Elon Musk Twitter

Elon Musk's tumultuous bid to buy Twitter is on the verge of collapse, with the Tesla CEO sending a letter to Twitter's board saying he is terminating the ...

Shares of Tesla, meanwhile, climbed 2.5 per cent to $US752.29. In a letter to the Securities and Exchange Commission, Mr Musk said Twitter had "not complied with its contractual obligations" surrounding the deal, namely giving Mr Musk enough information to "make an independent assessment of the prevalence of fake or spam accounts on Twitter's platform". On Friday, shares of Twitter fell 5 per cent to $US36.81, well below the $US54.20 that Mr Musk had offered to pay.

From the billionaire's initial disclosure of his Twitter stake to his withdrawal of takeover bid.

10 April – Musk says he will not join Twitter’s board 5 April – Twitter says Musk will join company’s board 4 April – Elon Musk discloses over 9% stake in Twitter

"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users" he tweeted.. Mr Musk ...

A lot is still on the line. He said that Twitter clearly had a "left wing bias" and joked that its head office could be used as a homeless shelter. We are confident we will prevail in the Delaware Court of Chancery.— Bret Taylor (@btaylor) July 8, 2022 He wanted Twitter to champion "free speech". And as for Mr Musk's plan for Twitter? Well he had an ambitious growth forecast. It would also cause a moderation nightmare - with different tweets being assessed in real-time for whether they broke the law (or not) in hundreds of jurisdictions. Its inherent left-wing bias would be addressed. Crucially though, he argued that Twitter couldn't say how many accounts were fake. And then there was Twitter itself. The error margins on our estimates give us confidence in our public statements each quarter.— Parag Agrawal (@paraga) May 16, 2022 But critics argued that that definition was naive. He claimed he wanted to take over Twitter because it had lost its way.

Tesla chief executive officer Elon Musk says he's terminating his $US44 billion deal, citing material breach of multiple provisions of the agreement.

Musk had agreed to buy Twitter for $US54.20 ($78.95) per share, inserting a “420” marijuana reference into his offer price. Much of the drama has played out on Twitter, with Musk — who has more than 95 million followers — lamenting that the company was failing to live up to its potential as a platform for free speech. Then, on April 4, he revealed in a regulatory filing that he had become the company’s largest shareholder after acquiring a 9 per cent stake worth about $US3 billion ($4.37b). Shares of Tesla, meanwhile, climbed 2.5 per cent to $US752.29 ($1095.40). Twitter could have pushed for a $US1 billion ($1.45 billion) break-up fee that Musk agreed to pay under these circumstances. We are confident we will prevail in the Delaware Court of Chancery.”

Elon Musk's $US44 billion ($64 billion) bid to buy Twitter has hit a fresh snag amid new speculation that the billionaire might walk away soon.

Walking away will not be easy for the world's richest man, as Twitter says it will sue to keep deal alive.

“Litigation is not the end of the story but a bargaining chip in an ongoing process,” Elson says. Musk later suggested he could seek to pay a lower price for Twitter because of the fake accounts issue. Musk announced on 13 May that the deal was “on hold” while he awaited details supporting Twitter’s assertion that fewer than 5% of its users were spam or fake accounts. With the deal, Musk stood to take control of a social media network with more than 200 million users. “Twitter has failed or refused to provide this information. This week, the company revealed that it was suspending more than 1m spam accounts a day.

Billionaire Elon Musk wants to end his $44 billion deal to buy Twitter. Musk's lawyer claimed Twitter failed to comply with its obligations in the merger ...

"Despite public speculation on this point, Mr. Musk did not waive his right to review Twitter's data and information simply because he chose not to seek this data and information before entering into the Merger Agreement," Ringer added. On the day of that announcement, the stock ended the trading day at $51.70 per share. Under the terms of the agreement, Musk agreed to pay $1 billion if he backs out. The stock has fallen considerably since the board announced it had accepted his offer to buy the company at $54.20 per share. "Twitter has failed or refused to provide this information," Ringler claimed. Musk has previously said he wanted to assess Twitter's claims that about 5% of its monetizable daily active users (mDAUs) are spam accounts.