Elon Musk puts Twitter deal on hold because of bots

[CyberTech]

Content source

https://www.neowin.net/news/elon-musk-puts-twitter-deal-on-hold-because-of-bots/

Last month, Twitter announced that it has struck a deal with Elon Musk to acquire the micro-blogging platform for $44 billion or $54.20 per share in cash.

Now, Musk has confirmed that the deal has been put on hold. According to Musk's latest tweet, the Twitter acquisition has been put on hold as he verifies Twitter's claim that less than 5% of the users are bot/fake accounts.

Last week, Twitter disclosed that it estimates fake or spam account count to be less than 5% of its monetizable daily active users during the first quarter.

According to the terms of the agreement, Musk will have to pay a billion dollar penalty if he backs out of the Twitter deal. In a subsequent tweet, Musk said he is committed to acquiring Twitter:

Elon Musk puts Twitter deal on hold because of bots

Elon Musk on Friday confirmed that he is putting Twitter's acquisition on hold while his team verifies the social media platform's claims that less than 5% of the Twitter users are fake or spam bots.

www.neowin.net

 

[upnorth]

Elon Musk today threatened to pull out of his $44 billion deal to buy Twitter in a letter that claimed the company violated the merger agreement by refusing to provide the data behind its spam estimates. Musk needs the data to obtain financing and prepare for the ownership transition, according to the letter sent to Twitter Chief Legal Officer Vijaya Gadde.

"Based on Twitter's behavior to date, and the company's latest correspondence in particular, Mr. Musk believes the company is actively resisting and thwarting his information rights (and the company's corresponding obligations) under the merger agreement," Musk's legal team wrote in the letter to Twitter on Monday. "This is a clear material breach of Twitter's obligations under the merger agreement, and Mr. Musk reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement."

Musk seeks a way out, claims Twitter violated deal by not providing spam data

Musk waived due diligence but claims he can kill deal if he doesn't get user data.

arstechnica.com

 

[plat]

 

[oldschool]

A scam perpetrated on a scammy company. Let the rich eat the rich.

 

[rain2reign]

The funny part is, when the government spends billions of tax money, most folks stay quiet. However, Musk spends 44 Billion dollars of his own (personal) capital and wealth, suddenly everyone has an opinion.

 

[Kiss]

He regretted it, because it was a lot of money in the purchase, she was already losing money in the other companies and all this amount in the purchase of Twitter made him think again and went back and now he is making excuses, it is the famous trauma after purchase

 

[rain2reign]

Exactly. It's still funny to me, that the majority is suddenly angry and malicious as to how he spends his own wealth and regretted decisions. It's like going to the bakery and asking for a diamond on display.

 

[oldschool]

It's still funny to me, that the majority is suddenly angry and malicious as to how he spends his own wealth and regretted decisions.

I couldn't care less what he does with his money or who sues who over any of this ****. It's all simply fuel for the media. They're all MegaCorps where most of the wealth is distributed and the 90% are enslaved to them.

This is the age of the MegaCorp and there's no escape, unless you go back to living off the land.