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Value of X has fallen 71% since purchase by Musk and name change from Twitter
(www.theguardian.com)
this post was submitted on 02 Jan 2024
502 points (97.2% liked)
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Wasn't the penalty for not going ahead with the purchase 1 billion dollars? That seems to have been the better deal after all?
That was only if he couldn't secure funding, which he could. It did not allow him to just pay the 1bil and walk away.
The contract he did sign was aslo recklessly stupid, basically saying "i wave all inspections and due diligence l and promise to buy this at $54.20/share." Later, when he tried to bring up "possible spam bots" as some kind of get out of jail free card, twitter execs just had to point to that line and say "pay."
He made a lot of noise about fighting the buyout, but the court he was going to would have 100% forced him to buy based on his means and cut and try contract twitter got that sucker to sign
Probably