Tesla and SpaceX owner Elon Musk no longer wants to buy Twitter, the social media platform that has been a major forum for gaming discourse, memes and apologies written in white type on a black background for over a decade.
Musk is set to pay $54.20 per share for Twitter, equivalent to $43.4 billion, but Twitter’s share price has fallen to $36.81 since the deal was signed in April. That’s a fact Musk hopes will help him come out of it. A Letter (opens in new tab) The notice sent by Musk’s attorneys to Twitter’s attorneys indicates that Twitter’s “recent financial performance and revised outlook” could be valid grounds to cancel the purchase.
However, the main reason Musk says he should be let off the hook first came in May, when he said the deal was on hold while his team assessed the proliferation of “spam/fake accounts” on Twitter. According to Musk’s page, Twitter failed to provide the “necessary data and information” to make that assessment.
Twitter allegedly planned to offer (opens in new tab) Musk a “fire brigade” of raw data in June, and said yesterday that it removes over a million spam accounts every day (opens in new tab). The company does not accept Musk’s attempt to reverse the deal.
“Twitter’s board of directors is committed to completing the transaction at the price and terms agreed with Mr. Musk and plans to take legal action to enforce the merger agreement,” said Bret Taylor, chairman of Twitter’s board of directors.
Twitter’s board of directors is committed to completing the transaction at the price and terms agreed with Mr. Musk and plans to take legal action to enforce the merger agreement. We are confident that we will prevail in the Delaware Court of Chancery.July 8, 2022
When the deal was signed, Musk agreed to a $1 billion fee should he step down, but Twitter seems intent on tying him to the full deal.
“We are confident that we will prevail in the Delaware Court of Chancery,” Taylor said.
Musk has previously said his plan to buy Twitter is about protecting free speech on the platform, but he has yet to publicly comment on today’s attempt Not to buy Twitter. That would be normal for someone else, but Musk tweets about news affecting him so often that it comes across as surprisingly reticent.
Regarding Musk’s intentions for the platform, I’ve seen some threaten to leave Twitter if he takes over, while others have threatened to post more, but I’m not sure the average Twitter user Feed would have changed a lot. The power that private US-based social media companies like Twitter and Meta wield over the global flow of information is easily one of the biggest issues of our time, but I doubt Musk’s free-speech rhetoric applies to international political issues such as the United States like the Nicaraguan Sandinistas who said last year (opens in new tab) that Facebook banned them under false pretenses. The whole plan seemed more along the lines of Jordan Peterson’s recent post-Twitter exclamation: “Wake moralists! We’ll see who cancels whom!”
We may yet find out how Musk is on Twitter, as his decision not to buy Twitter after agreeing to buy Twitter doesn’t sit very well with Twitter, but it could be a while before this is settled in court. In the meantime, I’m sure we’ll all keep posting bad tweets – especially the brands that just can’t help it, as EA recently demonstrated.
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