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Posted

Struggling just to keep up with the commentary. It's wild that a company that still has yet to make a profit get this kind of treatment. If I'm reading it right, current shareholders are locked in and their shares will just be straight out sold?

Quote

Musk has said he would open up the website’s algorithm, putting content moderation decisions into clear view, although some researchers have said that would be difficult. He has also pushed for simple, broadly popular changes such as adding an edit button, as well as pledging to eliminate spam bots. And he has said he wants to open up Twitter’s verification process to more users, so the authenticity of accounts can be determined more easily.

FULLSSGBUEI6ZNO7D65GDJTMOU.jpg&w=1440

The company’s board and the Tesla CEO reached an agreement on his $54.20 a share bid.

 

social

Billionaire says he doesn’t care about making money from the business but cares about freedom

 

Steve

Kill slow play. Allow walking. Reduce ineffective golf instruction. Use environmentally friendly course maintenance.

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  • Moderator
Posted

Looks like Twitter was ready to do the poison pill. And then Musk got around it. From Post piece.

Quote

The strategy, known as a shareholder rights plan, would let investors buy Twitter stock at a discounted price unavailable to Musk. The flood of new shares would potentially make it prohibitively expensive for Musk to buy the company.

Then Musk outlined his financing last week, saying he secured $46.5 billion through loans by banks, including Morgan Stanley, and his own equity.

The company’s board of directors met with Musk on Sunday, and negotiations extended into the early hours of Monday, according to another person familiar with the negotiations, who spoke on the condition of anonymity because of the sensitivity of the discussions. The two sides were focused on determining whether Musk had the financing to complete the acquisition, and did not spend much time discussing Musks’s strategy for the future of the social network, the person said.

 

Steve

Kill slow play. Allow walking. Reduce ineffective golf instruction. Use environmentally friendly course maintenance.

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  • 2 months later...
Posted

Sounds like the deal is off!  Now Elon is trying to figure out how to avoid paying the 1 billion termination fee:

 

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If Elon Musk follows through on breaking his $44 billion agreement to buy Twitter, he could be setting himself up for a big legal fight — and potentially a $1 billion breakup fee.

 

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Posted

He might be trying to buy at a lower price.   Plenty of time to settle before this hits a court date.   Personally I hope he gets his ass handed to him 

—Adam

 

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  • Moderator
Posted
3 hours ago, imsys0042 said:

He might be trying to buy at a lower price.

I’m not sure he can. He negotiated the price and he waived his right to due diligence so afaik his argument that he’s backing out because Twitter is full of bots is moot.

Bill

“By three methods we may learn wisdom: First, by reflection, which is noblest; Second, by imitation, which is easiest; and third by experience, which is the bitterest.” - Confucius

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Posted
9 hours ago, billchao said:

I’m not sure he can. He negotiated the price and he waived his right to due diligence so afaik his argument that he’s backing out because Twitter is full of bots is moot.

Yea, I think he is stuck on this one. 

Hey, go in there Elon and destroy the bots 🙂

Matt Dougherty, P.E.
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  • Moderator
Posted
27 minutes ago, saevel25 said:

Yea, I think he is stuck on this one.

Well he doesn’t have to buy the company, but he’s trying to get out of the termination fee.

Bill

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Posted
48 minutes ago, billchao said:

Well he doesn’t have to buy the company, but he’s trying to get out of the termination fee.

Actually, I read an article, because of the state that Twitter was created in, which is very business friendly, the court can force him to obey the contract and buy the company. 

Matt Dougherty, P.E.
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:titleist: 917h3 ,  Hybrid:  :titleist: 915 2-Hybrid,  Irons: Sub 70 TAIII Fordged
Wedges: :edel: (52, 56, 60),  Putter: :edel:,  Ball: :snell: MTB,  Shoe: :true_linkswear:,  Rangfinder: :leupold:
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Posted
21 minutes ago, saevel25 said:

Actually, I read an article, because of the state that Twitter was created in, which is very business friendly, the court can force him to obey the contract and buy the company. 

Delaware?

Christian

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  • Moderator
Posted
29 minutes ago, saevel25 said:

Actually, I read an article, because of the state that Twitter was created in, which is very business friendly, the court can force him to obey the contract and buy the company. 

I have a hard time picturing how they would enforce that, though. It would be easier to force him to pay the termination fee, and even then I’m sure he could just not pay or something.

Either way this deal is going to be mired in lawsuits for a long time.

Bill

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Posted
1 hour ago, RFKFREAK said:

Delaware?

Yes.   Half the corporations in the US are "headquartered" there.   If you notice during a lot of big corp on corp trials, it ends up in Delaware.

1 hour ago, billchao said:

I have a hard time picturing how they would enforce that, though. It would be easier to force him to pay the termination fee, and even then I’m sure he could just not pay or something.

Either way this deal is going to be mired in lawsuits for a long time.

They can throw out his claims and hold him to the agreement.   At that point, it becomes a question if he tries to turn around and sell it.   I wonder what the Twitter board really wants.   They have a duty to do what is best, and that is usually accepting a good offer to purchase on behalf of the shareholders, however Musk represents such a disruption that you can make the case that him purchasing hurts the company and it's share price.

It's very possible that the court would order the merger through although the sheer size might make it prohibitive.   Here's a good article that summarizes the various ways this unfolds.

107062466-16528020832022-05-17t135939z_2

Here are eight possible resolutions to the Elon Musk-Twitter saga.

 

Bottom line, I think Musk has done a lot of harm to Twitter and if the deal falls through, I hope Twitter sues the hell out of him 

—Adam

 

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  • 3 months later...
  • Administrator
Posted

I mean… what?

Also, no politics. Keep it about the technology.

Erik J. Barzeski —  I knock a ball. It goes in a gopher hole. 🏌🏼‍♂️
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  • Moderator
Posted

My prediction is he’s going to trash twitter. I don’t use it much, but Musk is going to do irreparable harm. 

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Scott

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  • Administrator
Posted
6 minutes ago, boogielicious said:

My prediction is he’s going to trash twitter. I don’t use it much, but Musk is going to do irreparable harm. 

It's not like Twitter isn't without problems now.

And I'm not saying you said that, just… I like Twitter quite a bit, but there are and have been major issues with it.

Erik J. Barzeski —  I knock a ball. It goes in a gopher hole. 🏌🏼‍♂️
Director of Instruction Golf Evolution • Owner, The Sand Trap .com • AuthorLowest Score Wins
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Posted (edited)

Yea I love Twitter. I think it's an invaluable resource despite its issues. I hope he doesn't wreck it. I'm quite happy with my feed these days, so as long as no culture wars crap creeps in there I'm usually very happy with what Twitter throws my way. I guess all we can do is see what happens now. I'm definitely not throwing Elon eight bucks a month though 😄

Edited by JetFan1983

Constantine

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Posted

Twitter was never a profitable business.  He may damage it, but the only reason to pay 44 billion is for making a profit.  He has fired half the staff and wants to change the business model from advertising revenue to subscription revenue.  Whether it will work is debatable but from a business perspective he is better than the previous owners who only spent investor money

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Posted (edited)

Elon claimed having to cut jobs as Twitter was losing 4 million a day...

 

What he forgot to mention was that while Twitter hadn't been profitable, and lost about 200m in 2021 (so about half a million per day - in 2020 net loss was still around 1.1b), his purchase was a leveraged buyout.

Basically while him and the investors did agree of a price of about 46 billion in total, around 12 to 13 billion of that debt was a loan that was put onto the balance sheet of Twitter, with an interest rate of about 1 billion per year (excluding principal payment from some sources I've heard). It's this loan that Twitter stands collateral to that increases the loss to about 1500 to 2200 million per year, making it between 4 to 6 million per day like he mentioned..

Without that loan, the loss would have been much less and layoffs could possibly have been avoided (at least at such a scale).

 

I have the feeling many users will leave when they have to pay (I have never used it extensively, so I would not be willing to pay), and once Twitter will be facing high fines in many countries as they won't be able to uphold legal requirements to moderate "fake news" away (he fired that whole team according to some articles I have read). With the fact that advertisers are now dropping off, causing a massive drop of revenue, I am afraid he will sink that ship. 

I hope I am wrong, but time will tell..

Edited by cdh79

cheers Chris

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Posted
3 hours ago, cdh79 said:

Elon claimed having to cut jobs as Twitter was losing 4 million a day...

The talking heads on the radio made it sound like nearly all of the folks who were let go had been given as much as a year's notice. Most were let go not only to balance the books but many of them were supporting legacy software that Twitter's no longer using. Seems like many of them either could have known or possibly should have known that their job was going to be eliminated. 

Having said that, it always sucks having your job eliminated. Even if you do know its coming. 

I guess the one silver lining is that at this moment in the US we still have tons of job openings. It's one of the rare times that I can ever remember where we have more jobs available than we have people to fill them. I also am sympathetic to the fact that the job which is available may or may not be the job you want, or are qualified for, or is available where you live, etc... 

3 hours ago, cdh79 said:

I have the feeling many users will leave when they have to pay

I am of two minds on this. Part of me thinks that this is the way everything is going now a days. Charging monthly for everything seems to be the way of the future. I mean BMW is now charging you a monthly fee to use your heated seats! Everything from streaming services to car washes to groceries to utilities to the software on your Bushnell Launch Pro can be bought on a subscription basis. It's becoming the norm. So, maybe people will just be like, "Fine, what ever". Or maybe people will be like, "Enough is enough!" ... I don't know.

I do know that when Netflix (I know is a different service) changed it's pricing structure and laid off a bunch of its employees, there were tons of people who said "This is the end of Netflix." Yet, that was more than 10 years ago and it seems to be still doing okay. 

My bag is an ever-changing combination of clubs. 

A mix I am forever tinkering with. 

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  • Posts

    • Day 610 - 2026-06-03 Got some work in between lessons today. Rare late day, teaching until 7:30pm.
    • Let's continue on… Cool. The thing is, nobody's claiming par is "reliable" and par's inclusion piggy-backs in the course rating, which is awfully close to par and, thus, brings par in to make it make sense. Once again, for those in the back… (CR - Par) just makes it really easy to know what kind of score you need to shoot to best, match, or play worse than your handicap index. Yes, when par is different, the players from the higher par tees get an extra stroke (72 vs. 71, the 72s get an extra stroke. That makes sense and is a small complication (more info at https://www.usga.org/content/usga/home-page/handicapping/roh/Content/rules/Committee%20Content/USGA/LG_R6d.htm). However, most of the time, this adjustment will not be needed, as many courses play to the same par for the same genders from all sets of tees. And, the rare times it is needed, par (measured in whole numbers, integers) and strokes (also whole numbers/integers) map easily and the idea is easily grasped. Dean seems to be unaware of the fact that most every golfer carries something orders of magnitude more powerful than the highest end desktop computers available the last time he consulted with the USGA in their pockets. While it is quaint that his club puts printouts by the first tee… get with the times, Dean. Look up your handicap index and course handicap in the GHIN app and get on with it. It's a better system than the one that didn't account — at all — for a difference in the playing conditions (via an algorithm, not a judgment). Dean's assertions about the "less precise system because of par" continues to make absolutely zero sense. Right, it still changed tee to tee. Now it just changes differently… and in a way that more accurately reflects the score you need to shoot to play to your handicap. Previously, a 1.1 index would get 1 stroke on a 66.7/122 par-72 course. Now they give four strokes back to the course and must shoot 68 to play to their handicap. This makes way more sense. The 18-shot difference is a pretty extreme example. Maybe a long course that also offers a par-three set of tees could play that long, but… man, that's not going to be super common. Sensationalistic much, Dean? Also, once those unhappy (complete assumption) golfers realize a) what the change shows them (playing to net par = playing to your index) and b) realizes that their differential is going to be the same… I think they'll get over their initial questions. No. And yet… if he shoots the same scores, he'll get the same handicap index he has now. But he'll know on each course what score he needs to shoot to "play to his handicap." Sheesh, Dean. This stuff isn't that hard to figure out. Enough with the sensationalistic stuff. I don't find it "unacceptable" at all. Then again, I'm not nearly 80 and seemingly incapable of doing basic math these days. No. This literally makes no sense, as that part of the differential calculation and the course handicap calculation remains identical. Good! No. Categorically wrong. They should have been adjusting their handicaps all along. Previously it was by subtracting the course ratings. Which… is still basically what's done, with the addition of the course rating being "baked in" to the course handicap calculation. Dean is wrong here, or doing some math heretofore unknown by the world. When par is the same, what determines the difference in handicaps? The course rating, which Dean loves! Sheesh! You had to things when players were in situations like this before, too. This is getting exhausting. He keeps using words like "less precise" and "unfair" but does not seem to understand what they mean. This is like the Princess Bride meme: "you keep using that word. I do not think it means what you think it means." The caps reduce upward movement. Committees have reign to reduce a player's handicap, and there's still an automatic Exceptional Score Reduction. I'm going through these more quickly now because… well, it's silly how badly Dean misses the mark with this blog post. Dean is literally confusing the upward movement (with the soft and hard caps) here with the exceptional score reduction which is used when lowering handicaps due to an exceptionally good score. The creators of the WHS are handicap experts. They know more about the current state of handicaps/handicapping than the Pope Emeritus. It's been shown to have almost no effect across all handicaps. Yes, some 36s under the old system are now 35s under the new system. Yawn. He should have stopped there. It's easier to apply and makes more sense. This makes no sense. It's "not complex" but players will have to guess? And, for men or women, the stroke index of each hole doesn't change because they play a different set of tees. They get a different number of strokes, but it's always been true that when you get 14 strokes you apply a stroke to stroke index holes 1-14, and when you get 11, to just holes with a SI of 1-11. Objection, your honor. Assumes facts not in evidence. Dean's just out here continuing to make shit up about "the inaccuracy of par" and ignoring that with Par (an integer) came the Course Rating, which he agrees is precise and accurate. No. No, this is inaccurate. Also, as noted, you can randomly assign stroke indexes, and so long as all the low numbers or all the high numbers are not clumped together at the beginning or ends of the 18 holes, matches generally work out the same. This is inaccurate. It is an algorithm that looks at scores. That's it. Also, this is better than a system like the prior one where no such thing existed at all. Wildly inaccurate and off-base. Did they do actual testing? No need. They have millions and millions of rounds and ran many, many, many simulations. That's testing. Dean seems to continue to be unaware of the fact that computers are more powerful now than they were in 2002. But, he's nearly 80, so we can understand if not going so far as to give him a pass on how much he gets wrong. Cool. Noted. For the most part that was because many countries haven't been able to rate enough of their courses. :sigh:
    • Day 3 (3 Jun 26) - More work on keeping arms connected today - hard foam balls with 7i and 5w…..
    • Day 274 6-3 flow drill getting chest through, arms in front. Arms get a little pinned to the side, not as much in front as I want them when I add speed. 
    • Shot 48 yesterday.  For me bogey golf is good.  I was 10 over through 7 and figured with a Par 3 and 4 coming on all I needed was birdie / par to get my 45. I had a great tee shot on #8 and sunk  a 5 footer for birdie, game was coming together, now just needed par on #9. Had a great tee drive and the green was within range for a hoped GIR or nGIR.  But I pulled the shot left into tall weeds and needed to take a drop.  So much for par, but a bogey for 46 is still good for me. I hit my lob wedge to get over a small tree and saw the ball riding nicely  on line to the pin when my club hit the ball a 2nd time on my follow through causing the ball to change directions and ended up @ pin high but along the same tall weeds I just took an unplayable out of.  had no room for a backswing, Just hacked at it and it shot across the green to the rough on the far side.  Needed a chip & 1 putt got a triple bogey. you can see the hole fall apart in the screenshot below.  
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