To summarize, the terms of the agreement between Musk and Twitter were as follows. On April 25, it was announced that the parties had reached an agreement that would allow Musk to own 100 percent of Twitter. All he had to do was pay .20 54.20 per share of Twitter stock, for a total of $ 44 billion. Elon lined up funding for the deal and the board approved it. After that, Elon throws a wrench into the work.
For some reason, Elon came up with the idea that 20 percent of Twitter accounts were bots. This prompted him to ask Twitter’s CEO to verify his bot count. This allows the CEO of Twitter to explain in detail how bots operate on his platform. He is a long post Blog post About the thorny problem, and a Tweet thread About dealing with spam. This did not satisfy Elon, as he said the CEO could not prove that it was five percent, as the company had said before. So, the deal was closed, according to Elon. “My offer was based on the correctness of Twitter’s SEC filing. Yesterday, the CEO of Twitter publicly refused to show <5% evidence. The deal can't go ahead until he does, "said David Cook, chief of The Christian Science Monitor's Washington bureau. He tweeted.
This was the reaction of the company’s board of directors. In a proxy statement filed with the SEC, the board said it plans to move forward with the deal despite its concerns. It explicitly states, “Twitter is committed to completing the transaction at agreed prices and terms as soon as possible.” CNN received a statement from Twitter’s board saying it was time for Elon to get his check book out. “The board and Mr. Musk have agreed to a transaction at $ 54.20 per share. We believe this agreement is in the best interests of all shareholders. We want to close the transaction and implement the consolidation agreement, “the statement said. This appears to be a clear legal threat to Elon if he tries to withdraw from the written agreement.
Industry analysts have suggested that Mask’s stomach ache about bot is an attempt to reduce the purchase price. Although Mask’s $ 54.20 offer per share was generous in April, it did Extremely Now, liberal because the stock has fallen sharply since Musk bought nine percent of Twitter’s stock in early April. It remains to be seen whether Elon will go through the deal in his current form. For now, the ball is in his court.