Author: Chris

Except the impulse buy is 44 billion dollars worth:

BREAKING: Elon Musk is threatening to end his $44 billion agreement to buy Twitter, accusing the company of refusing to give him information about spam bot accounts. https://t.co/UsuX2k03ph

— The Associated Press (@AP) June 6, 2022

The last public payphone in New York City is being removed. https://t.co/AxFWr2Dxtd

— Fox5NY (@fox5ny) May 23, 2022

I haven’t used a payphone in the 21st century….. but this still hit me a bit.

For Twitter to deserve public trust, it must be politically neutral, which effectively means upsetting the far right and the far left equally

— Elon Musk (@elonmusk) April 27, 2022

In the past I voted Democrat, because they were (mostly) the kindness party.

But they have become the party of division & hate, so I can no longer support them and will vote Republican.

Now, watch their dirty tricks campaign against me unfold … ?

— Elon Musk (@elonmusk) May 18, 2022

Former President George W. Bush: “The decision of one man to launch a wholly unjustified and brutal invasion of Iraq. I mean of Ukraine.” pic.twitter.com/UMwNMwMnmX

— Sahil Kapur (@sahilkapur) May 19, 2022

Oh Elon….

Elon Musk can’t just walk away from his deal to acquire Twitter by paying an agreed-upon $1 billion breakup fee. It’s not that simple.

Musk tweeted Friday that he has decided to put his acquisition of Twitter “on hold” as he researches whether the amount of fake/spam accounts on Twitter is actually just 5%, as the company has long claimed.

He followed that tweet with another reiterating that he is still committed to the acquisition.

But he risks a lawsuit from Twitter for breach of contract that could cost the world’s wealthiest person many billions of dollars.
More than a breakup fee

Musk and Twitter agreed to a so-called reverse termination fee of $1 billion when the two sides reached a deal last month. Still, the breakup fee isn’t an option payment that allows Musk to bail without consequence.

A reverse breakup fee paid from a buyer to a target applies when there is an outside reason a deal can’t close, such as regulatory intermediation or third-party financing concerns. A buyer can also walk if there’s fraud, assuming the discovery of incorrect information has a so-called “material adverse effect.” A market dip, like the current sell-off that has caused Twitter to lose more than $9 billion in market cap, wouldn’t count as a valid reason for Musk to cut loose — breakup fee or no breakup fee — according to a senior M&A lawyer familiar with the matter.