Elon Musk's Twitter buying drama continues. After Musk announced he would be suspending the acquisition process due to fake accounts and bots, Twitter was adamant it wanted to work things out.
This was revealed from the official statement of the Twitter board of directors provided to CNN Business. The statement emphasized the terms of the acquisition agreement, and it looks like Twitter is ready to 'force' Musk to complete the transaction process.
"The Board of Directors and Mr. Musk agreed to the transaction at a price of USD 54.20 per share. We believe this agreement is in the best interests of all shareholders," Twitter's board of directors said in a statement, as quoted by Gizmodo, Thursday (19/5/2022) .
"We intend to complete the transaction and enforce the merger agreement."
As CNN Business points out, Twitter's statement indicates they are ready to sue Musk to force him to complete the purchase. If Musk decides to cancel the agreement, he will have to pay a cancellation fee of $1 billion.
A few days ago, Musk said his deal to buy Twitter could not proceed until the social media company proved that fake accounts and bots on his platform actually accounted for less than 5% of the number of users.
Twitter responded to Musk's threat by releasing a proxy statement the same day. The proxy statement shows that Musk is not trying to find information about bot issues on Twitter.
"Mr Musk did not ask to enter into a confidentiality agreement or seek any non-public information from Twitter about Twitter," the statement said.
This statement adds new problems in Musk's increasingly complicated relationship with Twitter. Even many analysts have questioned whether the CEO of SpaceX and Tesla still intends to buy Twitter.
Some analysts believe that Musk is simply using the issue of fake accounts and bots as an excuse to cancel the deal or to get an offer lower than the $44 billion originally agreed upon.
