It has been nearly six weeks since we heard about the Twitter Board dropping a huge bomb in the world of tech after it agree to accept a hostile deal by billionaire Elon Musk.
The last time we heard, the acquisition would be granted at a hefty price tag of $44 billion but then everything went silent all of a sudden. And we bet you’re just as curious as us as to what really happened and where things stand as of now.
There have been plenty of rumors about Elon Musk no longer being interested in buying the renowned social media platform. But now, a recent SEC filing is hinting at how Elon Musk is doing everything in his power to safely and quietly pull out of the mega-deal as a whole.
Recently, a letter was mailed to the company’s CLO Vijaya Gadde. This is where the Tesla owner’s team reiterated how the firm breached the terms mentioned in the contract as they failed to provide more details on the exact amount of fake profiles present on the platform.
Twitter very conveniently mentioned previously that the number was less than 5% but Elon Musk and his team fails to agree, asking for more proof or validation as to how the figure was reached.
But the CEO of Twitter has declined Musk’s request for greater transparency into the system’s working, adding that the figure quoted was indeed correct. Hence, no matter how much convincing was being done, Musk failed to agree.
Many believed the world’s richest person was doing anything in his power to buy more time and get a lower cost for the deal. But in a recent turn of events, Musk seems to want to pull out of it or back out from the high-profile takeover.
The letter spoke in detail about how Twitter’s recent behavior is proof of how they’re resisting and putting off Elon Musk’s rights to obtaining information that comes under the agreement for the merge.
Therefore, the letter says that Elon Musk has all the right to terminate the agreement and not take part in the merger transactions too.
It’s quite clear that Musk’s legal team is stuck on one thing- they want more information about a figure they deem too low and inaccurate. And Musk believes that by failing to answer his request, he just can’t move forward as he believes the information is pivotal for the final securing of the deal.
On the flip side of things, Twitter fails to see eye to eye with Musk and his team. They continue to stand by their claims of the figure is accurate. They have full faith in their team members how reports and samples, which have been previously approved by the SEC too in the past.
Hence, Twitter did send out a bold response to Elon Musk in response to his letter. They claim that they’ve been sharing information for a while now and will continue to do so. They also agreed that it was in their best interest. Hence, they hope to close the transactions on a high by sealing the deal on the price and terms stated during the start of the agreement.
Now, the biggest question on so many people’s minds is whether or not the Tesla CEO can really put out of the massive deal with his argument about fake profiles. And the answer is maybe.
Remember, there is still a billion-dollar breakup clause enlisted, show Musk choose to walk away. Now, Musk would have to pay that in the end.
But if you really look at the matter, Musk may be correct. There are definitely way more Bots on the app than being disclosed and previous research has proved this. How can the figures for fake profiles remain static over so many years? Clearly, there’s a major piece in the puzzle that’s missing.
It won’t be an easy argument but with Elon Musk involved, the impossible can be possible. Hence, it’s going to be interesting to see what other tricks the billionaire pulls out from his sleeve because so far, things might be going his way.
Read next: Twitter Provides Its Users With A New Way To View Their Communities Timeline
The last time we heard, the acquisition would be granted at a hefty price tag of $44 billion but then everything went silent all of a sudden. And we bet you’re just as curious as us as to what really happened and where things stand as of now.
There have been plenty of rumors about Elon Musk no longer being interested in buying the renowned social media platform. But now, a recent SEC filing is hinting at how Elon Musk is doing everything in his power to safely and quietly pull out of the mega-deal as a whole.
Recently, a letter was mailed to the company’s CLO Vijaya Gadde. This is where the Tesla owner’s team reiterated how the firm breached the terms mentioned in the contract as they failed to provide more details on the exact amount of fake profiles present on the platform.
Twitter very conveniently mentioned previously that the number was less than 5% but Elon Musk and his team fails to agree, asking for more proof or validation as to how the figure was reached.
But the CEO of Twitter has declined Musk’s request for greater transparency into the system’s working, adding that the figure quoted was indeed correct. Hence, no matter how much convincing was being done, Musk failed to agree.
Many believed the world’s richest person was doing anything in his power to buy more time and get a lower cost for the deal. But in a recent turn of events, Musk seems to want to pull out of it or back out from the high-profile takeover.
The letter spoke in detail about how Twitter’s recent behavior is proof of how they’re resisting and putting off Elon Musk’s rights to obtaining information that comes under the agreement for the merge.
Therefore, the letter says that Elon Musk has all the right to terminate the agreement and not take part in the merger transactions too.
It’s quite clear that Musk’s legal team is stuck on one thing- they want more information about a figure they deem too low and inaccurate. And Musk believes that by failing to answer his request, he just can’t move forward as he believes the information is pivotal for the final securing of the deal.
On the flip side of things, Twitter fails to see eye to eye with Musk and his team. They continue to stand by their claims of the figure is accurate. They have full faith in their team members how reports and samples, which have been previously approved by the SEC too in the past.
Hence, Twitter did send out a bold response to Elon Musk in response to his letter. They claim that they’ve been sharing information for a while now and will continue to do so. They also agreed that it was in their best interest. Hence, they hope to close the transactions on a high by sealing the deal on the price and terms stated during the start of the agreement.
Now, the biggest question on so many people’s minds is whether or not the Tesla CEO can really put out of the massive deal with his argument about fake profiles. And the answer is maybe.
Remember, there is still a billion-dollar breakup clause enlisted, show Musk choose to walk away. Now, Musk would have to pay that in the end.
But if you really look at the matter, Musk may be correct. There are definitely way more Bots on the app than being disclosed and previous research has proved this. How can the figures for fake profiles remain static over so many years? Clearly, there’s a major piece in the puzzle that’s missing.
It won’t be an easy argument but with Elon Musk involved, the impossible can be possible. Hence, it’s going to be interesting to see what other tricks the billionaire pulls out from his sleeve because so far, things might be going his way.
Read next: Twitter Provides Its Users With A New Way To View Their Communities Timeline
