Elon Musk's Twitter buying drama is still ongoing. After briefly suspending the acquisition process, Musk has now threatened to cancel the agreement. Is there a shrimp behind the rock in the threat block?
As reported, Musk's legal team claims Twitter did not provide information about bot problems on its platform. "Mr. Musk believes the company is actively denying and tampering with his information rights (and company-related obligations) under the merger agreement," the letter reads.
But if Elon was really worried about spam accounts, he should have asked for the information before agreeing to buy Twitter, not now.
Maybe Elon intends to lower the purchase price of Twitter so that deliberately raises the problem. Currently, Twitter's stock price has fallen to USD 39 per share, even though Elon agreed to buy at USD 54.
"A possible explanation is a drop in valuations which makes the $54 figure look very generous," the Guardian quoted us as saying.
Or it could be that Elon Musk has no intention of buying Twitter for one reason or another. If canceled, Elon must pay Twitter worth USD 1 billion according to the agreement.
Previously, Twitter claimed that the number of bot accounts on their platform was less than 5% of the total number of users. But Musk cast doubt on the claims and decided to suspend the agreement until Twitter proved the accuracy of the figures.
Twitter spokesman Brian Poliakoff said they had worked closely with Musk and would continue to share information. "We intend to complete the transaction and enforce the merger agreement at agreed prices and terms," Poliakoff said.