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Title : "The bots thing, man, I don’t know. We have talked about this before. Back before the market crashed, back when he was pretending to want to buy Twitter, Musk was pretending..."
link : "The bots thing, man, I don’t know. We have talked about this before. Back before the market crashed, back when he was pretending to want to buy Twitter, Musk was pretending..."
"The bots thing, man, I don’t know. We have talked about this before. Back before the market crashed, back when he was pretending to want to buy Twitter, Musk was pretending..."
"... that he wanted to buy Twitter in order to clean up the bot problem. Now he is pretending to want to get out of the deal because of the bot problem. It is tiresome to pretend to take this seriously, so let’s not. Still, as a legal matter... Is this pretext good enough to get him out of the deal? Well, look. If Musk can prove that in fact Twitter has been running a years-long fraud on its shareholders and advertisers — that it has knowingly been massively understating the number of bot accounts in order to trick companies into buying Twitter ads and shareholders into buying Twitter stock — then, sure, maybe that will get him out of the deal. Twitter does represent in the merger agreement that its SEC filings are correct.... If Twitter were simply lying — if it knew that bots were really 75% of mDAUs — then I suppose the rep would be false. Again there is absolutely no evidence for this.... But if you just pretend that Musk can somehow prove that Twitter is lying then... [he] still has to close the deal unless the representation is false and it would have a 'material adverse effect' on Twitter.... Companies advertise on Twitter because it sells products! People use Twitter because other, non-bot people also use Twitter, so it is a useful and enjoyable social network! Elon Musk — who has far more interactions with bots than most Twitter users — is addicted to Twitter because it is full of real people!... The pretense that Elon Musk has somehow exposed the secret truth that nobody uses Twitter except himself and some spam bots is just absurd! But we have to keep talking about it! It’s so stupid!"From "Elon’s Out/Musk lost interest in pretending to buy Twitter" by Matt Levine (Bloomberg).
"... that he wanted to buy Twitter in order to clean up the bot problem. Now he is pretending to want to get out of the deal because of the bot problem. It is tiresome to pretend to take this seriously, so let’s not. Still, as a legal matter... Is this pretext good enough to get him out of the deal? Well, look. If Musk can prove that in fact Twitter has been running a years-long fraud on its shareholders and advertisers — that it has knowingly been massively understating the number of bot accounts in order to trick companies into buying Twitter ads and shareholders into buying Twitter stock — then, sure, maybe that will get him out of the deal. Twitter does represent in the merger agreement that its SEC filings are correct.... If Twitter were simply lying — if it knew that bots were really 75% of mDAUs — then I suppose the rep would be false. Again there is absolutely no
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evidence for this.... But if you just pretend that Musk can somehow prove that Twitter is lying then... [he] still has to close the deal unless the representation is false and it would have a 'material adverse effect' on Twitter.... Companies advertise on Twitter because it sells products! People use Twitter because other, non-bot people also use Twitter, so it is a useful and enjoyable social network! Elon Musk — who has far more interactions with bots than most Twitter users — is addicted to Twitter because it is full of real people!... The pretense that Elon Musk has somehow exposed the secret truth that nobody uses Twitter except himself and some spam bots is just absurd! But we have to keep talking about it! It’s so stupid!"
From "Elon’s Out/Musk lost interest in pretending to buy Twitter" by Matt Levine (Bloomberg).
From "Elon’s Out/Musk lost interest in pretending to buy Twitter" by Matt Levine (Bloomberg).
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