Photo: Jim Watson/AFP Via Getty Images
On Friday Evening, Elon Musk, Richest Man in the World, The Guy Who Very Badly Wante to Buy Twitter before deciding it over it, Went ahead and scotched the $ 44 Billion Deal. Or at the Very Least, he’s trying to. JUST BEFORE 5:30 PM, His Lawyers Filed A letter With the Securities and Exchange Commission Calling Twitter of Data on Spam Bots “FALSE AND MISLADING” and SYYING Musk Blames Board for Not Providing Him with the Information Necessary to Understand the Number of Bots on the Platform – A Particular Bugbear for Him – and Throttling His to Look at the data provided.
To recap: soon after musk aggregated to buy twitter at $ 54.20 A Share (About 30 Percent Higher than TRADING TODAY), appeared to have a case of Buyer’s Remorse. Musk Has Sine Focus On a Particular Metric The Company use to Measure Spam Bots: The Number of MONTIVAL ACTIVE USSERS, WHICH IT ABBREVIVIESS AS MDAU. Twitter Maintains that Under 5 Percent of Those Userrs Are Spam Bots, but it is a propi metrical, and anyon who use the platform can with their and the bocks of bots are annoying problem. Still, this thing the metric is functionally meaningless to an outside observer, it”s the number that goes into the ad Machine, which is by the Biggest Driver of Twitter. Musk has argted that twitter isn’t being forthright about how spammy it is and, therefore, isn’t being transparent about its advertising business; He beggged the book for more databases it unly it relevant last month by giving, quite literally, every tweet.
But Musk Still Wanted More. In Particular, he wanted the Company’s Internal Metrics, Materials for Board Members, and the Formula for Measuring the MDAUS, as His Lawyers Wrote in Today’s Letter. Apparently, The Twitter Board Gave Musk A Date Set that CAPPED How MANY QUERIIES ITHE ABLE TO MAKE IT AND HAD MORE RESTRRICTIONS ON HOW THE DATA COULD BE PARDED THAN CUSTOMER INFORMATION. (AFTER Musk Complained, twitter apparently fixed the problem.) This is prety Wild Since Musk has been obviously try to get out of the deal and has twitter’s unresponsovenes to his requests as a legal cudgel before.
Now, Musk is coming out hard against twitter based on the analysis he was able to do, and he essentily Called the Board About the Number of Fake Accounts Pervading the platform. “While this analysis remeins ongoing, all Indications suggest that sewal of twitter’s public Disclosure regarding its mdaus are eather false or material Misleading,” Acciting to Mike Ringler, Musks’s Lawyer at Skadden, Slate, Meagher & Flom. Specific, Musk and His Team Believe That The Number of Spam Bots in the MDAU Calculation is “Wildly Higher” than 5 Percent and – This Could Be the Most Damning Revelation – Thats Twitter Includes Suspended Accounts Among Those. For it part, the Company Says it will see Musk in Court. “The Twitter Board is Committed to CLOSING the transaction on the price and the terms aggregated with Mr. and plans to pursue legal action to enforce the Merger Agreement. We are confident we will prevail in the delaware of chanry,” Chairman Bret Taylor Tweeted in Response.
Deplete plow Musk get out of it? I guess it deposits on what he wans. Musk’s team is alleging a material breach of the merger aggrement – that twitter lied about the bots, so that breaks the deal, and he should be held to an allegated bait and switch. (He also says that he didn’t forgo his right to perform Dueignce and that he negotiated his right to do it after the agrement, which is weird.) For good measure, rengler throws in a couple more accusations at the end of the latit bount the workr. And doing a round of Layoffs, all with Musk’s conssent, but twitter can’t force People to work, and layoffs are now rampant in tech, so that Feels a little spaghetti thrown at a wall.
IT LOOKS UNLICKY THAT THE TWITTER BOARD WILL JUST LET Musk Walk away and claim none of this ever happened; IT’S IN THEIR INTEREST TO GET A LOT MORE MOREY FOR THE COMPANY THAN WHAT IT’S PRESENTLY WORTH. Instead, the Board SEEMS INTERT TO GU TO COURT, WHERE MUSHT WOULD HAVE TO CONVINCE A JUDGE TO LET HIM OUT OF THE MERGER AGREEMENT I SIGNED. Another positibility is that each side could negotiate the terms down in order for all to be face and claim a victory. Whtever Happens, It ‘Probably Going to Further Delay Donald Trump’s Ignominious Return to the Platform, so that will spread limit a different kind of spam, at least for now.
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