It’s time for money for Elon Musk.
If summer passes, then autumn will be the beginning of flight for the richest man in the world.
The tech mogul has important appointments at the end of September that could have a huge impact on the empire he’s building. These appointments can also affect the image of the revolutionary and dreamy president he is building.
These appointments relate to two fronts: the abrupt reversal of his bid to acquire the social network Twitter (TWTR) For $44 billion, he promised to unveil an advanced human-like robot to be commercialized in 2023.
Musk will be questioned on September 26 and 27 by Twitter’s attorneys, who are asking a Delaware court in Chancery to compel the entrepreneur to honor his initial commitment to acquire the platform.
The bets are financial to Mask, who personally wanted to take control of the social network. If he loses, he will have to spend $44 billion of his personal fortune, which is largely based on his Tesla (TSLA) Involved. But Musk managed to secure the support of partners before his sudden withdrawal on July 8.
If Twitter loses, it is not inconceivable that the market value of the platform, a place where trend leaders and opinion makers gather, will suffer greatly because doubts about its profitability will undoubtedly arise.
Musk’s excuse for withdrawing his offer is that the social network is lying about how many spam bots or fake accounts there are on the platform. However, advertisers take into account the number of users on a social network to determine if they are promoting their products and services there.
Twitter has long said fake accounts make up less than 5% of its users, but Musk says that number is closer to 20%. However, it should be noted that the billionaire chose from the start to make an offer without the prior due diligence as is the norm in mergers and acquisitions.
Twitter believes that Musk changed his mind when he saw markets shaken by recession fears. Basically, it’s all about the money or the price. Twitter shares are currently trading at $41.58, $13 less than the $54.20 per share that Musk offered on April 25 to acquire the entire company of which he was already the largest shareholder since April 4 with a 9.1% stake.
Does musk deliver?
Twitter shares closed at $48.93 on April 22, the last trading session before Musk’s offer was announced.
The filing, which can extend to September 28, is supposed to take place at a law firm in Wilmington, Del. , according to the court filing.
A five-day trial is scheduled for October 17 before Delaware District Court Counsel Kathleen McCormick.
Regardless of the outcome of the deposition, Musk is eagerly awaited by his fans and critics for September 30th. He is supposed to unveil a functional Optimus tycoon, a robot that will replace humans in Tesla’s factories, during a day dedicated to Tesla’s AI Advancement.
This is the second edition of Tesla AI Day, an event launched in 2021.
“Tesla AI Day has been pushed to September 30th, as we may have a working Optimus prototype by then,” Musk announced on Twitter on June 2.
The billionaire had said in January that the Optimus prototype would be ready by the end of the year and that Tesla plans to market it from 2023.
No details have been leaked about what Optimus can do.
Question: Will Musk achieve?
“I actually think the most important product development we’re doing this year is actually the human Optimus robot. I think this has the potential to be more important than the car business over time,” the tech mogul said during a first-quarter earnings call.
That’s a big gamble as Musk has struggled to generate a lot of excitement around Optimus. The concept of Optimus fueled the desire of the Mongols to replace humans with robots in his factories. It was introduced in August 2021, during the first day of Tesla AI.
Optimus looks like a human in a robot suit, nearly six feet tall and weighing 125 pounds. Musk said at the time that it would use the same artificial intelligence systems that helped power Tesla cars.
The company said Optimus will help with repetitive tasks throughout the plant. Tesla wants to produce 20 million cars a year, compared to about 1 million in 2021.
Musk said robots could herald an era in which “physical labor is a choice.” Ultimately, that could mean “a universal basic income will be required,” according to the billionaire.
However, in 2018, Musk acknowledged that sometimes too much automation is a “mistake.”
The billionaire said at the time: “Yes, Tesla’s excessive automation was a mistake. To be exact, my fault. Humans are underestimated.”