Everything You Need to Know about Elon Musk's $44bn Twitter acquisition

[upnorth]

Content source

https://www.bbc.com/news/business-62102821

Elon Musk is seeking to end his $44bn (£36bn) bid to buy Twitter, alleging multiple breaches of the agreement.

The announcement is the latest twist in a long-running saga after the world's richest person decided to buy Twitter in April. 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.

Elon Musk pulls out of $44bn deal to buy Twitter

Twitter says it is committed to the deal and will take legal action to enforce the agreement.

www.bbc.com

 

[Cybertan]

I cant even pretend to be shocked

 

[Gandalf_The_Grey]

Elon Musk proves he’s the wrong man to save the world

It’s on. Elon Musk has officially filed to kill his own Twitter acquisition, and Twitter is calling his bluff. They’ll see Musk in court. And while it’s only going to get messier from here, one important verdict has already been rendered by Elon Musk himself: he doesn’t have what it takes to run Twitter. And that’s a damning blow to his own central mythology.

Elon Musk proves he’s the wrong man to save the world

Elon Musk is trying to torpedo his $44 billion deal to buy Twitter. It might also torpedo his reputation.

www.theverge.com

 

[Chuck57]

Elon Musk proves he’s the wrong man to save the world

Elon Musk proves he’s the wrong man to save the world

Elon Musk is trying to torpedo his $44 billion deal to buy Twitter. It might also torpedo his reputation.

www.theverge.com

I think he proved exactly what he wanted to prove. Twitter, and I've no doubt Facebook as well, hasn't the number of users it claims making it overvalued.

 

[upnorth]

Twitter is suing billionaire Elon Musk to try to force him to buy the social media firm, setting up a legal battle with the world's richest man.

It comes after Mr Musk announced he was walking away from his proposed $44bn (£37bn) takeover of Twitter on Friday. He claimed Twitter had not given information about the number of fake and spam accounts on the platform. Now Twitter has asked a Delaware court to order Mr Musk to complete the merger at the agreed $54.20 per Twitter share. "Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, [Mr] Musk apparently believes that he - unlike every other party subject to Delaware contract law - is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away," said the lawsuit. The lawsuit went on to accuse Mr Musk of "a long list" of violations of the merger agreement that "have cast a pall over Twitter and its business".

Twitter chairman Bret Taylor tweeted that the microblogging site wanted "to hold Elon Musk accountable to his contractual obligations". Mr Musk tweeted on Tuesday: "Oh the irony lol [laughing out loud]."

Twitter sues Elon Musk over $44bn takeover deal

The social media firm is trying to force Elon Musk to buy it after he walked away from the deal.

www.bbc.com

 

[Sorrento]

He will be shaking in his shoes

 

[upnorth]

Elon Musk has reason to worry about the judge set to rule on Twitter lawsuit

Musk draws judge who refused to let reluctant buyer out of a merger deal in 2021.

arstechnica.com

 

[Pixelman]

 

[JasonUK]

Twitter will have to provide the user base / spam bot information in court that they failed to provide to Musk the purchaser. In my eyes he's getting exactly what he wanted ~ either the information, a cheaper price or exit (if Twitters published figures are understated). $44bn for a company generating <$200m pa in profits was grossly overpriced anyway.

 

[SpiderWeb]

See if he was a membre of MT he would have known that Twitter has way too many bots. I'm honestly convinced there might be up to 40% bots on Twitter and the ratio for tweets is even higher. I'm almost positive more bots tweet than human beings.

 

[upnorth]

Musk loses attempt to delay Twitter trial until 2023 as judge expedites case

Judge schedules October trial, citing potential of "irreparable harm" to Twitter.

arstechnica.com

 

[upnorth]

Tesla boss Elon Musk has sold another 7.92 million shares in the electric car maker, worth around $6.88bn (£5.7bn).

The sales took place after the firm's annual shareholder meeting last week, regulatory filings show. Mr Musk says he needs the money in case he is forced to buy Twitter for $44bn.

Elon Musk sells $6.9bn of Tesla shares as Twitter lawsuit looms

The world's richest man says he needs the money in case he is forced to buy Twitter for $44bn.

www.bbc.com

 

[upnorth]

Botometer - an online tool that tracks spam and fake accounts - was used by Mr Musk in a countersuit against Twitter. Using the tool, Mr Musk's team estimated that 33% of "visible accounts" on the social media platform were "false or spam accounts". However, Botometer creator and maintainer, Kaicheng Yang, said the figure "doesn't mean anything". Mr Yang questioned the methodology used by Mr Musk's team, and told the BBC they had not approached him before using the tool.

Doubts cast over Elon Musk's Twitter bot claims

Elon Musk thinks a third of visible Twitter accounts could be bots, but researchers have their reservations.

www.bbc.com

 

[upnorth]

Elon Musk has told Twitter he is once again willing to buy the company at the originally agreed-upon price, according to a Bloomberg News report.

"Elon Musk is proposing to buy Twitter Inc. for the original offer price of $54.20 a share... Musk made the proposal in a letter to Twitter, according to people familiar with the matter, who asked not to be identified discussing confidential information," Bloomberg wrote. The Wall Street Journal subsequently reported that Musk's "lawyers communicated the proposal to Twitter's lawyers overnight Monday and filed a letter confidentially with the Delaware Chancery Court ahead of an emergency hearing on the matter scheduled for Tuesday." The reports come less than two weeks before a trial is scheduled to determine whether Musk would be forced to go through with the deal.

Musk makes U-turn before trial, tells Twitter he’ll complete merger [Updated]

Musk wants to avoid trial, told Twitter he'll complete deal at original price.

arstechnica.com

 

[TedCruz]

Musk makes U-turn before trial, tells Twitter he’ll complete merger [Updated]

Musk wants to avoid trial, told Twitter he'll complete deal at original price.

arstechnica.com

He is probably realizing that he will lose the lawsuit so that would be money wasted. He might also want to change the current news cycle about him, where he went on Twitter and started supporting Russia over the war in Ukraine, thus plummeting Tesla stock by 11% and having many folks canceling their Tesla orders. Furthermore, he thinks of himself as the Next Tony Stark without realizing that it's his engineers that do the thinking and designing and not him. People don't realize that he did not get rich by himself, his daddy gave him billions from slave workers at his Emerald mine, so he started rich. As you can tell I despise Musk.

 

[upnorth]

But Chancellor Kathaleen McCormick, the judge in the lawsuit, ruled [PDF] Wednesday that neither party in the case has actually filed the paperwork to pause the case. Twitter hasn't asked for a stay, nor has Musk, and his letter to the social network doesn't count.

"I, therefore, continue to press on toward our trial set to begin on October 17," Chancellor McCormick said.

That also means the SpaceX supremo's deposition – in which he will be grilled by Twitter's lawyers under oath as testimony for the case – is due to begin tomorrow, October 6.

Musk-Twitter deal offer hasn't stopped trial, judge says

Get ready for that deposition tomorrow, Elon

www.theregister.com

 

[TedCruz]

Musk-Twitter deal offer hasn't stopped trial, judge says

Get ready for that deposition tomorrow, Elon

www.theregister.com

Good I hope that Twitter bans his account for stock manipulation before the deal is finalized. He is another narcissist man child that is using Twitter to game the stock market and incite discord by his caca spewing posts. The other oompah loompah looking narcissist that loved to tweet Caca, allready got banned few years ago.

 

[oldschool]

Elon Musk can’t be trusted to complete merger, Twitter tells judge

Twitter says there's a financing problem and that Musk won't commit to closing date.

arstechnica.com

 

[SpiderWeb]

Elon Musk can’t be trusted to complete merger, Twitter tells judge

Twitter says there's a financing problem and that Musk won't commit to closing date.

arstechnica.com

I agree. He's just buying himself time to drag out the court battle for as long as possible.

 

[TedCruz]

I agree. He's just buying himself time to drag out the court battle for as long as possible.

Wait that sounds vaguely familiar to someone else.