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UpGhana Forum / Business / I Won't Buy Twitter Again - Elon Musk (4 Posts | 592 Views)
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I Won't Buy Twitter Again - Elon Musk by Markito(m) : 9:31 am |
Elon Musk, the richest man in the world is also the founder of rocket company SpaceX and electric car company Tesla
Elon Musk is seeking to end his $44bn (£36bn) bid to buy Twitter, alleging multiple breaches of the agreement. Mr Musk said he had backed out because Twitter failed to provide enough information on the number of spam and fake accounts. Twitter says it plans to pursue legal action to enforce the agreement. “The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr Musk,” Twitter chairman Bret Taylor wrote in a tweet, setting up a potentially long and protracted legal battle between the two sides. The original merger agreement includes a $1bn (£830m) break-up fee. Row over fake accounts In May, Mr Musk said the deal was “temporarily on hold” as he was awaiting data on the number of fake and spam accounts on Twitter. The billionaire businessman had asked for evidence to back the company’s assertion that spam and bot accounts make up less than 5% of its total users. In a letter filed with the US Securities and Exchange Commission, Mr Musk’s lawyer said Twitter had failed or refused to provide this information. Twitter has a problem with bots. In fact only yesterday it said it removed a million spam accounts a day. Elon Musk though has already put pen to paper on this deal, and it is not totally clear whether he can back out at this stage. Mr Musk will need to prove that Twitter breached their agreement. There are other potential reasons why Mr Musk might want to pull out of the deal. The stock market price for large tech companies has fallen steeply in the last few months – did Musk offer too much? And then there was the impact the potential merger was having on Mr Musk’s other companies. Tesla’s share price has fallen significantly since he announced his interest in Twitter. His position on free speech and how Twitter might moderate in the future – based on the laws of individual countries – also at times came across as naïve. Did Elon Musk ultimately decide he had bitten off more than he could chew? Spam accounts are designed to spread information to large numbers of people and manipulate the way they interact with the platform. On Thursday, Twitter removed around 1 million such accounts daily. Mr Musk believes that spam or bot accounts could account for 20% or more of Twitter users. Shares in Twitter fell by 7% in extended trading after the announcement. A self-described “free speech absolutist”, he had pledged to loosen Twitter’s content moderation rules once the company was under his ownership. He has long criticised Twitter’s ban of some accounts, like that of former US President Donald Trump. He has also called for more transparency over how the platform presents tweets to users, a system that currently allows some to be promoted and given wider audiences. https://www.myjoyonline.com/elon-musk-pulls-out-of-44bn-deal-to-buy-twitter/
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Re: I Won't Buy Twitter Again - Elon Musk by Tsatsu(m) : 11:22 am |
Markito: Elon Musk, the richest man in the world is also the founder of rocket company SpaceX and electric car company Tesla Too late for him to Back out
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Re: I Won't Buy Twitter Again - Elon Musk by Nk42(m) : 3:08 pm |
Oga Elun,na lie you must buy am..
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Re: I Won't Buy Twitter Again - Elon Musk by Markito(m) : 3:11 pm |
Nk42: Oga Elun,na lie you must buy am..
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