Elon Musk warned on Monday that he could pull out of buying Twitter if he didn’t receive spam data and the number of fake accounts. In response, the value of the companies’ shares plummeted.
Tesla and SpaceX chief Elon Musk reiterated his request for details of the bot in a letter and stated that he retains all rights to opt out of the merger because the company has “obviously breached” its obligations by not providing him with that information.
Elon Musk threatens not to buy Twitter
Reuters indicated that Musk initially threatened to withdraw from the deal in writing, not via a Twitter post. “Musk believes that Twitter is expressly refusing to fulfill its obligations under the merger agreement, which raises further suspicion that the company is hiding the requested data,” the letter read.
In response, we note a decline in Twitter posts during Monday’s session. Around 5:20 p.m. Poland time the stock lost more than 3 percent, and you had to pay roughly $39 for one, while the takeover bid expects the billionaire to pay $54.20 per share. The acquisition value is $44 billion.
Earlier in May, Musk tweeted that his contract “has been temporarily suspended pending account confirmation details indicating that spam/fake accounts actually represent less than 5% of users.” In another intervention, the billionaire asserted that he “remains interested in the acquisition.”
Musk would have had to pay $1 billion if he withdrew from the deal for reasons he didn’t specify.
According to Twitter data, at the end of 2021, the platform was used by 217 million daily active users. The company generated more than $5 billion in revenue, but posted a net loss of $221 million.
Elon Musk’s estate
Currently, Musk owns 9.6 percent. shares in Twitter which is the second largest shareholder. According to the Bloomberg Billionaires Index, the fortune of the head of Tesla and SpaceX is estimated at $211 billion. He is by far the leader of the list of the richest people in the world. The Bloomberg Billionaires Index is a ranking of the world’s richest people. It is updated every day after the closing of the listing on the New York Stock Exchange.
Second, Jeff Bezos with assets estimated at $146 billion. Bernard Arnault on the lowest step on the podium – 137 billion dollars.
Main image source: stock struggle
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