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2022-10-06

Elon Musk, Twitter Held Unsuccessful Talks About a Price Cut for Acquisition

Representatives of Elon Musk and Twitter Inc. held unsuccessful talks about a possible price cut to

Elon Musk, Twitter Held Unsuccessful Talks About a Price Cut for Acquisition

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As of late Wednesday, representatives of Mr. Musk and Twitter were trying to hash out the details of his proposal this week to stick to the original agreement, including what would be required from both sides for litigation over the stalled deal to be dropped and whether the deal’s closing would be contingent on Mr. Musk receiving the necessary debt financing, some of the people said.</p><p>There was hope a deal could be reached Tuesday or Wednesday, averting a trial scheduled to start Oct. 17, the people said. In a sign of potential progress, the two sides have agreed to delay Mr. Musk’s deposition, which was scheduled to begin Thursday in Texas, some of the people said.</p><p>The price-cut talks had broken off before Mr. Musk caught Twitter off-guard by sending the company’s lawyers a two-sentence letter detailing his intentions.</p><p>Mr. Musk’s apparent change of heart Monday surprised many observers. TheTeslaInc. chief executive had spent the past several monthstrying to back out of the dealafter alleging Twitter misled him about key elements of its business, including the amount of spam on its platform.</p><p>In July, Mr. Musk formally moved to walk away from the deal,prompting Twitter to sue himto follow through with the transaction on the agreed-upon terms. Mr. Musk countersued, alleging that Twitter had misrepresented the condition of its business and key metrics about the users on its platform, which Twitter has denied.</p><p>For now, the Delaware Chancery Court judge presiding over the legal battle is pressing ahead withtrial preparations.</p><hr/><p>NEWSLETTER SIGN-UP</p><p>Technology</p><p>A weekly digest of tech reviews, headlines, columns and your questions answered by WSJ&#39;s Personal Tech gurus.</p><p>PreviewSubscribe</p><hr/><p>Chancellor Kathaleen McCormick ordered Mr. Musk’s team Wednesday to search for any morepossible electronic messagesrequested by Twitter as the two sides prepare for a five-day, nonjury trial in Wilmington, Del. She said neither party had moved to stop the litigation.</p><p>“The parties have not filed a stipulation to stay this action, nor has any party moved for a stay,” the judge wrote Wednesday. “I, therefore, continue to press on toward our trial set to begin on October 17.”</p><p>The Musk team has been aggressive in pushing for broad information from Twitter, including a range of employee communications and data related to spam and fake accounts. Those requests at times prompted frustration from Chancellor McCormick. She granted some requests but denied others, and once called Mr. Musk’s data requests absurdly broad.</p><p>Legal experts have maintained from the beginning that Twitter appeared to have the stronger case, in part because Mr. Musk waived due diligence before agreeing to the deal and the merger agreement gave Twitter the right to sue him to follow through with it under a concept called “specific performance.”</p><p>Still, even a small risk of Mr. Musk’s prevailing in a trial could be too much for a company the size of Twitter to bear. For this reason, the majority of broken deal cases end in negotiated settlements, often with a small price cut. Such was the case with litigation between LVMH Moët Hennessy Louis Vuitton SE and Tiffany &amp; Co. in 2020. Those parties agreed to a nearly 3% price cut to avert a trial.</p><p>While Twitter’s stock price has held up because of Mr. Musk’s potential acquisition, its performance has declined. The company reported a drop in revenue in the second quarter that it blamed on weakness in the advertising industry and uncertainty related to Mr. Musk’s acquisition.</p><p>Mr. Musk has given few specific details about his plans for Twitter, but he has said he wants to transform Twitter as a private company and unlock what he called its extraordinary potential as a platform for free speech.</p></body></html>","source":"wsj_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk, Twitter Held Unsuccessful Talks About a Price Cut for Acquisition</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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As of late Wednesday, representatives of Mr. Musk and Twitter were trying to hash out the details of his proposal this week to stick to the original agreement, including what would be required from both sides for litigation over the stalled deal to be dropped and whether the deal’s closing would be contingent on Mr. Musk receiving the necessary debt financing, some of the people said.There was hope a deal could be reached Tuesday or Wednesday, averting a trial scheduled to start Oct. 17, the people said. In a sign of potential progress, the two sides have agreed to delay Mr. Musk’s deposition, which was scheduled to begin Thursday in Texas, some of the people said.The price-cut talks had broken off before Mr. Musk caught Twitter off-guard by sending the company’s lawyers a two-sentence letter detailing his intentions.Mr. Musk’s apparent change of heart Monday surprised many observers. TheTeslaInc. chief executive had spent the past several monthstrying to back out of the dealafter alleging Twitter misled him about key elements of its business, including the amount of spam on its platform.In July, Mr. Musk formally moved to walk away from the deal,prompting Twitter to sue himto follow through with the transaction on the agreed-upon terms. Mr. Musk countersued, alleging that Twitter had misrepresented the condition of its business and key metrics about the users on its platform, which Twitter has denied.For now, the Delaware Chancery Court judge presiding over the legal battle is pressing ahead withtrial preparations.NEWSLETTER SIGN-UPTechnologyA weekly digest of tech reviews, headlines, columns and your questions answered by WSJ's Personal Tech gurus.PreviewSubscribeChancellor Kathaleen McCormick ordered Mr. Musk’s team Wednesday to search for any morepossible electronic messagesrequested by Twitter as the two sides prepare for a five-day, nonjury trial in Wilmington, Del. She said neither party had moved to stop the litigation.“The parties have not filed a stipulation to stay this action, nor has any party moved for a stay,” the judge wrote Wednesday. “I, therefore, continue to press on toward our trial set to begin on October 17.”The Musk team has been aggressive in pushing for broad information from Twitter, including a range of employee communications and data related to spam and fake accounts. Those requests at times prompted frustration from Chancellor McCormick. She granted some requests but denied others, and once called Mr. Musk’s data requests absurdly broad.Legal experts have maintained from the beginning that Twitter appeared to have the stronger case, in part because Mr. Musk waived due diligence before agreeing to the deal and the merger agreement gave Twitter the right to sue him to follow through with it under a concept called “specific performance.”Still, even a small risk of Mr. Musk’s prevailing in a trial could be too much for a company the size of Twitter to bear. For this reason, the majority of broken deal cases end in negotiated settlements, often with a small price cut. Such was the case with litigation between LVMH Moët Hennessy Louis Vuitton SE and Tiffany & Co. in 2020. Those parties agreed to a nearly 3% price cut to avert a trial.While Twitter’s stock price has held up because of Mr. Musk’s potential acquisition, its performance has declined. The company reported a drop in revenue in the second quarter that it blamed on weakness in the advertising industry and uncertainty related to Mr. Musk’s acquisition.Mr. Musk has given few specific details about his plans for Twitter, but he has said he wants to transform Twitter as a private company and unlock what he called its extraordinary potential as a platform for free speech.","news_type":1},"isVote":1,"tweetType":1,"viewCount":299,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}