Elon Musk

2022 - 7 - 7

Why Elon Musk's $44 billion deal to buy Twitter could end up in court (NPR)

Billionaire Tesla CEO Elon Musk may have changed his mind about paying so much for Twitter. But it's not so easy to walk away from the legal agreement he ...

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Elon Musk officially tries to bail on buying Twitter (The Verge)

Elon Musk has filed to back out of his deal to buy Twitter, accusing the company of making false and misleading statements during their negotiations.

On some level, Musk’s Twitter acquisition had always seemed more like a game than a real attempt to purchase and grow a business. Musk seemed to relish the ability to make wishful product plans about free speech and corporate independence more than he wanted to develop a coherent business plan for Twitter. According to The New York Times, Musk laid out goals for Twitter under his leadership that seemed wildly ambitious, to say the least. Twitter still hopes to close the deal, despite Musk’s attempted termination. And there’s good reason for Twitter to want to keep the agreement together: the deal was a potentially lucrative one for Twitter shareholders, offering $54.20 per share, up from the $36.81 it closed at today. “Twitter has failed or refused to provide this information.” It’s incumbent that Musk prove that Twitter has breached their agreement, as he can’t just pull out the signed agreement because he feels like it.

Elon Musk notifies Twitter he is terminating deal (CNBC)

Billionaire Elon Musk wants to end his $44 billion deal to buy Twitter. Musk's lawyer claimed Twitter failed to comply with its obligations in the merger ...

"Despite public speculation on this point, Mr. Musk did not waive his right to review Twitter's data and information simply because he chose not to seek this data and information before entering into the Merger Agreement," Ringer added. On the day of that announcement, the stock ended the trading day at $51.70 per share. Under the terms of the agreement, Musk agreed to pay $1 billion if he backs out. The stock has fallen considerably since the board announced it had accepted his offer to buy the company at $54.20 per share. "Twitter has failed or refused to provide this information," Ringler claimed. Musk has previously said he wanted to assess Twitter's claims that about 5% of its monetizable daily active users (mDAUs) are spam accounts.

Elon Musk tells Twitter he wants out of his deal to buy it - CNN (CNN)

Elon Musk moved Friday afternoon to terminate his $44 billion deal to buy Twitter — the latest twist in a whirlwind process in which the billionaire Tesla ...

That type of resolution is common in merger disputes, he said, citing the recent deal involving luxury brands Luis Vuitton and Tiffany, which went to court but was ultimately completed at a lower price. Twitter has said that it relies on public and private information, such as ISP numbers and geographic data, on its users to count bots on the platform. "For nearly two months, Mr. Musk has sought the data and information necessary to 'make an independent assessment of the prevalence of fake or spam accounts on Twitter's platform,'" the Friday letter reads. Analysts have speculated that the concerns may be an attempt to create a pretext to get out of a deal he may now see as overpriced, after Twitter shares and the broader tech market have declined in recent weeks. In response, Twitter agreed to hand over its "firehose" stream of tweets Musk has for weeks expressed concerns, without any apparent evidence, that there are a greater number of bots and spam accounts on the platform than Twitter has said publicly.

Elon Musk terminating $44 billion deal to buy Twitter (ABC News)

Elon Musk is terminating a $44 billion bid to buy Twitter, according to a new SEC filing.

On May 13, he said his plan to buy Twitter is "temporarily on hold," citing concerns about spam accounts. We are confident we will prevail in the Delaware Court of Chancery.— Bret Taylor (@btaylor) July 8, 2022 "The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement," he said on

Elon Musk says he's terminating $44 billion Twitter buyout deal (PBS NewsHour)

Elon Musk's tumultuous $44 billion bid to buy Twitter is on the verge of collapse — after the Tesla CEO sent a letter to Twitter's board saying he is ...

On Thursday, Twitter sought to shed more light on how it counts spam accounts in a briefing with journalists and company executives. “From the beginning this was always a head scratcher to go after Twitter at a $44 billion price tag for Musk and never made much sense to the Street, now it ends (for now) in a Twilight Zone ending with Twitter’s Board back against the wall and many on the Street scratching their head around what is next.” “This is a disaster scenario for Twitter and its board,” Wedbush analyst Dan Ives wrote Friday in a note to investors. The chair of Twitter’s board, Bret Taylor, tweeted in response that the board is “committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. Much of the drama has played out on Twitter, with Musk — who has more than 100 million followers — lamenting that the company was failing to live up to its potential as a platform for free speech. Elon Musk announced he will walk away from his tumultuous $44 billion offer to buy Twitter, leaving the deal on the verge of collapse.