US billionaire Elon Musk has just bought Twitter after months of legal drama and uncertainty surrounding his purchase of the microblogging site.
Elon Musk is officially the new owner of Twitter after acquiring it for $44 billion on October 28. The offer translates to a price of $54.20 per share. The world’s richest man first made public his interest in buying the social media platform in April.
A few days later, Musk expressed his intention to take Twitter private for $44 billion, when he bought a 9.1% stake in the company for $2.9 billion.Where a billion dollars was supposed to serve as the termination fee, the move receives equal support and opposition from prom majors.
With financial institutions such as Morgan Stanley and Bank of America pledging to finance him with $12.5 billion, it was rumored that the tech billionaire was going to raise other funds by selling Tesla shares, where his multi-assets totaled more than $20 billion.
As dollar EV maker Elon Musk was too busy soliciting for funding, with the Twitter board led by board chairman Brett Taylor and Twitter CEO Park Aggarwal busy ganging up against him, the board adopted a poison pill strategy. The main objective was to prevent Musk from buying.
Under the plan, the social media site Twitter’s board has the right to add more shares to the company, which can be purchased by all members at a discount secured from Musk, in other words the poison pill strategy would dilute that person’s shares. Is. Who wants to acquire the company and in this case it is Elon Musk.
Elon pointed out that in quick response, the Tesla billionaire threatened to sue the Twitter board for failing in his trusted role where he was expected to make all decisions in the best interest of shareholders. According to Musk the spam on their sites lied about the number of fake accounts.
The number of spam and fake accounts on Twitter is more than 20 percent, Elon Musk’s efforts to authenticate the number of true humans on the social media platform exceed 5 percent, according to a filing with the United States Securities and Exchange Commission. Was pointless because the Twitter team overruled him for something important.
Data and access to their systems forced Elon Musk to halt Twitter deal as seen in tweet Twitter deal temporarily pending details that support calculation that spam fake accounts are actually less than five percent of users represent.
Elon Musk expressed his opinion through his lawyers that Twitter has failed or refused to provide information, sometimes Twitter has ignored Mr. Musk’s request and sometimes denied it.
For reasons that seem improbable and sometimes it claims to follow Elon Musk while Elon Musk gives incomplete or unhelpful information while this analysis continues.