Instead of due diligence prior to inking the deal, Musk has instead taken feverishly to Twitter after signing the deal on April 25 to complain about fake users of the social media service and a lack of SEC oversight.
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“Mr. Musk did not ask to enter into a confidentiality agreement or seek from Twitter any non-public info regarding Twitter,” Twitter said in its statement.
Meanwhile, Twitter released its account of negotiations with Musk on Tuesday, revealing that the billionaire did not raise questions regarding non-public issues pertaining to the social media company – issues that he cited in declaring the acquisition on hold.
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Twitter’s proxy statement claimed that the Tesla CEO negotiated the $44 billion deal without carrying out any due diligence.
How do you agree to spend $44 billion without first taking a look at the internal books? If Twitter used a shoddy method to count those 5% fake accounts, then there is nothing Musk can say or do about it. They are not required to tell him. He did not make it part of the deal. Dude doesn’t even know what he is buying…
If you listen to the beginning of this Twitter was geared up to do extremely well business wise without Musk. The reasons are laid out. Then the video gets into chit no one needs to hear on how to use Twitter.
How do you agree to spend $44 billion without first taking a look at the internal books? If Twitter used a shoddy method to count those 5% fake accounts, then there is nothing Musk can say or do about it. They are not required to tell him. He did not make it part of the deal. Dude doesn’t even know what he is buying…
I’ve been burned before when buying a stock that revolves around a good idea, great even, but not necessarily a good business. And this is what gives me pause in investing in Musk’s excellent ideas. One can be a genius wrt invention, and absolutely insane wrt business.
IP,
still mourning KERA, which though better than Lasik, could not survive the deep pockets of their competition