Elon Musk Says Twitter Deal ‘Cannot Move Forward’ in Current State

In pre-market trading, Twitter’s stock slipped further, falling 2 percent.

The company said in a statement with regulatory filing on Tuesday that it was “committed to completing the transaction at the agreed price and terms as soon as possible.” In the filing, which explains the background and logic of the deal, Twitter stated that “if the merger is not completed, and the circumstances that lead to the merger not being completed, the value of our common stock could fall significantly.”

Mr. Musk, who also heads electric automaker Tesla and rocket company SpaceX, has been confused about the status of the deal. Last Friday, he said he had bought Twitter “Temporarily on holdUnless he can get more details about the volume of spam and fake accounts on the platform. He later said that he was still “Committed“For a deal.

Twitter executives have become Mr.’s target. Musk.

Ongoing MondayTwitter chief executive Parag Agarwal made a lengthy post A thread detailing how a company calculates the number of its bots. He said the company shared “an overview of the estimating process with Elon a week ago”. Mr. Kasturi responded to the thread with a pop emoji.

Last month Mr. Musk went after Twitter’s top lawyer who oversees the platform’s content moderation policies. Mr. Musk’s supporters followed suit by posting a flood of abuse on the company’s executive.

Mr. Musk did not immediately respond to a request for comment. Twitter declined to comment.

The shares of the tech company were bought by Shri. Musk announced his acquisition of Twitter earlier this month. Shares of Tesla, which Mr. Musk’s main source of wealth has fallen by about 30 percent.

It will not be easy to renegotiate the deal. In addition to the 1 billion breakup fee, Mr. Musk’s deal with Twitter includes a “certain performance clause” that gives the company the right to sue him and force him to close the deal as long as the debt he owes remains intact.

But Mr. Musk has also created a very public headache for Twitter. Over the weekend, he Tweeted That Twitter’s legal department was “called upon to complain” that it had violated the non-disclosure agreement by discussing the size of its 100 boat sample. Musk’s deal with Twitter also has a non-obscure clause that prohibits him from tweeting negatively about the transaction.

Both sides have so far continued to act as if a deal had been struck. Teams from both the parties held a pre-arranged meeting on Friday. (Twitter confirmed that the meeting was “part of the transaction planning process.”) On Friday, Twitter chairman Brett Taylor tweeted: “We are committed to our agreement.,

Mike Isaac Contribution Report.

Similar Posts

Leave a Reply

Your email address will not be published.