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{"id":9957,"date":"2022-07-15T14:47:23","date_gmt":"2022-07-15T14:47:23","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/07\/15\/twitter-aims-its-most-powerful-weapon-at-elon-musk-his-own-tweets\/"},"modified":"2022-07-15T14:47:25","modified_gmt":"2022-07-15T14:47:25","slug":"twitter-aims-its-most-powerful-weapon-at-elon-musk-his-own-tweets","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/07\/15\/twitter-aims-its-most-powerful-weapon-at-elon-musk-his-own-tweets\/","title":{"rendered":"Twitter aims its most powerful weapon at Elon Musk: his own tweets"},"content":{"rendered":"

Source: https:\/\/www.theverge.com\/2022\/7\/15\/23216684\/twitter-elon-musk-lawsuit-tweets<\/a>
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So it was a troll after all<\/a>.<\/p>\n

Look, I was willing to believe I\u2019d called it wrong after the merger agreement went through. Maybe Elon Musk was serious for a change! Maybe he really did want to own an also-ran social network! Maybe Musk was really looking forward to giving himself ulcers dealing with content moderation issues! People have done weirder shit for power, and I think we can all agree that Elon Musk is deeply interested in power. Why else would he be busy testing how well Americans enforce their laws?<\/p>\n

A quick recap: Musk is attempting to do a runner on the Twitter acquisition<\/a>, and Twitter isn\u2019t having it. Twitter lawyered up in the rudest possible fashion: with the firm that came up with the poison pill<\/em><\/a>. That firm then filed a lawsuit against Musk to try to force the merger to go through<\/a>. <\/p>\n

When the Twitter complaint dropped<\/a>, my impression, on the first read, was that someone really had a lot of fun putting it together, not least because the screenshot of Musk\u2019s poop tweet got included:<\/p>\n

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<\/p>\n\"A<\/p>\n

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Just guessing that whoever formatted this document was chuckling darkly the entire time.<\/em><\/figcaption><\/span><\/p>\n<\/figure>\n

I love a good lawsuit. Can Twitter win? \u201cHe signed a contract, it says what it says,\u201d says Tom Redburn<\/a>, the chair of securities litigation at Lowenstein Sandler, after he finishes laughing at my exasperation. Because Musk waived due diligence \u2014 that\u2019s the thing when you do some research on the company you\u2019re acquiring before you agree to an acquisition \u2014 his ability to walk away from the deal is constrained. \u201cThat\u2019s a tough position for a buyer to be in,\u201d Redburn says.<\/p>\n

In fact, Delaware\u2019s Chancery Court, which is widely used by businesses, tends to be fairly unsympathetic to buyer\u2019s remorse, Redburn says. There\u2019s one high-profile case where a buyer successfully got out of a transaction \u2014 and it was because of fraud. In 2018, medical group Fresenius, best known for its US dialysis service, successfully did not buy drugmaker Akorn because Akorn hid a whole bunch of business problems<\/a>. \u201cFresenius was able to prove Akorn was making up its data,\u201d Redburn says. That would<\/em> put something of a damper on a merger!<\/p>\n

This is kind of different from a half-baked assertion that Twitter\u2019s accounting for inauthentic activity is wrong. Musk\u2019s transparently bad-faith rationale for getting out of the deal with Twitter is that there are too many spambots, and the company won\u2019t give him the data he needs to determine exactly how many there are. Pathetic<\/a>. Even if that is true \u2014 and I have no reason to believe it is \u2014 Musk\u2019s team still has to demonstrate that it matters in some material way to the business. <\/p>\n

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