Elon Musk says Twitter deal is 'on hold'

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xyz123747 2 hours ago

Brilliant move Elon. The period between contract and closing in this kind of deal allows for due diligence, where the buyer can verify the representations made to it by seller regarding the underlying valuation. This is a key metric in valuing this business. If this metric is widely off the mark that will impact final price, if the Board knew, or had reason to know, it was wildly off the mark all along, the SEC will have a lot more to do than harass Elon about filing dates for paperwork, and the Board better hope their D & O insurance cover is really really high because the civil suits from investors will be endless and Elon will get Twitter for a song. If the metric is true, the deal proceeds as agreed. Either way, Elon wins. Well played. Hope his lawyers get a little bonus in this month's bill!