Elon Musk no longer wants to buy Twitter

Elon Musk no longer wants to buy Twitter, his lawyers have made clear in a document with the US Securities and Exchange Commission. It is unclear whether Musk can get out of the deal.

Musk’s lawyers appeal in the SEC document It was pointed out that, according to Musk, Twitter had understated the number of spam bots on the platform. Moreover, according to Musk, Twitter has not kept its agreement to continue the company as before: it fired two top executives, dismissed a third of its recruiters and is currently no longer hiring. In addition, three top executives have left voluntarily since the acquisition was announced.

For all these reasons, Twitter is a different company than Musk thought when closing the deal and wants the CEO of Tesla and SpaceX from the purchase. The board of Twitter let us know through Bret Taylor that it will start a lawsuit to keep Musk from the deal. The reason for this is probably financial. Shareholders would receive $54.20 per share from Musk, much more than the $36 at the current price. Even if the deal falls through, Musk could potentially have to pay a billion dollars.

It is therefore uncertain whether the planned takeover of Twitter by Musk will go ahead. Musk would pay a total of $44 billion for the social media company, which has been independent until now. Musk wants to make Twitter a platform where people can say what they want without strict moderation before or after.