• KevonLooney@lemm.ee
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    1 year ago

    They wanted to sell because he stupidly offered a huge amount in a binding agreement. Musk had already bought a portion of Twitter. He wanted to drive up the price with a fake offer, then find a “problem” so he could sell at the higher price. It was just a pump and dump scheme.

    The problem is, it’s very hard (and illegal) to do that with someone else’s company. Twitter’s lawyers wrote the purchase agreement pretty well. They basically forced Musk to either buy the company 100% or go to jail, courtesy of the SEC.

    • supercriticalcheese@feddit.it
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      1 year ago

      After he bought twitter shares he only had to disclose that he did so with the SEC that was it. He did that late.

      None of this requires making an offer for acquiring twitter. But that’s what he did he made an offer to the Twitter board for 44B$, after the Twitter board realised it didn’t appear to be a joke they accepted the deal.

      At this point nothing was signed, this was the time before confirming the merge deal to do his DUE DILIGENCE which he didn’t do, he was in his right to back out at this point.

      Instead he signed the contract and only afterwards realised he didn’t want to pay 44B$ for twitter after all. This was already too late and nearly impossible to do, the deal was signed…