Submitted by eichenes t3_zs1rxf in wallstreetbets
When he signed his sales agreement in April, his offer wasn't good but higher than the stock price at the time. The Twitter board initially called the bid insulting.
Many were thinking the March rally will continue. He had already bought a 10% stake; so he planned to have the price go up close to his bid based on hype, then the board would have 100% rejected his offer, and he would cash out & make like quick 25% in the pump & dump. Just like his con in Corn & DogeCorn.
But the market tanked later in April & the Twitter board held him to his contract. I guess him waiving all clauses was to make it look as legit as possible given his history with SEC.
He has no contingency plan & is winging it. There's more downside to TSLA regardless of whether him being CEO or not. He has to sell more shares regularly to maintain margin requirements.