Mr Musk, who also runs electric carmaker Tesla and rocket company SpaceX, unleashed confusion over the state of the deal. He tweeted last Friday that his Twitter purchase was “temporarily suspended” until he received more details about the amount of spam and fake accounts on the platform. He later followed, saying he was still “committed” to the deal.
How the Elon Musk deal unfolds on Twitter
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Blockbuster deal. Elon Musk, the richest man in the world, limited what seemed to be the incredible billionaire’s attempt to buy Twitter for approximately $ 44 billion. Here’s how the deal went:
The initial offer. Mr Musk has made an unwelcome bid of more than $ 40 billion for the influential social network, saying he wants to make Twitter a private company and wants people to be able to speak more freely on the service.
Will the deal pass? To complete the purchase, shareholders must vote and regulators must first review the offer. The investigation is likely to be intense and questions remain about Mr Musk’s plans for the company, especially since he suggested the deal could be “temporarily withheld” as he collects information on the amount of spam and fake Twitter accounts. (He later said he was “still committed” to the acquisition.)
Twitter executives have become Mr Musk’s targets.
On Monday, Parag Agraval, CEO of Twitter, posted a long topic detailing how the company calculates the number of bots. He said the company shared “a review of the evaluation process with Elon a week ago”. Mr. Musk responded to the topic with emojis.
Last month, Mr Musk prosecuted Twitter’s chief lawyer, who oversees policies to moderate the platform’s content. Mr Musk’s supporters followed suit, posting a stream of abuses against the company’s chief executive.
Mr Musk did not immediately respond to a request for comment. Twitter declined to comment.
Shares of technology companies have crashed since Mr Musk first announced his acquisition of Twitter earlier this month. Shares of Tesla, Mr. Musk’s main source of wealth, fell nearly 30 percent.
Negotiating a deal would not be easy. In addition to the $ 1 billion dissolution fee, Mr. Musk’s Twitter deal includes a “specific enforcement clause” that gives the company the right to sue him and force him to close the deal while the debt financing he withheld , remains intact.
But Mr Musk has also created a lot of public headaches for Twitter. Over the weekend, he tweeted that Twitter’s legal department had “called to complain” that it had violated a non-disclosure agreement discussing the size of the 100 sample. Mr Musk’s deal with Twitter also has a devaluation clause that forbids him to tweet negatively about the transaction.
The two sides continue to act as if there is a deal. The teams of the two countries held a pre-scheduled meeting on Friday. (Twitter confirmed that the meeting was “part of the transaction planning process.”) On Friday, Brett Taylor, chairman of Twitter, tweeted: “We remain committed to our agreement.
Mike Isaac contributed to the report.
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