"My offer was based on the SEC's Twitter filings being accurate." With yet another Twitter, Tesla CEO Elon Musk reopens the debate on the acquisition of Twitter for $44.000 billion. Acquisition undermined, at least according to Musk, by the issue of fake accounts for which the businessman asked the Twitter company for more information.
Elon Musk, the conditions for the purchase of Twitter: "You show that fake profiles are less than 5%"
Musk writes: "Yesterday, Twitter's CEO publicly refused to prove that less than 5%. “This operation cannot continue until it does.” According to the founder of Tesla, fake profiles “could be much more than 20%”, four times those reported by Twitter.
Twitter, for its part, responds that the documentation for the acquisition has been delivered and in a note says “committed to carrying out the transaction at the established price and conditions as soon as possible.” In the press release, Twitter informs the market that it has filed with the SEC, the American Consob, the proxy statement, a shareholder information document that "contains important information including the background and reasons for the Twitter transaction with Musk. Twitter then remembers that the acquisition price, which must be approved by shareholders, is $54,2 per share, a value that Musk seems to want to question because of the bots. A peculiarity that Musk, according to several analysts, clings to to achieve a better deal for the acquisition.
Too bad the Tesla boss had previously forgone extensive due diligence on Twitter to speed up the deal's closing time. His choice would now prevent him from making comments on the social network about the numbers and expose him to the risk of being taken to court by the company based on the legal rights and protections that go under the name of "specific performance." A few days ago, Twitter CEO Parag Agrwal wrote: “Although I hope the deal is closed, we must prepare for all scenarios and always do what is right for Twitter,” he says, ensuring that he is focused on his work and this also includes “decisions.” difficult."
