I'm not so sure about that given how quickly they rolled over for his initial offer, with hardly any attempt to negotiate. It's hard to say why they did, but popular opinion is a reasonable explanation.
Now I think Elon has been acting in extremely bad faith throughout this process and I hope Twitter sticks to their guns, but I don't have a lot of faith.
It was a fairly large premium and it waived due diligence and had a $1B termination fee. I don't think the board expected Elon to sign the offer, it was very biased in Twitter's favor. But I think Elon was feeling much too impressed with himself and took the bait.
Yeah, I don't understand why people think this is still in the "dealmaking" phase. Twitter got Musk to agree to a certain price. The deal is done. Either Musk buys Twitter at the agreed price, or he's forced to admit he's not rich to buy Twitter and hands Twitter $1B in penalties.
unless I'm missing something it seems pretty cut and dry.
Musk relied on the truthfulness of the quarterly filings by Twitter, which included claims that less than 5% of tweets were fake.
If Musk can demonstrate that this is grotesquely false (which he probably can do, since it is obvious that at least 20% of tweets are fake), then he has a case against Twitter.
