this post was submitted on 16 Jul 2023
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Agreed, but the writing was on the wall that he was not going to win - the judge had previously sided with sellers in these kinds of contracts in other cases.
If it had gone to trial and he was ruled against, he would have VERY likely been forced to settle the transaction rapidly with his own capital, rather than have time to arrange for the financing that he ended up using.
I think it's pretty clear in retrospect - he stubbornly tried to get out of the purchase while people who were smarter than him kept telling him he needs to start accepting reality that he's going to own twitter soon. Finally he gave in when he realized he had a lot more to lose than a few billion, or maybe he got a call from daddy who told him to stop being a moron and arrange a loan.
It's very unlikely though that it would have ever gone to trial or been settled against him. The last thing Twitter would have wanted was discovery on the case. Musk makes a lot of bullshit claims. But Twitter did too. And having to go into Discovery to prove that they were not trying to be misleading etc would not have gone well for them. They would have settled in a heartbeat for a song. It's great and all to see Elon eat crow and flounder. But I wish we could have seen the Twitter execs doing it too. Oh well.
I think a big part of it was that he announced he’s buy it for a ridiculously over-valued price and their stock surged as people bought in so they could get a slice of the pie.
If he didn’t follow through that would have been clear stock manipulation and, unlike dogecoin, there are more severe repercussions for that…
That's just an argument for not having billionaires who can do that sort of thing though. Especially fucking morons like Elon who've accomplished nothing of real note in his life beyond having money. Though sadly in America and much of the West that's all you need to have for people to worship you. We really are a bunch of sick monkeys.