Eric Schiffer: Elon Musk ‘Is Strategically Masterminding an Attempt to Get a Price that Makes More Sense’

REPORTER Twitter says that ░░░░░░░░ his haste to buy ░░░░░░░░ social media platform Elon ░░░░░░░░ waived typical rights to ░░░░░░░░ diligence which is now ░░░░░░░░ to be a sticking ░░░░░░░░ in the 44 billion ░░░░░░░░ The attorney general of ░░░░░░░░ state of Texas is ░░░░░░░░ how Twitter could be ░░░░░░░░ Texans about the number ░░░░░░░░ bots on its platform ░░░░░░░░ analysts claim Texas has ░░░░░░░░ vested interest in supporting ░░░░░░░░ Musk as Tesla s ░░░░░░░░ headquarters are in that ░░░░░░░░ Well joining me now ░░░░░░░░ Eric Schiffer who s ░░░░░░░░ CEO of the Patriarch ░░░░░░░░ Eric welcome to you ░░░░░░░░ very much for being ░░░░░░░░ us SCHIFFER My pleasure ░░░░░░░░ Well this saga has ░░░░░░░░ going on for weeks ░░░░░░░░ Will he won t ░░░░░░░░ Do you think he ░░░░░░░░ getting cold feet and ░░░░░░░░ to find a way ░░░░░░░░ of this deal SCHIFFER ░░░░░░░░ don t think he ░░░░░░░░ getting cold feet I ░░░░░░░░ he is strategically masterminding ░░░░░░░░ attempt to get a ░░░░░░░░ that s going to ░░░░░░░░ more sense And he ░░░░░░░░ many different avenues to ░░░░░░░░ that One is going ░░░░░░░░ be the bot avenue ░░░░░░░░ that s where Twitter ░░░░░░░░ just most vulnerable And ░░░░░░░░ s very interesting timing ░░░░░░░░ terms of the AG ░░░░░░░░ forward and to what ░░░░░░░░ may have that been ░░░░░░░░ either directly or otherwise ░░░░░░░░ Mr Musk REPORTER So ░░░░░░░░ happens now Will Twitter ░░░░░░░░ to give over the ░░░░░░░░ that Elon Musk wants ░░░░░░░░ I think to the ░░░░░░░░ that that AG begins ░░░░░░░░ put pressure and this ░░░░░░░░ just be the beginning ░░░░░░░░ wouldn t surprise me ░░░░░░░░ see other states get ░░░░░░░░ even potentially other jurisdictions ░░░░░░░░ the federal side and ░░░░░░░░ some point they re ░░░░░░░░ to need to give ░░░░░░░░ data that it s ░░░░░░░░ directly proprietary all of ░░░░░░░░ is going to hurt ░░░░░░░░ in the short run ░░░░░░░░ it now puts them ░░░░░░░░ a very awkward position ░░░░░░░░ the most vulnerable way ░░░░░░░░ is you know the ░░░░░░░░ that they are suffering ░░░░░░░░ a challenge with respect ░░░░░░░░ bots REPORTER Just explain ░░░░░░░░ the Attorney General is ░░░░░░░░ involved here SCHIFFER Well ░░░░░░░░ we don t know ░░░░░░░░ ultimate final driver but ░░░░░░░░ driver that certainly is ░░░░░░░░ alleged is that he ░░░░░░░░ doing this on behalf ░░░░░░░░ the public and that ░░░░░░░░ s been material misrepresentations ░░░░░░░░ fact that could apply ░░░░░░░░ advertisers it could certainly ░░░░░░░░ to investors in Twitter ░░░░░░░░ he wants to clear ░░░░░░░░ what is really accurate ░░░░░░░░ whether there s been ░░░░░░░░ that any of those ░░░░░░░░ may have been relying ░░░░░░░░ that could have been ░░░░░░░░ damaging And obviously the ░░░░░░░░ beneficiary of this is ░░░░░░░░ to be Elon Musk ░░░░░░░░ being able to either ░░░░░░░░ out of the deal ░░░░░░░░ a short term level ░░░░░░░░ permanently but also to ░░░░░░░░ able to come back ░░░░░░░░ renegotiate the deal or ░░░░░░░░ Twitter s valuation get ░░░░░░░░ in the short run ░░░░░░░░ Yes so this whole ░░░░░░░░ it s about fake ░░░░░░░░ accounts isn t it ░░░░░░░░ easy will it be ░░░░░░░░ prove just how many ░░░░░░░░ are on Twitter SCHIFFER ░░░░░░░░ that s a really ░░░░░░░░ challenge in the short ░░░░░░░░ It s going to ░░░░░░░░ a much you know ░░░░░░░░ complex battle of experts ░░░░░░░░ to what a bot ░░░░░░░░ is and to what ░░░░░░░░ it s nefarious and ░░░░░░░░ really is real and ░░░░░░░░ s not Because you ░░░░░░░░ there are many people ░░░░░░░░ go on Twitter that ░░░░░░░░ look just like a ░░░░░░░░ and many bots that ░░░░░░░░ look like people today ░░░░░░░░ it becomes much more ░░░░░░░░ REPORTER There are many ░░░░░░░░ that say that Elon ░░░░░░░░ just rushed into this ░░░░░░░░ Do you think he ░░░░░░░░ fail to do his ░░░░░░░░ diligence here and it ░░░░░░░░ going to cost him ░░░░░░░░ I don t think ░░░░░░░░ he failed to do ░░░░░░░░ due diligence I think ░░░░░░░░ he s at a ░░░░░░░░ right now where the ░░░░░░░░ market the macro environment ░░░░░░░░ changed dramatically He s ░░░░░░░░ on record saying as ░░░░░░░░ as to the economy ░░░░░░░░ he s seeing an ░░░░░░░░ to be able to ░░░░░░░░ given the fact that ░░░░░░░░ know how his financing ░░░░░░░░ structured was in part ░░░░░░░░ least initially contingent upon ░░░░░░░░ or Tesla stock That ░░░░░░░░ changed in terms of ░░░░░░░░ because tech and most ░░░░░░░░ in general within the ░░░░░░░░ S are have been ░░░░░░░░ beaten down because of ░░░░░░░░ Fed s raising rates ░░░░░░░░ s put pressure on ░░░░░░░░ lot of public companies ░░░░░░░░ Okay Eric Schiffer interesting ░░░░░░░░ get your thoughts Thanks ░░░░░░░░ much for being with ░░░░░░░░ SCHIFFER: “Oh, thank you.”