Twitter has responded to some of the claims that Elon musk has made against
them in his bid to call off his, was it $44 billion deal to buy Twitter
saying that his arguments make absolutely no sense and he should still be
obligated to buy the corporation at the originally agreed upon price.
So Twitter sued him last month saying that he's on the hook that was the deal he
countersued and submitted explain nations for why he didn't want it anymore.
And if it sounds dismissive for me to say he didn't want it anymore.
That's what it's about.
That is actually what it is.
Just because he has hundreds of billions of dollars doesn't mean he's not a kid,
which he is.
Let's see.
They say the counter claims made by musk are made for
litigation tail that is contradicted by the evidence and common sense.
They called his complaints factually inaccurate,
legally insufficient and commercially irrelevant.
So what are some of the claims that he has made?
What should cause a judge to dissolve this financial agreement?
He accuses the company of intentionally miscounting the number of spam accounts it
hosts to juice its user metrics.
He said it's a scheme to mislead investors about the company's prospects.
He also describes it as misleading for twitter to rely on the metric mDAU or
monetize daily active twitter users as a basis for revenue.
Those are interesting claims and they are reasons to not enter into
a financial agreement to buy twitter they were making.
They were using that as a basis for
their claims of revenue before you signed an agreement to buy the corporation.
You could have looked into the thing before you signed on the dotted line.
He didn't do that.
This is the work that a serious investor,
a serious businessman would do when there aren't billions of dollars on the line and
thus either he is as irresponsible as twitter and I are making him out to be or
those are not actually his reasons for wanting to get out of the deal.
I personally think that that is a better explanation for it, but
they've provided more of his claims that we can get into that.
But this legal battle continues and there,
I think making a pretty strong defense against his bid to get out of it.
>> I think so as well.
I just think that this never is something that ends well in part because it's like
trying to force someone to marry you.
If the man doesn't want the company, it's going to be problematic if for
some reason, which is very rare, if it happens the court to order specific
performance in terms of, you have to buy this company, which is unlikely to happen.
If anything, the court would award some form of damages that musk and
his entities would have to pay to twitter.
But it just, this really shows you what happens when billionaires try to get into
a game and they're used to not having to ever be accountable to anything and
to be able to manipulate stocks and make comments and
not necessarily face critical consequences.
And Twitter isn't here to play with Elon musk and especially since twitter
had requested that this case be expedited, that took away a lot of the wind and
must sales in terms of being able to, you know, keep the upper hand during the case.
>> I think this is wildly entertaining, I think it's so hilarious.
The only thing that would be better in this story is if Twitter and
secretly revealed revealed that they'd secretly like been using
AI to learn how to be the best s poster.
They've been using all the great trolls to expertly troll him on Twitter,
I love claims like this, I love these like little statements that we're reading
from because it is lawyers just writing like.
And obviously, every bit of evidence since the dawn of time shows and they used this
very fluffy language to do something that I think we all know in our guts, which is
that Twitter was something that Elon Musk wanted to buy, thought he could buy.
But when it became obvious that was a mistake, he wanted to pull out and
I agree.
I mean my everything I've read, I'm not a legal expert or anything, but
I think I read, it just seems like Twitter is like wait, it was a fake out, but
that was a sort of illegal kind of fake out and we are entitled to some kind of
damages and when it's like- >> A billion dollars.
>> Yeah, it's so good.
It's so good and I hope they get every single penny because Elon Musk is just
another one of these fake asses online who pretends that they're so awesome and
they are just self help gurus and motivate motivational speakers and outlets for
like people who are roid raging like Alex Jones and Jordan Peterson.
And they have these people who will tell you your mindless if you believe
anything except what the person that runs my life,
Elon Musk tells me to mindlessly accept it's hilarious.
>> Yeah, I wish the story is a little bit different like set up in a better way for
the consequences to really feel good.
Because like in theory Twitter is they're trolling him as you say and
that's nice, he's a bad guy who does a lot of bad stuff.
So it's good to see him trolled, but they're trolling him like along,
of course, where the goal is to get him to buy it, which at the end of the day
I don't want him to do even if it's at a wildly over inflated price.
I don't want him to own Twitter, I think it was a terrible idea before,
I still think it's a terrible idea.
So he might end up having to pay a billion dollars which look that's a lot of money,
it's funny, and we'll have an update on this at the start of the second hour.
He's gonna have to pay maybe 20 times what Alex Jones does, and
Elon Musk didn't even get to dispatch murderous psychopaths to
hound the families of mass shooting victims along the way.
He didn't really get much for his money, but
then by the same token it's a billion dollars, but what does any of that mean?
Elon Musk has hundreds of billions of dollars like in a suitcase,
what does it even mean?
It's all just, it's just numbers on a spreadsheet somewhere.
So he'll pay more money than everyone watching this show combined will make in
their entire lives and
it will have literally no effect on him or his businesses.
Which again, seems weird, even going through all of this as ridiculous and
seemingly it should be pretty humiliating as it is.
It doesn't seem to have broken through to his admirers, his worshipers out there on
social media, they still come out of this thinking that he's a good businessman.
That he's Einstein walking amongst us.
And so some of the developments are fun, I agree with you, but
I know the system just isn't really set up for this to pay off the way it should.
>> But with Alex Jones, as you'll learn about in second hour,
they have that story is this part of their financial calculation when they
make these big moves.
Now, most business people,
they look at every possible tool at their disposal to make more money, right?
And recently,
the same way that politicians have seen social media as a way to bypass the media.
Business actors see social media as a way to game the market, to make people move,
and sometimes has good fallout, such as in the GameStop moves.
But it also has these insane manipulation of
market connotations when it comes to Elon Musk.
Now, is there going to be another chapter in this book where people like Alex Jones
according to the decisions that were made today, and yesterday, and Elon Musk.
We need the justice system to make it not make financial sense for
them to play these kinds of games.
And until we do that, they're gonna say, well, I make $2 billion by doing
this illegal market manipulation and I only have to pay $1 billion in damages.
I'm still in a black jack.
>> Something also that,
it's maybe worthwhile to consider in terms of Elon Musk taking this to court or
forcing Twitter to go to court is kind of the tax rules.
And the limitations that are in place there,
because generally if you have to pay out because you have a court issued judgment,
it's something that is tax deductible.
And also your legal fees, things that are tax deductible and also in the court
situation, you are gonna be forced to have some kind of mediation or
settlement process and Twitter may not want to take that risk.
So they may be willing to settle for even less.
But either way it's a way that Musk, can reduce his taxes and
his business can as well by deducting that.
And so for him to again push into this legal process,
it's one of those realizations that we might want to bear in mind
that this could be completely and entirely strategic.
And the outcome, it might just be a shoulder shrug for Elon Musk,
whether it is a billion dollars out of his pocket or a lot less, or
if it's just a way to reduce his taxes.