June 13, 2024


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Elon Musk says Twitter deal "can't move forward" in the current situation

Elon Musk says Twitter deal “can’t move forward” in the current situation

In pre-market trading, Twitter shares slid further, dropping 2 percent.

company He said in a statement Accompanied by a regulatory filing on Tuesday, it said it was “committed to complete the transaction at the agreed price and terms as quickly as practicable.” In the depositExplaining the background and rationale for the deal, Twitter said that “if the merger is not completed, and depending on the circumstances that led to the merger not being completed, our common stock price could drop significantly.”

Mr. Musk, who also leads electric car maker Tesla and rocket company SpaceX, has raised confusion about the status of the deal. Last Friday, he wrote on Twitter that his Twitter purchase was so Temporarily suspended“So that he can get more details about the amount of spam and fake accounts on the platform. He later continued, saying that he is still”committedfor the deal.

Twitter executives have become targets for Mr. Musk.

employment MondayParag Agrawal, CEO of Twitter, posted at length A thread detailing how a company counts its bots. He said the company shared “an overview of the estimation process with Elon a week ago.” Mr. Musk responded to the thread with an expressive poo.

Last month, Musk went after that Twitter top lawyer Who oversees the platform’s content moderation policies. Mr. Musk’s supporters followed the lead by spreading a deluge of abuse to the company’s CEO.

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

Technology stocks have taken a hit since Mr. Musk announced his takeover of Twitter earlier this month. Shares of Tesla, the main source of Mr Musk’s fortune, fell nearly 30%.

renegotiate the deal It will not be easy. In addition to the $1 billion breakup fee, Musk’s deal with Twitter includes a “limited performance clause,” which gives the company the right to sue him and force him to complete the deal as long as the debt financing he has agreed to remains intact.

But Mr. Musk has also caused very public problems for Twitter. During the weekend, he chirp Twitter’s legal department has “called for a complaint” that it violated a nondisclosure agreement that discusses its bot sample size of 100. Mr. Musk’s deal with Twitter also includes a no-court clause that prevents him from tweeting negatively about the transaction.

The two sides continued until now as if there was a deal. The two teams of both sides held a meeting scheduled earlier on Friday. (Twitter confirmed that the meeting was “part of the deal planning process.”) On Friday, Twitter CEO Brett Taylor tweeted: “We remain committed to our agreement.

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Mike Isaac Contribute to the preparation of reports.