Elon Musk wants to terminate his agreement to buy Twitter
It’s been a wild few months for Twitter, and just today, an SEC filing has signaled Elon Musk’s wishes to terminate his agreement to buy Twitter for over 40 billion dollars.
The SEC filing details a few grievances that Elon Musk and his buying partners have with the information Twitter as providing them.
The biggest concern seems to be the prevalence of Spam/Bot accounts, something Elon Musk has been very vocal about since making his intentions to buy Twitter known.
“Mr. Musk and his financial advisors at Morgan Stanley have been requesting critical information from Twitter as far back as May 9, 2022—and repeatedly since then—on the relationship between Twitter’s disclosed mDAU figures and the prevalence of false or spam accounts on the platform.”
The filing says that Musk has repeatedly asked for information on these accounts, and Twitter seemingly hasn’t provided satisfactory answers.
“For the past month, Mr. Musk has been clear that he views Twitter’s non-responsiveness as a material breach of the Merger Agreement giving him the right to terminate the Merger Agreement if uncured.”
Data concerning spam and bot accounts isn’t the only information Musk has been seeking; the SEC filing also mentions for the past two months, Musk has been seeking “materials related to Twitter’s financial condition.”
” Mr. Musk is entitled, under Section 6.4 of the Merger Agreement, to “all information concerning the business … of the Company … for any reasonable business purpose related to the consummation of the transactions” and under Section 6.11 of the Merger Agreement, to information “reasonably requested” in connection with his efforts to secure the debt financing necessary to consummate the transaction. To that end, Mr. Musk requested on June 17 a variety of board materials, including a working, bottoms-up financial model for 2022, a budget for 2022, an updated draft plan or budget, and a working copy of Goldman Sachs’ valuation model underlying its fairness opinion. Twitter has provided only a pdf copy of Goldman Sachs’ final Board presentation.”
More on this story as it develops!
Thick thocc and clickity clack
Review: Keychron’s Q0 is a premium mechanical numpad for your setup
Mechanical keyboards give you that satisfying sound and feel, but most of the best ones lack a number pad. If you don’t always use a number pad but want to have one for those moments you do, or just want to customize it into macros, then the Q0 is perfect.
It’s been a wild few months for Twitter, and just today, an SEC filing has signaled Elon Musk’s wishes to terminate his agreement to buy Twitter for over 40 billion dollars.
The SEC filing details a few grievances that Elon Musk and his buying partners have with the information Twitter as providing them.
The biggest concern seems to be the prevalence of Spam/Bot accounts, something Elon Musk has been very vocal about since making his intentions to buy Twitter known.
“Mr. Musk and his financial advisors at Morgan Stanley have been requesting critical information from Twitter as far back as May 9, 2022—and repeatedly since then—on the relationship between Twitter’s disclosed mDAU figures and the prevalence of false or spam accounts on the platform.”
The filing says that Musk has repeatedly asked for information on these accounts, and Twitter seemingly hasn’t provided satisfactory answers.
“For the past month, Mr. Musk has been clear that he views Twitter’s non-responsiveness as a material breach of the Merger Agreement giving him the right to terminate the Merger Agreement if uncured.”
Data concerning spam and bot accounts isn’t the only information Musk has been seeking; the SEC filing also mentions for the past two months, Musk has been seeking “materials related to Twitter’s financial condition.”
” Mr. Musk is entitled, under Section 6.4 of the Merger Agreement, to “all information concerning the business … of the Company … for any reasonable business purpose related to the consummation of the transactions” and under Section 6.11 of the Merger Agreement, to information “reasonably requested” in connection with his efforts to secure the debt financing necessary to consummate the transaction. To that end, Mr. Musk requested on June 17 a variety of board materials, including a working, bottoms-up financial model for 2022, a budget for 2022, an updated draft plan or budget, and a working copy of Goldman Sachs’ valuation model underlying its fairness opinion. Twitter has provided only a pdf copy of Goldman Sachs’ final Board presentation.”
More on this story as it develops!
Thick thocc and clickity clack
Review: Keychron’s Q0 is a premium mechanical numpad for your setup
Mechanical keyboards give you that satisfying sound and feel, but most of the best ones lack a number pad. If you don’t always use a number pad but want to have one for those moments you do, or just want to customize it into macros, then the Q0 is perfect.
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