Elon Musk continues to be talked about: after rumors of the alleged paternity of twins from an executive who works for him, now the spotlight is back on his commercial operations. Yes, because the much discussed purchase of Twitter, announced in the spring, it seems there will not be: Musk, in fact, through the law firm that follows him in the operation, has withdrawn the impressive amount from 44 billion offer for the social network “of chirps”; to give the news was the Securities and Exchange Commission (SEC), the body that in the USA deals with the supervision of the stock exchange.
The consequences – real and announced – were not long in coming. The US stock market understandably saw the shares of Twitter immediately drop, which in the so-called trading post closing (in English trading after hours) lost 9% of its stock market value. But a reaction also came from the social network which in a statement stated that it wanted to continue the operation with the amount initially offered by Musk, that is about $ 54 per sharefearing a vice versa lawsuit as also recalled Bret Taylor, CEO of Twitter.
According to the agreements made, Musk would still be required to pay in the event of a waiver A billion dollar “penalty”.
Because in reality the agreement is in danger of falling apart
To tell the truth, the negotiation had entered a complex phase for several days and was in fact suspended. One of the crucial points seems to have been that of spam bot, that is, profiles that are not real, but managed by automated programs. Here, Elon Musk asked the social network to prove that they were less than 5% of the total accounts and on this point it seems he was adamant. Information that did not arrive and that led Musk to argue that “Twitter has not respected its contractual obligations.”
Others argue that Musk met with social network employees, worried about the current situation (and perhaps the future one) of the company they work for: hiring is practically blocked and a substantial part of the human resources team has been fired. A crisis situation that actually affects the tech sector in a broad sense according to various US media.
But according to the most skeptical, as reported by the Washington Post, Musk would be looking only for a valid reason to come out as unscathed as possible from what he perhaps now considers a bad deal. And in fact, there are those who observe that the decline in the value of the shares not only of Twitter (which reached 37 dollars), but also of Tesla, would make the operation economically unsustainable.
Whether it is a definitive renunciation or a push and pull to snatch a more advantageous agreement, it is still impossible to say. On the international scene, the comments were obviously not long in coming with the Nobel Prize for economics Paul Krugman who defines Musk as the “Boris Johnson of technology” and Donald Trump Jr who hypothesizes that Twitter spam accounts even reach 50% of the total.
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Source: Vanity Fair
