FOLLOW US ON SOCIAL

Posted On

09
July
2022

Trump celebrates Elon Musk pulling out of $44b deal to buy Twitter

Donald Trump has written: “THE TWITTER DEAL IS DEAD, LONG LIVE THE “TRUTH”,” gleefully celebrating Elon Musk’s decision to abandon his attempt to acquire Twitter.

On his own competing social network Truth Social, the former president posted his opinions on Friday evening, just after it was revealed that Musk, 51, had withdrawn a $44 billion offer.

Trump’s post on Truth, where he has 3.5 million followers, received close to 37,000 likes and more than 9,000 shares.

After being suspended by former Twitter CEO Jack Dorsey in January 2020, only days after the Capitol riots, he created the Twitter clone.

Compared to Twitter’s 300 million users, Truth Social has an estimated two million active users.

On Friday Musk, who is the world’s richest man, announced he was ending his bid to buy Twitter at $54.20-a-share, prompting a furious response from the firm’s bosses, who say they’ll sue to force through the deal.

Musk accused Twitter bosses of refusing to hand over details about the number of fake users on its site, in a letter announcing that he was reneging on the deal.

Additionally, he asserted that the company’s hiring freeze and senior employee firings during the previous two months prevented it from doing business as usual.

Following Musk’s decision to withdraw from the agreement, Twitter shares ended at $36.81 on Friday, leading to rumors that Musk is still attempting to buy the company, but at a far lesser price than he had originally proposed.

On Saturday in Sun Valley, Utah, at the so-called Billionaires’ Summer Camp, Musk is scheduled to give a speech.

Although it is yet unknown if the two have already met, Twitter CEO Parag Agrawal is also present at the tycoons’ meeting.

Musk’s lawyer at Skadden Arps, Mike Ringler, claimed that Twitter was in serious breach of a number of the terms of the agreement in a letter to the Securities and Exchange Commission informing them of Musk’s decision to withdraw his offer for the company.

“Mr. Musk is terminating the Merger Agreement because Twitter is materially in breach of numerous provisions of that Agreement, appears to have made false and misleading representations on which Mr. Musk relied when entering into the Merger Agreement, and is likely to experience a Company Material Adverse Effect,” wrote Ringler.

‘While Section 6.4 of the Merger Agreement requires Twitter to provide Mr. Musk and his advisors all data and information that Mr. Musk requests ‘for any reasonable business purpose related to the consummation of the transaction,’ Twitter has not complied with its contractual obligations.

‘For nearly two months, Mr. Musk has sought the data and information necessary to ‘make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform’

RelatedPost

Related Blog post

UserComment

Valuable Users idea's
0 Comments

Leave a Reply

Your email address will not be published.