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Mr. Musk, who additionally leads the electrical automaker Tesla and rocket firm SpaceX, has unleashed confusion over the state of the deal. Final Friday, he tweeted that his buy of Twitter was “temporarily on hold” till he may get extra particulars in regards to the quantity of spam and pretend accounts on the platform. He later adopted up saying he was nonetheless “committed” to the deal.
How Elon Musk’s Twitter Deal Unfolded
A blockbuster deal. Elon Musk, the world’s wealthiest man, capped what appeared an inconceivable try by the famously mercurial billionaire to purchase Twitter for roughly $44 billion. Right here’s how the deal unfolded:
Twitter executives have turn out to be targets of Mr. Musk.
On Monday, Parag Agrawal, Twitter’s chief govt, posted a prolonged thread detailing how the corporate calculates its variety of bots. He mentioned the corporate had shared an “overview of the estimation course of with Elon per week in the past.” Mr. Musk responded to the thread with a poop emoji.
Final month, Mr. Musk went after Twitter’s high lawyer who oversees the platform’s content material moderation insurance policies. Mr. Musk’s supporters adopted his lead by posting a flood of abuse on the firm govt.
Mr. Musk didn’t instantly reply to a request for remark. Twitter declined to remark.
Tech firm shares have taken a beating since Mr. Musk first introduced his acquisition of Twitter earlier this month. Shares of Tesla, that are Mr. Musk’s foremost supply of wealth, have fallen virtually 30 p.c.
Renegotiating a deal wouldn’t be straightforward. Along with a $1 billion breakup payment, Mr. Musk’s cope with Twitter features a “particular efficiency clause,” which provides the corporate the appropriate to sue him and drive him to finish the deal as long as the debt financing he has corralled stays intact.
However Mr. Musk has additionally created very public complications for Twitter. Over the weekend, he tweeted that Twitter’s authorized division had “referred to as to complain” that he violated a nondisclosure settlement discussing its bot pattern dimension of 100. Mr. Musk’s cope with Twitter additionally has a nondisparagement clause that prohibits him from tweeting negatively in regards to the transaction.
The 2 sides have to this point continued as if there’s a deal. Groups for either side held a beforehand scheduled assembly on Friday. (Twitter confirmed the assembly was “a part of the transaction planning course of.”) On Friday, Bret Taylor, Twitter’s chairman, tweeted: “We remain committed to our agreement.”
Mike Isaac contributed reporting.
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