Still recovering from Twitter’s decision to accept Elon Musk’s buyout offer? They claim the only way to get better is to drink more. Here’s the latest on the world-shattering transaction.
Tesla’s stock has plummeted. Musk’s electric vehicle company’s stock dropped more than 12% yesterday, wiping out more than $125 billion in market value. Investors may be concerned that even the supposedly superhuman Musk may lose focus while attempting to rebuild Twitter, or that he will be forced to sell Tesla stock to help fund the transaction. It also implies Musk lost $21 billion on paper yesterday, the same amount he has personally invested in the Twitter acquisition.
There is a breakup fee: Musk might owe Twitter $1 billion if his financing sources fail, according to a new SEC filing. Alternatively, if shareholders reject the offer or if it finds a more appealing purchase, Twitter will owe Musk $1 billion. The transaction is expected to be completed by October 24.
Jack Dorsey went off on a tangent. “Elon is the sole solution I trust,” the former Twitter CEO and current Block Head tweeted on Monday. I have faith in his goal to spread consciousness.”
Bezos, on the other hand, was a little more sceptical. Given the importance of the Chinese market to Tesla’s business, Musk’s archrival on Earth and in space pondered, “Did the Chinese government just gain a bit of leverage over the town square?” “Musk is really skilled at handling this kind of complexity,” Bezos said in response to his own inquiry. Isn’t it time to make amends, lads?
Along party lines, the number of followers fluctuated. Republicans applauded Musk’s commitment to enable unrestricted expression on Twitter when the agreement was announced, with many flocking to the platform. According to The Bulwark’s Barry Rubin, Democratic Rep. Alexandria Ocasio-Cortez and lefty TV show Rachel Maddow both lost thousands of followers in the hours following the revelation, while conservatives Dinesh D’Souza and Rep. Marjorie Taylor Greene each gained at least 41,000.
Ask the audience if they believe Twitter’s product will improve, deteriorate, or remain largely unchanged under Musk’s ownership.