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Musk’s About Face: Tells Twitter He’s Now Planning To Move Forward With The Purchase
from the dafuq? dept
So this was unexpected (well, perhaps not that unexpected) but Elon Musk sent a letter to Twitter last night stating he now intends to move ahead with the original deal to buy Twitter, with no changes to the terms.
Gentlemen:
On behalf of X Holdings I, Inc., X Holdings II, Inc. and Elon R. Musk (the “Musk Parties”), we write to notify you that the Musk Parties intend to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement, on the terms and subject to the conditions set forth therein and pending receipt of the proceeds of the debt financing contemplated thereby, provided that the Delaware Chancery Court enter an immediate state of the action, Twitter v. Musk, et al…. (the “Action”) and adjourn the trial and all other proceedings related thereto pending such closing or further order of the Court.
The Musk Parties provide this notice without admission of liability and without waiver of or prejudice to any of their rights, including their right to assert the defenses and counterclaims pending in the Action, including in the event the Action is not stayed, Twitter fails or refuses to comply with its obligations under the April 25, 2022 Merger Agreement or if the transaction contemplated thereby otherwise fails to close.
Separately, Musk filed with the SEC about the letter he had sent.
What does this all mean? Well… there’s a shit ton of speculation, but not much is actually known.
This does make it significantly more likely that Musk will in fact own Twitter outright in the very near future. But it’s not a sure thing. Some are arguing that it’s just another stall tactic, which it could be — but if that’s true, Chancellor McCormick seems likely to rip Elon’s brain out of his skull and forcefeed it to him (metaphorically speaking).
I joked that he was paying 44billiontoavoidmoreofhisembarrassingtextmessagesfromcomingoutinthediscoveryprocess.Butafewpeoplesuggestedtheremightactuallybesomethingtothat:mainlyinthathewasgettingpressurefromhisfriendsandfinancierstomakethisgoawaysotheydon’tgetfurtherembarrassed.Thatcouldbe,buthonestly,ifthatwerethecase,I’dthinkhe’dhavebeenbetteroffofferingtosettlewithTwitterfor44 billion to avoid more of his embarrassing text messages from coming out in the discovery process. But a few people suggested there might actually be something to that: mainly in that he was getting pressure from his friends and financiers to make this go away so they don’t get further embarrassed. That could be, but honestly, if that were the case, I’d think he’d have been better off offering to settle with Twitter for 44billiontoavoidmoreofhisembarrassingtextmessagesfromcomingoutinthediscoveryprocess.Butafewpeoplesuggestedtheremightactuallybesomethingtothat:mainlyinthathewasgettingpressurefromhisfriendsandfinancierstomakethisgoawaysotheydon’tgetfurtherembarrassed.Thatcouldbe,buthonestly,ifthatwerethecase,I’dthinkhe’dhavebeenbetteroffofferingtosettlewithTwitterfor10 billion and getting out of the entire mess for cheaper.
Another, perhaps more realistic, issue is that in just a couple of days Musk was scheduled for a two day deposition by Twitter’s lawyers in the case. Given what we’ve seen in the case already, with Musk constantly trying to mislead the court and multiple bits of discovery being used to prove it, there was a good chance that the deposition was going to go very, very, very badly for Musk. It’s quite likely his own lawyers were well aware of that and may have finally gotten that across to him.
As the always excellent Chancery Daily notes, this is not over yet. Twitter can’t just assume that because Musk says now he’ll complete the deal he’ll actually complete the deal. He’s already proven quite clearly that you can’t take him at his word on a binding contract. So it seems likely that Twitter is rushing to put in place some fairly ironclad locks that are the legalistic equivalent of “if you fuck around again, you’re going to find out so bad you’ll to wish you’d never heard of Twitter.” And Twitter has the legal team to do that.
Here’s Twitter’s statement on the matter, which may be the most expensive tweet in history if you count the legal billing hours that presumably went into reviewing it before it went out:
https://twitter.com/TwitterIR/status/1577380758192197632
This is exactly what the company line should be. It’s the same line the company has been using since the beginning of this mess, and if it doesn’t want to get in trouble, it needs to keep the same message like that going forward.
But I can guarantee that an army of lawyers are scrambling in the background to figure out how all of this works and how to lock it all down.
My guess (and it’s purely a guess) is that this does lead to Elon owning Twitter. They will sign some sort of much-more-strict deal that leaves basically no room for Elon to wriggle out of it. He’ll have a month or two to collect up whatever money he was promised from others, and then… it’ll become Elon’s Twitter.
Just in time for the Supreme Court to tell him he’s now guilty of providing material assistance to ISIS. On that note, someone tell Elon and his fans that now might be a good time to start supporting Section 230.
Filed Under: deals, delaware chancery court, delaware court of chancery, elon musk, surprise
Companies: twitter
Last Call: 10FaceMasks,10 Face Masks, 10FaceMasks,20 T-Shirts And More In Our Black Friday Gear Sale!
from the what-are-you-waiting-for dept
Sun, Nov 29th 2020 09:00am - Techdirt
Last chance for storewide savings on Techdirt Gear! Sale ends tonight »
Today is the last day of our Black Friday weekend sale in the Techdirt Gear store on Threadless! We’re offering discounts on all our designs, from old hits like our Takedown gear to new offerings like Otherwise Objectionable. The sale ends tonight, so hurry up and get yours while there’s still time!
In addition to the standard face masks and basic t-shirts, we’ve taken five bucks off the price of all apparel including premium tees and pullover hoodies. If you’ve had your eye on some Techdirt gear, now’s the time to stock up!
Filed Under: black friday, deals, gear, sale
Get $5 Off All Apparel In The Techdirt Gear Store! Sale Ends Tomorrow
from the don't-delay dept
Sat, Nov 28th 2020 09:00am - Techdirt
Get $5 off all Techdirt apparel before the sale ends tomorrow night »
It’s the second day of our storewide Black Friday weekend sale in the Techdirt Gear store on Threadless! We’ve knocked $5 off the price of standard face masks and all apparel, including the popular trio of Nerd Mentality, Nerd Mentality and Nerd Harder, as well as our classic Techdirt logo gear and all our other designs.
The sale ends Sunday night, so get yours today! In addition to the 10standardfacemasksand10 standard face masks and 10standardfacemasksand20 basic t-shirts, the discount applies to all apparel including premium tees and pullover hoodies.
Filed Under: black friday, deals, gear, sale
Black Friday Gear Sale: 10FaceMasks,10 Face Masks, 10FaceMasks,20 T-Shirts, And More!
from the it-begins dept
Fri, Nov 27th 2020 09:00am - Techdirt
Get storewide savings on all Techdirt Gear from now until Sunday night »
Our Black Friday weekend sale has begun! From today through the end of the weekend, we’re offering discounts on standard face masks and all apparel for all of the designs in the Techdirt Gear store on Threadless. Whether it’s one of our new offerings like That’s Not How Any Of This Works or an old favorite like Nerd Harder, now’s the time to grab that gear you’ve had your eye on!
In addition to the 10standardfacemasksand10 standard face masks and 10standardfacemasksand20 basic t-shirts, we’ve knocked five bucks off the price of all apparel including premium tees and pullover hoodies. The sale runs through this weekend and ends Sunday night, so get yours today!
Filed Under: black friday, deals, gear, sale
Techdirt Gear: Black Friday Weekend Sale Starts Tomorrow!
from the get-ready dept
Thu, Nov 26th 2020 12:00pm - Techdirt
Our Black Friday weekend gear sale starts tomorrow in the Techdirt store on Threadless »
Ever since Teespring took down our Copying Is Not Theft gear and refused to offer an explanation last December, we’ve been launching our new designs (and gradually moving over old favorites) on Threadless — and now, it’s time for our first storewide sale!
Starting tomorrow, we’re taking $5 off all t-shirts, hoodies, and sweatshirts and selling standard face masks for just $10 each! The sale applies to all our designs on Threadless, and runs through to the end of Sunday — so if you’ve had your eye on some Techdirt gear, or you haven’t yet checked out our store, now’s the time to get your wish-list ready!
Filed Under: black friday, deals, gear, sale
China Calls TikTok Deal 'Extortion'; Says It Will Not Approve
from the back-to-the-drawing-board-folks dept
As was hinted at in our previous post on China’s response to Trump forcing TikTok to… not actually be sold to Oracle, but to force TikTok into signing a hosting deal to store data in the US, it appears that China is going to do some posturing of its own. The Chinese government has said that it will block the deal which it calls “extortion.”
And, to be fair, the Chinese government has a point. It was extortionate. Trump told ByteDance it had to sell or TikTok would be blocked in the US. And while it didn’t actually sell TikTok, it was forced at gunpoint into a deal that it appears it would not have made otherwise. And, of course, China holds all the leverage here because Trump is a ridiculously bad dealmaker. His “plan” flopped in that he didn’t force a sale, and then to save face (and to help out one of his big donors) he gave the thumbs up to the Oracle non-purchase/hosting contract. It was already a weak move that everyone other than the dumbest of Trump’s fans knows is a weak move by a President who swings the executive power bat like a toddler who just learned how to smash things.
So, of course China is going to move for a better deal. In the Chinese state-controlled English language outlet China Daily, the the Chinese government goes in for the kill.
What the United States has done to TikTok is almost the same as a gangster forcing an unreasonable and unfair business deal on a legitimate company.
It (correctly) calls out that the “national security” excuse that Trump used is an obvious fig leaf and hogwash for his real motives. Of course, it claims that it was really about the US wanting to kill foreign competition, when that’s unlikely to be the case. It’s got more to do with various culture wars the President feels like fighting, rather than actually leading in the midst of a pandemic.
The editorial claims that even with this half-assed Oracle deal, it’s a move towards the US using mafioso techniques to gain control over TikTok, and says that China has no reason to approve the deal on its end.
It is not the first time the US has played such dirty tricks to bully foreign companies in order to either destroy them or take them over.
China has no reason to give the green light to such a deal, which is dirty and unfair and based on bullying and extortion. If the US gets its way, it will continue to do the same with other foreign companies. Giving in to the unreasonable demands of the US would mean the doom of the Chinese company ByteDance.
Again, this is almost certainly just more posturing. And, ridiculously, what’s it’s likely to come down to is some sort of stupid diplomatic discussion between the US State Department and counterparts in China to come up with something that will make the deal work — which means it will almost be an already worse deal than it currently is, with no redeeming points whatsoever, and what little Trump “got” out of the deal will not just be whittled down to nothing, but probably less than nothing.
Filed Under: china, deals, donald trump, extortion, national security
Companies: bytedance, oracle, tiktok
Sale Ends Tomorrow! Last Chance To Get CIA: Collect It All for 25% Off
from the collect-it-quick dept
Get 25% off your copy of CIA: Collect It All with the code STAYINSIDE until tomorrow night »
This weekend is your last chance to save on copies of CIA: Collect It All, our recreation of a real CIA analyst training game. Use the coupon code STAYINSIDE this weekend to get 25% off your purchase — the sale ends tomorrow night.
CIA: Collect It All is a game for two or more players with over 150 cards representing global crises that must be dealt with, intelligence techniques for addressing them, and the unexpected twists and turns that reality throws at an analyst’s best laid plans. It also comes with a set of variant rules that turn it into a storytelling game that generates tales of intrigue and spycraft.
Get 25% off your copy of CIA: Collect It All with the code STAYINSIDE until tomorrow night! »
Filed Under: cia, collect it all, deals, game, sale
The CIA: Collect It All Sale Is Almost Over… Order Now And Get 25% Off!
from the ticking-clock dept
Get 25% off your copy of CIA: Collect It All with the code HOLIDAY2019 until December 17th »
There are only three days left in our very first sale on CIA: Collect It All, the real training game for CIA analysts that we reproduced and launched on Kickstarter last year. The sale runs through Tuesday, December 17th which is also the deadline to order with express shipping and still get it in time for Christmas. Use the promo code HOLIDAY2019 with your order to get 25% off »
CIA: Collect It All includes 170 cards representing global crises, intelligence gathering techniques, and the unexpected circumstances and opposition that frustrate them. Plus, it contains rules for two separate games: the original CIA training game, and a storytelling variant that uses the cards for a more narrative roleplaying experience.
If you want to check it out first, or just print your own copy, the print-and-play version is now free on itch.io with the complete set of cards and rules formatted for easy home printing.
Get 25% off your copy of CIA: Collect It All with the code HOLIDAY2019 until December 17th »
Filed Under: cia, collect it all, deals, game, sale
Last Chance To Get CIA: Collect It All For Christmas With Standard Shipping, And Save 25%
from the tick-tock dept
Get 25% off your copy of CIA: Collect It All with the code HOLIDAY2019 »
Our first ever sale on CIA: Collect It All, the real training game for CIA analysts that we reproduced and launched on Kickstarter last year, will be running for another week and change — but this weekend is your last chance to order it with standard shipping in the US and still get it in time for Christmas. Monday is the deadline, and then you have until December 17th to order with express shipping. Use the promo code HOLIDAY2019 with your order to get 25% off »
CIA: Collect It All includes 170 cards representing global crises, intelligence gathering techniques, and the unexpected circumstances and opposition that frustrate them. Plus, it contains rules for two separate games: the original CIA training game, and a storytelling variant that uses the cards for a more narrative roleplaying experience.
After our current stock runs out, we don’t know if or when the game will be coming back! So if you want to make sure you get your hands on a copy, order sooner rather than later. And if you want to check it out first, or just print your own copy, the print-and-play version is now free on itch.io with the complete set of cards and rules formatted for easy home printing.
Get 25% off your copy of CIA: Collect It All with the code HOLIDAY2019 »
Filed Under: cia, collect it all, deals, game, sale
CIA: Collect It All Is 25% Off. Only Three Days Left To Order For Christmas With Standard Shipping!
from the don't-wait dept
Get 25% off your copy of CIA: Collect It All with the code HOLIDAY2019 »
Our 25% off sale on CIA: Collect It All continues, and this is just a reminder that if you want to pick up a copy of this real CIA training game as a gift, you have until Monday to order with standard shipping and still get it in time! After that, you have until December 17th to order with express shipping.
In some other regions you actually have a bit more time. The standard shipping deadlines are December 11th (Canada), December 12th (UK and Australia), and December 9th (Europe), while the express shipping deadline is December 17th in all regions except Europe, where it is December 13th.
If you aren’t interested in a boxed copy, or just want to check it out before you buy, we have also made the print-and-play version of the game available for free! You can download PDFs of the full card decks and the rulebook, formatted for easy home printing, and you’ll be collecting global intelligence in no time. Get your copy on itch.io.
Get 25% off your copy of CIA: Collect It All with the code HOLIDAY2019 »
Filed Under: cia, collect it all, deals, game, sale