Sunday 10 July 2022

Dog eat dog

I am not a user of Twitter, but I was amused to read this morning that Twitter is suing Elon Musk for a large sum of money for changing his mind about buying them out at what now appears to be a rather inflated price.

You might think that if the owners of Twitter had pretensions to be supplying a social service, supplying grease to the wheels of the western democratic order, that they would not particularly want a big mouth, albeit a rather successful one, to be in charge. But I suppose the inventors of Twitter are long gone, took their money and ran years ago, and the present owners of Twitter are now a bunch of more or less anonymous shareholders who only care about their dividends. No pretensions at all.

The good news is that it is going to be a pay day for the lawyers of Delaware, that on-shore tax haven (possibly invented by President Biden during his time there as senator) where Twitter is incorporated, who will be charged with fighting the good fight.

References

Reference 1: Twitter hires US law firm Wachtell to sue Elon Musk for ending $44bn takeover: Social media group prepares to file suit vowing to hold billionaire to original deal terms - Hannah Murphy, Sujeet Indap, Ortenca Aliaj, Eric Platt, Financial Times - 2022

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