This paper considers latest developments in the saga of Elon Musk ’s quest to acquire Twitter Inc and to resolve ongoing Delaware Chancery Court proceedings by Twitter to force Musk to complete and execute the acquisition agreement.Section 1 considers some key information recently disclosed to the court on 28 September 2022 during evidence discovery from Musk, including supporting correspondence with Jack Dorsey, founder and former CEO of Twitter, with Kimbal Musk, Elon’s brother and confidant, with Mathias Döpfner CEO of global publisher Axel Springer, with internet entrepreneur and business angel Jason Calacanis and with Parag Argawal, Twitter’s then current CEO. Areas focussed on include the evolution of Musk’s bid for Twitter, on free speech and BOT and Spam issues, on Plan B potential alternative platforms and systems including Blockchain based and on alternative monetization and development opportunities for Twitter if owned privately by Musk, including the development of new markets with potential value up to a staggering c.$1 Trillion. Additional points considered are the impact of free speech concerns on Musk’s thinking, including on one side Russia’s invasion of Ukraine and the censoring of Russia Today and on the other side SpaceX ’s immediate provision of satellite-based internet services to the Ukrainian side. On the US political side Musk is also shown to consider the current permanent ban and potential unbanning from Twitter of former US President Trump and the benefits of broadening Twitter’s user base to appeal to the right wing constituency as well as political centre and left. The significance of the $54.20 share offer price and the validity of some slightly bizarre marijuana share price theories aired in the press are also considered.Section 2 considers Musk’s latest sudden offer on 3 October 2022, apparently out of the blue, to close and complete the agreed merger deal to buy Twitter at the agreed price and to stay all court proceedings accordingly. However on closer scrutiny, this move appears to have been prompted both by the proximity of scheduled Delaware court proceedings in the middle of October (which Musk was expected by some leading market commentators to lose decisively) and also to avoid the much more immediate danger of 2 days of intense deposition of Musk by Twitter’s whole trial lawyer team- also coincidentally requested by Twitter on 3 October 2022 and originally scheduled for later that week. Section 3 then considers the Legal-Economics cost-benefit analysis and sensibleness of Musk switching from no-deal to deal at this point in the case.Musk’s requested compromise settlement agreement approach at the original price, appears to be consistent with that recommended in previous applied game theory analysis of this case, and with any downward price adjustment for questionable or overstated mDAU (monetizable Daily Average User data) and accounting numbers provided by Twitter being effectively offset by increases in estimated post-development value projections for Twitter. Keeping exactly the same price as in the acquisition agreement is also efficient as it allows Musk to just request reactivation of the agreed deal, within its existing deal closure timeframe, without having to renegotiate any of these details which might otherwise become contentious and allow further delay.These latest developments bring closure to the fascinating case of Twitter v Musk and this prime example of “caveat emptor” and “buy in haste… repent at leisure”. However there are still many opportunities for further dispute between the parties and indeed there could well be residual potential for huge related post-M&A follow-up litigation between Musk and Twitter parties and employees as well, so we should all surely keep a long term eye open, watching this space.(An additional appendix postscript added on 4 November 2022, concludes by reviewing some of Musk’s choicest and most outrageous tweets from before, during and after his takeover of Twitter and his initial steps and likely direction of travel in the monetization, restructuring, and any protection of Twitter and perhaps expansion of Twitter into what Musk cryptically calls “X, the everything app”.)
