Elon Musk bought Twitter to avoid being judged

elon musk offered to continue the purchase. excitement to avoid going judgment and thus ending one of the biggest soap operas of recent times in the tech industry. After months of disagreements and mutual accusations, the tech tycoon would step back by informing the situation. social network its intention to continue the deal signed last April and to end its acquisition. $44 billion (approximately 41,000 million euros). The social network replied that it accepted the proposal and forwarded it to the SEC, the regulator of the US stock market.

As ‘Bloomberg’ progressed, he sent a letter to the company’s board of directors proposing the richest man in the world, citing people familiar with the conversation and endorsed by other US media. platform Monday night, it’s still an option being worked on. The initial price of Twitter’s sale was considered $54.20 per share, a figure well above the current value of the social network.

legal battle

Shortly after closing that buyout deal in April, Musk began accusing Twitter of lying about the number of users. fake accounts After nearly two months of speculation operating within the platform, the controversial businessman – leader of companies like tesla anyone Space X– In July, he announced that he no longer wanted to complete the purchase he had committed in writing. The social network’s board of directors later accused Musk of failing to comply with the deal and forcing him to fix it. Along the road, evaluation The company collapsed, undermining the confidence of its employees and creating an atmosphere of nervousness and uncertainty.

The long-awaited hearing between Twitter and Musk will take place less than two weeks later on October 17. The social network assured that Musk’s arguments about “spam” were a “smoke screen” to step back and try to fix a transaction that could close at a lower price. Still, the company’s former head of security said in July Twitter’s security issues and the actual number of automated accounts (or ‘boots‘), thus supporting Musk’s thesis.

If accepted, Musk’s fix will allow him to avoid a long and costly process whose solution is unknown. On the other hand, the US media draws attention to the fact that the offer to buy may be a threat tactic. discussion your king to stop the case.

The news was greeted with joy in the markets. this Movements Twitter rose 12.67 percent after learning of Musk’s fix. The company has temporarily suspended its listing. backpack Waiting for a deal to close that would mean a clear victory for the social network, because in addition to achieving its initial goal —approved by shareholders– that would allow him to put an end to his inner crisis.

Before opening this thread by rejecting the acquisition deal, Musk promised Twitter investors it would generate 500 million daily users and $13.2 billion in revenue by 2025. It is speculated that a Twitter controlled by Musk will lead to limiting content moderation, turning on algorithms and even allowing former US President Donald Trump to return to the platform.


Source: Informacion

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