Yeah I think this is right. You can’t sue the executives of even a publicly traded company for being awful. You’d have to sue the Board for negligence and that would require something like the Board not having any meeting notes to prove that Board meetings happened.
For sure, private companies are still subject to securities regulation, with some exemptions for things like continuous disclosure. Also they are accountable for what we would call common law in Canada like fraud and theft and embezzlement and all that good stuff.
How the thinking must have been back in March or whenever the financing was secured.
It’s the richest guy in the world coming to them with a deal for one of the Internet’s most recognizable brands. If you say no you are basically on the outs for any other Tesla / SpaceX / Musk offering. And Musk guy has been doubted by everyone for years and ended up the richest guy on the planet.
Yes he’s waiving due diligence which is crazy business practice but everything related to Musk has a huge demand in the financial markets and we’ll just sell this debt to his fan boys and collect the fees. He must be waiving due diligence to move as fast as possible. Furthermore, he has so much of his own capital and other equity partner’s money in the deal that even if he screws it up that equity gets wiped out and the debt holders then get Twitter for the 10-13 billion or whatever it was that they could put in at a time when the market cap was like 30 some billion pre-offer.
With hindsight this is all obviously flawed but at the time I am sure it was more compelling than any arguments not to get involved.
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omg, best meme I can remember seeing.
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It’s odd the Saudi’s kept their money in. They are second biggest investor. Why wouldn’t they cash out for the huge profit. Seems like that is pretty counter to Elon’s claim he is all about free speech.
It’s really not that odd, if you assume the free speech talk is actually about freeing pro facisim right wing voices and suppressing woke voices. Saudis seem perfectly happy to lose money on other investments to get diversified from oil and buy influence over western brands.
The deal makes more sense than LIV golf for sure
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It was mostly just this guy is good business for the bank long-term and lenders are generally idiots who have bought 100 other pieces of shit from us over the last year, they’ll buy this too.
You would think such a large foreign investment would warrant some regulatory investigation.
Douchebag Elon Musk Sinks Twitter and is about to go to trial in a $56 billion lawsuit over his Tesla compensation.
Is this some Silicon Valley thing? I can only think of Soviet Russia and other corrupt countries having ‘ghost employees’.
On Oct. 30, Mr. Musk received word that the rapid approach could cost millions of dollars more than laying people off with their scheduled bonuses. He agreed to delay, four people said.
But he had a condition. Before paying the bonuses, Mr. Musk insisted on a payroll audit to confirm that Twitter’s employees were “real humans.” He voiced concerns that “ghost employees” who should not receive the money lingered in Twitter’s systems.
Mr. Musk tapped Robert Kaiden, Twitter’s chief accounting officer, to conduct the audit. Mr. Kaiden asked managers to verify that they knew certain employees and could confirm that they were human, according to three people and an internal document seen by The Times.
Closest thing I can think of are no-show jobs that college football boosters give to recruits to get commitments.
Isn’t that essentially what happened with Milton in office space but in reverse?
Yeah I’m sure a manager who finds a ghost employee working under them is going to self-report on their own gross incompetence.
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Read the entire transcript and I have very mixed feelings. SOME of it is fairly astute and some of it is a little batshit.
But Scaramucci was 11 days!
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Wait so is Twitter blue really dead and the old verification system back in place?
I actually knew of a place that happened in the 90s. Middle manager hires some people, sets up desks, even has some people sit in them from time to time. It’s all a farce and he’s collecting their pay. It wouldn’t surprise me if this is happening a few places in our remote work world.
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