August 11, 2022

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Elon Musk, divorce could cost Twitter a billion. But the show was a gamble – Corriere.it

The first of his two big challenges – transforming the auto industry by driving it electrification and conquering space as a private individual – he fought (and won) in the world he loves: industry. The third has to play away, in a field unknown to him: a complex legal dispute And for a long time, before the court of Delaware, the state in which Twitter was registered (for tax reasons).
As he threatened long ago, Elon Musk decided not to buy the San Francisco social network anymore. However, the accusation against Twitter of concealing the truth of a number of bots (fake accounts, without a real user) above 5% reported in the company’s documents, which appeared to aim to obtain a significant reduction in the price agreed upon in April, before the stock market crash, Above all, technology stocks ($54.20 per share, total spend 44 billion), Now it feels like a real retreat: for a while without rudder, TwitterIn addition to continuing to lose ground in the stock market, it is losing some of its best brains as competitors try to steal advertising contracts from it.

Judges’ Choices

He used to talk gracefully about his actions and the rudeness of the stock exchange authorities with his tweets affecting the markets often given to the public Sensitive information before it is notified in accordance with the rulesFor Controllers, this time Musk moved in a different way: Undo He did not announce this on social media, but rather was informed by the supervisors of the stock exchange, With 8-page notes for his attorney. And yesterday, Saturday, July 9, on the stage of the Allen & Co Sun Valley conference, he didn’t want to talk about the issue. The argument used to recover the buy-back offer (lots of fake accounts) is considered weak by experts. Cancellations of works of this magnitude are granted by judges only When the transaction is significantly different How was it presented?. If the bots are at last, instead of 5, 10 or 15% of the 330 million accounts, as experts predict, the judges won’t let Elon back down. It would be different if there were many fake accounts, even half. But this would be an earthquake for the entire world of social networking: the suspicion of massive user swells will affect everyone, from Facebook to YouTube via Snapchat.

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Market response

Musk, who has agreed to pay a $1 billion fine if he pulls out of the deal, is in trouble, but worse still is Twitter, which, along with its boss Brett Taylor, continues to argue that Tesla founder can’t back down and hopes Delaware court will compel him to do so To go all the way: Friday, July 8, after the announcement of the withdrawal of the purchase offer, the social network address charged down 5% and lost in the post market about that much, drops to $35. And that’s not all because many analysts believe that on Monday, July 11, when the markets open, Twitter could drop as much as $25 in value.

what is happening now

How will it end? It’s hard to guess because Delaware laws allow judges to beat different paths, while Musk, who said at the timeAnd buying Twitter was a social and political commitment for himwithout profit targets, he used to amaze. He could get out of the deal unharmed or he might have to pay a $1 billion fine. But a judge can also compel him to buy the company anyway (there are precedents) even if a Delaware court generally tries to resolve these disputes with out-of-court financial agreements between the parties. Now Elon He had to deal mainly with domestic issues: two more children had grown upTwins by an employee of one of his companies, Neuralink. Twitter is again being used as a savior: a post with the graph of US population decline is posted. In short: More children (up to 9) to help the homeland …

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