Elon Musk’s Twitter bid fell through not from strategic reasons, but hubris
Elon Musk is no stranger to self-inflicted pain. He constantly pushes himself to new limits, having founded groundbreaking companies like Tesla, SpaceX, and Neuralink, then in April, announcing his takeover bid of Twitter, vowing to reform the platform.
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But the deal fell through less than three months later, when Musk attempted to terminate the US$44 billion merger agreement due to his concerns about the number of fake accounts on Twitter. He claimed Twitter violated the contract by providing false information.
Twitter responded with a lawsuit of more than 60 pages. In the counter-complaint, Twitter said that Musk was using bots as a pretext to get out of a contract for which he was experiencing buyer's remorse.
On Jul 19, a judge ruled that Twitter's lawsuit against Musk should go to a five-day trial in October.
The market downturn has hammered Twitter shares, as well as those of Tesla, which the billionaire was relying on to finance the transaction.
Musk has created turmoil for himself, a distraction he does not need. The automotive industry is experiencing a supply chain crisis, and Tesla is not immune.
In a recent earnings call, Musk said, “It’s been kind of supply chain hell for several years.” Delays in production at new factories in Texas and Berlin have transformed them into “gigantic money furnaces”, he said in an interview published in June.