Find out why Elon Musk is threatening to pull out of the Twitter acquisition.
Posted on 7.6.2022
Elon Musk, CEO of Tesla, announced in April that he would acquire Twitter. His decision made headlines for weeks, with investors and the general public speculating on his next move as the alleged owner of the social media giant.
Since his announcement, he has battled with Twitter over the number of bot accounts on the platform, saying it is far higher than SEC filings claim.
Twitter’s SEC filings say bots make up only 5% or less of their user base, while Musk echoed claims from independent organizations that up to 20% of Twitter users could be bots.
Today, Musk claimed he had the right to “terminate” the merger deal brokered between him and Twitter shareholders.
He threatened to terminate the agreement if Twitter did not provide him with information on the number of bots.
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Elon Musk has accused Twitter of ‘resisting and thwarting’ its ability to obtain information about bot accounts from the social media site, saying it is a ‘violation’ of the terms of their agreement. april.
Musk, the world’s richest person, sent a letter to the San Francisco-based company on Monday, in which he said: “Mr. Musk reserves all rights hereunder, including his right not to consume the transaction and its right to terminate the merger agreement. Several weeks ago, Tesla’s CEO accused Twitter of allowing a significant number of automated or “bot” accounts on the platform and demanded that the company release that data to him.
In late April, Twitter’s board and Mr. Musk jointly announced that he would buy the social media company for $44 billion and take it private. The deal could take months to finalize, and Mr. Musk has said publicly that it is not fully confirmed that he will indeed buy Twitter. »
After the letter was published, shares of Twitter fell 5% this morning.
Elon Musk accused Twitter of ‘resisting and thwarting’ its right to know about fake accounts on the platform, calling it a ‘clear material violation’ of the terms of their merger agreement in a letter to the company on Monday. . Our point of view ; Musk is looking to walk away from the case. »