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Elon Musk announced that he would leave his offer which was full of $ 44 billion to buy Twitter, leaving an agreement on the verge of destruction. Tesla CEO sent a letter to the Friday Twitter board said he ended the acquisition.But Twitter did not receive the declaration of Mr. Musk. The Chairman of the Twitter Council, Bet Taylor, Tweeted in response that the Board “committed to closing the transaction on the price and requirements agreed upon by Mr. Musk and plans to take legal action to enforce a merger agreement. We are sure we will win at the Delaware Chancellor Court. “
Twitter can encourage a break of $ 1 billion approved by Mr. Musk to pay in this situation. Conversely, it seems ready to fight to complete the agreement, which has been approved by the Company Council and CEO of Parag Agrawal insisting he wants to be perfect.The possibility of revealing an agreement is only the latest twist in the story between the richest people in the world and one of the most influential social media platforms. Most dramas have been played on Twitter, with Mr. Musk – which has more than 100 million followers – lamented that the company failed to fulfill its potential as a platform for freedom of speech.
On Friday, Twitter shares fell 5% to $ 36.81, far below $ 54.20 offered by Mr. Musk to pay. Tesla’s stock, meanwhile, rose 2.5% to $ 752.29.
Lawyer Mr. Musk, Mike Ringler wrote in the letter to Twitter on Friday that for almost two months, Mr. Musk has searched for data to assess the prevalence of “fake or spam” accounts on the social media platform.”Twitter has failed or refused to provide this information. Sometimes Twitter ignores Mr. Musk, sometimes has refused them for reasons that seem unjustified, and sometimes claimed to comply with when giving Mr. Musk information that is incomplete or cannot be used, “said the letter. He also said that the information was a fundamental thing for Twitter’s business and financial performance, and needed to complete the merger agreement.
“This is a disaster scenario for Twitter and his adoviation,” Wedbush and Ives analysts wrote on Friday in a note to investors. He estimated that the long court battle by Twitter to return the agreement or get a break of $ 1 billion specified in the contract. “From the beginning, this has always been the head of Scratcher to pursue Twitter at a price of $ 44 billion for Mr. Musk and never made sense on the road, now ended (for now) in the twilight zone which ends with Twitter up back to the wall and many on the road scratch their heads around what the next. “On Thursday, Twitter tried to explain more about how it calculated the spam account in a briefing with journalists and company executives. Twitter says it deletes 1 million spam accounts every day and spam accounts represent far below 5% of the active user base every quarter. To calculate how many dangerous accounts, Twitter said it reviewed “thousands of accounts” that were presented randomly, using public and personal data such as IP addresses, telephone numbers, geololization and how accounts behaved when active, to determine whether an account was real.
Last month, Twitter offered Mr. Musk access to “Firehose” raw data about hundreds of millions of daily tweets, according to several reports at the time, even though the company and Mr. Musk did not confirm this. Personal data, which is not available publicly and therefore is not in the “Firehose” data given to Mr. Musk, including IP address, telephone number, and location. Twitter said such personal data helps avoid mistakes identifying real accounts as spam.
At first, Twitter offered Mr. Musk chair on his blackboard. But six days later, Mr. Agrawal Tweeted that Mr. Musk will not join the council. The offer to buy a company came together quickly after that.Mr. Musk has agreed to buy Twitter for $ 54.20 per share, entering the “420” reference to the bid price. He sells around $ 8.5 billion in Tesla to help fund purchases, then strengthen his commitment of more than $ 7 billion from diverse investor groups including Silicon Valley weight beaters like one of the founders of Oracle Larry Ellison.On Twitter, Mr. Musk was greeted with confusion and moral falling, especially after Mr. Musk openly criticized one of the Twitter top lawyers involved in the content of content moderation.When the Twitter executive is preparing for an agreement to move forward, the company institutionalizes recruitment freezing, stopping discretionary expenditure and firing two top managers. The San Francisco company has also dismissed the staff, the most recent from its talent acquisition team.
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