The CEO and chief engineer of SpaceX Elon Musk is a business magnate and investor. Currently, he is the richest man in the world. The CEO of Tesla is pretty famous for his unique tweets and other social media posts and is often in headlines for his unique sense of humor. The recent feud between Elon Musk and Bill Gates over Twitter was a hot topic in all media.
Recently, Musk made a offer to buy one of the biggest social media platforms, Twitter. Musk signed an agreement with Twitter to buy the company for $44 billion. But on Monday Musk threatened to walk away from this deal.
Parag Agrawal, the CEO of the social media giant, put out a rare series of posts amid uncertainty and buzz over the churning within the organization. “A lot has happened over the past several weeks. I’ve been focused on the company and haven’t said much publicly during this time, but I will now,” the 37-year-old leader said.
The Bot Accounts Are Pissing Elon Musk Off
Elon Musk said in a tweet, “My offer was based on Twitter’s SEC filings being accurate. Yesterday, Twitter’s CEO publicly refused to show proof of <5% (spam accounts). This deal cannot move forward until he does.”
After putting his offer on hold last week pending information on spam accounts, Musk said he suspected bots make up at least 20% of users while Twitter’s official estimates sits at 5%.
20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher.
My offer was based on Twitter’s SEC filings being accurate.
Yesterday, Twitter’s CEO publicly refused to show proof of <5%.
This deal cannot move forward until he does.
— Elon Musk (@elonmusk) May 17, 2022
“You can’t pay the same price for something that is much worse than they claimed,” Elon said at the All-In Summit 2022 conference in Miami on Monday.
Musk said at the conference, “I mean, it is not out of the question. The more questions I ask, the more my concerns grow. They claim that they’ve got this complex methodology that only they can understand… It can’t be some deep mystery that is, like, more complex than the human soul or something like that.”
Musk Claims Twitter Is In ‘Material Breach’ Of Merger Agreement
An SEC filing was released on Monday morning. Musk’s counsel said, “Twitter has not coughed up adequate data on the company’s users. They are in a “clear material breach” of the company’s obligations as part of its merger agreement.”
“Based on Twitter’s behavior to date, and the company’s latest correspondence, in particular, Mr. Musk believes the company is actively resisting and thwarting his information rights (and the company’s corresponding obligations) under the merger agreement,” the letter reads.
“This is a clear material breach of Twitter’s obligations under the merger agreement and Mr. Musk reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement.”
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