In a letter to the policeman of the American stock market, the billionaire threatens to cancel the takeover of Twitter if the firm refuses to allow him to carry out his own investigation into the number of fake accounts on the platform, which he thinks are under-reported. valued. An exit strategy?
This is the umpteenth episode of a soap opera that could end up tiring us: will Elon Musk, yes or no, buy Twitter? In a letter published on the website of the SEC (the policeman of the American stock market), the billionaire now accuses the management of the platform of withholding information about fake accounts and bots, which according to him would be largely under -estimated by Twitter.
“Mr. Musk believes that the company is actively resisting and thwarting its right to know,” reads the document, which states that Twitter is in “clear breach of its obligations under the merger agreement.” Musk therefore reserves the right to “terminate the merger agreement” can we read at the conclusion of the missive.
Atmosphere… For several weeks now, Musk has been publicly waging war on the management of Twitter, accusing it of hiding the true number of bots and spammers on the platform. Twitter puts the number of fake accounts at 5%. Musk, meanwhile, puts forward a figure of 20, or even 25%. He therefore claims to access certain data to carry out his own investigations, which Twitter would refuse.
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— Elon Musk (@elonmusk) May 16, 2022
This is not the first time that Musk has attacked the data published by Twitter and its methodology for counting fake accounts. He notably published a series of tweets, including a very classy emoji, urging him to be more transparent on this specific point. But this is the first time that the possibility of canceling the deal worth more than 40 billion dollars has appeared in an official document. Is this a sign? For the analyst Dan Ives of Wedbush Securities, it is obvious that Musk is adopting this strategy to break the deal. All that for this ?
Source :
DRY