this post was submitted on 29 Nov 2024
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He had purchased 7% of the platform without reporting it, which is illegal, when he made his joke "54.20" offer. That offer shot the stock up 30%.
He was trying to make a few quick billions by pumping and dumping the stock, but the SEC got onto him immediately, so he went and signed what he thought was an escapable contract with Twitter to try to get out of commiting federal crimes.
Twitter, not being idiots, made an inescapable contract, and were stunned when he signed it, but were glad to suddenly make billions in profit for all its shareholders.
He thrashed and fought buying it, all the way up to the Delaware chancery court. He was scheduled to testify under oath the next day, but suddenly dropped his suit to stop the sale. Apparently there were a great deal of damning emails and texts in the discovery process that Twitter's lawyers were expected to ask him about.
Dude committed federal crimes to try to make billions, and instead lost 10s of billions in buying twitter.
Ah, good ol stock manipulation, thank you for the explaination