagine there are many people driving all the way from FL to CA or vice versa when they could take a flight. But for trolling purposes, I would ask DeSantis if FL wages are even high enough for the average resident to take a cross-country vacation.
I lol’d https://twitter.com/TheRealSpaf/status/1545525198870429696
@no comment: Yeah, I was thinking on the same lines, some trolling like “Californians can afford to vacation in Florida, whereas Floridians…
@Anotherlurker: heh – maybe you should email Gav N with this nugget of insight!
Musk didn’t have any McDonald’s money.
@Sister Golden Bear: Thanks. I was going to say, this is Great Replacement BS, isn’t it?
@Miss Bianca: I think Gov. Newsom is in good hands, messaging wise. He doesn’t need my insights.
So what powers do the Delaware corporate courts have? Dare I hope it’s something like the end of Trading Places (“Seize all assets of Duke Brothers Commodity Brokers, and all personal assets of Randolph and Mortimer Duke”)?
Lots of room to spare.
It just makes me think that being a billionaire must be hard, having to solve all the problems of having enough money to pay for a boat so big that it can’t pass under a bridge that has been there for over 100 yrs. Is it possible that a billion dollars buys you stupid along with everything else?
You take that back! I mean really, that’s no way to talk about a filthy rich, pompous, arrogant ass who can’t keep his dick in his pants for more than 10 minutes at a time and who thinks his shit doesn’t stink.
still ongoing, no end date. In service transactions go through, ( CIBC card at a CIBC bank), some credit cards dependent on Service Provider to the store, but for example, Fraser Health, all systems were down today, ( our local clinic and hospital provider), because everything is online.
Luckily, no need for a Hospital and I had cash for the grocery store.
No end date promised.
@trollhattan: we fly to each others states idiots. Not many people drive all across the country. I have been to California for instance.
@Ken: Delaware courts aren’t that powerful, but I can attest they are masters of delay and inconvenience, especially in matters of inheritance.
@debbie: OMG, that is so true. My two cats Penny and Puddin did that quite often. They were such teases
@The Thin Black Duke: So glad to see you posting.
@CaseyL: He showed his ass during the Thai cave rescue. He called one of the Thai rescuers a pedophile.
@SFBayAreaGal: As I recall, the guy who coordinated the rescue was a white South African living in Thailand, and Musk didn’t begin insulting him until the rescuer rejected the mini-submarine that Musk threw together and sent halfway around the world to “assist” the effort. The rescuer said the thing was both too large and too inflexible to make it through the caves, and declined to use it, at which point Musk used his billionaire’s bullhorn to slander him as a pedo. I’ve despised the bastard ever since that incident.
@Alison Rose : And they have great timing: the 10 Downing Street cat licking itself in the background during a broadcast… link to twitter
There is a Y Tube cannel about super yachts, called eSysman SuperYachts. The other day he had a video about this –
It’s a fun channel
@trollhattan: I’m not sure what license plates have to do with it. People who go back and forth between California and Florida fly. They don’t drive. And there are a lot of people with residences in both L.A. and Miami, which DeSantis really should be aware of considering how much fund-raising he does.
@Anotherlurker: This is true too. You have 20 days to get a California license plate when you move into the state. You have 10 days when you move to Florida. You won’t see plates for long among peoole who have moved, and very very few tourists drive that far in anything other than an R.V.
Yep. I’m actually a certified cave diver and did a lot of shipwreck and caving diving when I was younger and still single. The mini-sub idea was utterly absurd and stupid
That was the moment that Elon Musk lost my respect and I lost any interest in ever buying a Tesla. I now have my eye on a Nissan Ariya for when the Prius finally gets retired.