Musk abandons deal to buy Twitter; company says it will sue | AP News
Category: News & Politics
Via: perrie-halpern • 3 years ago • 34 commentsBy: BARBARA ORTUTAY, TOM KRISHER and MATT O'BRIEN J (AP NEWS)
Elon Musk announced Friday that he will abandon his tumultuous $44 billion offer to buy Twitter after the company failed to provide enough information about the number of fake accounts.
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That is too bad. I would like to have seen Twitter brought down a notch or two at least by Musk.
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Take it to Metafied.
Removed for Context
Fingers crossed up here that the only reason was to bug you.
Twitter is going to sue Musk to go through with the sale. There is also a billion dollar cancel cause that Musk might have to pay.
A lawyers dream.
He'll probably end up buying it at a lower price
That could be the whole point.
Didn't Twitter have any responsibility to tell him how many fake accounts they had?
Ok, did they?
Twitter reported 5% or less of their accounts are bots, Musk claims it could be 20% or higher.
Since the market has taken dive since his original bid I'd say he is concerned about overpaying for an asset and wants a lower price or out of the deal. Twitter shares are down 26% since the deal was made and his Telsa stock is down 12%
Of course, Musk may be rattled over the fact that a company he made fun of a few years ago just passed Tesla as the biggest seller of EV in the world. BYD which Berkshire Hathaway (Warren Buffett) have a major investment in along with Vanguard Group and Blackrock, all of them are heavy hitters.
It's projected that VW will surpass Telsa by 2024 in worldwide EV sales. They are currently are selling more in Europe than Tesla is.
Might be time for Musk to spend more time with Tesla than trying to buy Twitter.
I guess a court will have to decide.
A buyer has to know what he is buying.
Is this your opinion or do you have any facts to back it up. If Musk included a breakdown of the fake/spam accounts in the sales contract, Twitter is in default.
If he wanted to buy twitter to supposedly fix it, what is the problem?
If he thinks bots are/were a problem, buy the company and fix it, not use it as an excuse not to buy...
I think his point is that the bots inflate the membership and he wants to know actually how many users there are. It would make a difference in the actual value for anyone thinking they may want to advertise or even join up for exposure to a business or product.
So he is not going to buy because member ship numbers may be off....
Sounds like an excuse to me as when he first announced he would buy republican membership went up....
Sounds to me like him saying he wanted to buy to 'fix' twiiter was bullshit as every excuse he uses not to buy would/could be things he could fix.
Because social platform add revenues are based off of users. If the users are fake the company is not valued correctly.
Seems to me, Musk made the offer. Going by that train of thought, facebook is not valued correctly.
I have never been on a twitter account and seen an add.
That is probably true.
Not a twitter person, but that is how they earn income. They may just sell your info to advertisers.
I was reading a little in to it. Seems their adds are basically tweets. I guess a company sets up an account and tweets.
Still unsure how it actually works. I don't have a twitter account either.
I would ignore any tweet promoting something.
This is my complete comment on it.
You are free to check out the drop in stocks at the timeframe, and as I stated ''I'd say'' should imply to you that that part of my comment is, my opinion.
If Musk had included a fake/spam account numbers in it will come out in the case since twitter has sued.
I'm not convinced he actually ever wanted to buy it.
I don't think he ever actually had the cash to do it.
I read the SEC is now looking into his filings.
I think he wanted to take them down a notch or two. His offer means he can make them reveal things they don't want anybody to know.
Nothing revealed that I care about. What he is doing is ruining his own reputation.
Also I would think him pulling a stunt like this just to take them down a notch would be illegal.
he's already counter-suing with a "I shouldn't be held accountable for shooting my mouth off" case in order to try and negotiate the penalty. I'm sure the SEC has no interest in his twitter acquisition/media history.
heh
Musk is such a dick.
It's a shame, really.
An entrepreneur working with the interesting technologies that he is working with could be beloved by just about everyone. A lot less trolling and a bit more, "I hope to make the world a better place with electric vehicles and renewable energy," could go a long way.
Instead, he is thriving on negative attention.
Yes, Henry Ford was an obnoxious richass fascist who built cars, too!