Elon Musk Ends Twitter Takeover Deal – The HuffPost

Dimitrios Kambouris via Getty ImagesElon Musk, here at the Met Gala in New York, May 2, 2022.TWITTER – It’s the end of a dream for some, a nightmare for others: Elon Musk, the boss of Tesla and SpaceX, ended this Friday July 8 the agreement to buy the social network Twitter for 44 billion dollars. In a letter published by the American stock market policeman, his lawyers assure that Twitter has not respected its commitments made in the agreement, including failing to provide all requested information about the number of inauthentic accounts and spam. Mr. Musk based himself to commit to the acquisition agreement,” the official letter reads. Twitter has repeatedly said in recent weeks that the number of fake accounts on its platform is less than 5%. The multi-billionaire and his team believe that the network is lying, and that this affects the viability of his business, and therefore the value of the company. For weeks, experts have wondered if Elon Musk was looking to withdraw his offer or renegotiate the price downwards. By terminating his commitment to buy Twitter, the businessman exposes himself to substantial legal proceedings. Both parties have pledged to pay severance pay of up to $1 billion under certain circumstances. was “determined to conclude the transaction at the agreed price and terms” and intended to prevail in court. 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. We are confident we will prevail in the Delaware Court of Chancery.— Bret Taylor (@btaylor) July 8, 2022All losers“It’s a dire scenario for Twitter and its board, as the company will now have to face Musk in a long legal battle to save the transaction and/or recover at least a billion dollars,” reacted analyst Dan Ives. recruitments. They clearly “listed as many reasons as possible to avoid having to pay” the fine, commented analyst Carolina Milanesi for AFP. On April 25, Elon Musk seemed to have won his bet, despite Twitter’s initial attempts to push it back. After being gradually, and discreetly, increased in the capital of the group, he made a definitive agreement with the CA of the group to buy the social network at a price of 54.20 dollars per share, or 44 billion dollars in all. Since then, the title of Twitter has lost more than a quarter of its value. Tesla’s stock has also tumbled nearly 25% over this period. But even if the social network is weakened by the many adventures of recent months, “the worst thing would be if Twitter forces the acquisition to take place”, notes Carolina Milanesi. “They would end up with an owner who does not want the company, and is full of resentment”. See also on The HuffPost: Elon Musk inaugurates a Tesla factory in Texas and sees the big picture