Tesla and SpaceX CEO Elon Musk announced today that he terminated the Twitter acquisition due to various violations
Last March and April, Elon Musk, the successful CEO of Tesla and SpaceX, came to the agenda with his attempts to buy Twitter. He first shook hands with the board of directors to buy a 9 percent stake in the company, then the entire company.
However, the ties of the 2 parties, who could not agree on many points in time, came to the point of breaking ties. As of today, with the statement made by Musk, it was revealed that the agreement was completely terminated. Twitter shares fell more than 6 percent.
Elon Musk terminated the Twitter deal due to violations!
Elon Musk prefers Twitter the most among social media platforms when sharing. Musk, who came to the agenda especially with his posts about cryptocurrencies, became a shareholder of the platform a while ago.
According to the US Securities Exchange Commission, Elon Musk received a 9.2 percent passive stake in Twitter Inc. on March 14, 2022. While it was announced in the file that Musk had 73,486,938 common shares, there was a noticeable increase in Twitter shares after this development emerged.
However, Twitter stated that it did not want him on the board of directors. Musk then launched a 44 million dollar offer that the company and its shareholders could not refuse, launching an attempt to buy it all.
This process was quite challenging for both sides. Because it was one step forward, two steps back. In particular, Musk claimed that the data Twitter shared with him was not accurate. At the beginning of this, he was told that the number of spam/bot accounts was 5 percent. Because according to Musk’s private research, the real number is 4 times higher.
Therefore, the purchase process was suspended. Musk demanded the company to share the actual data. Otherwise, he said, the deal would be invalid. But he will not have achieved what he wanted, as of today, he announced that the purchase process was terminated due to violations by Twitter.
No information was shared about the fate of its 9.2 percent stake. But by keeping 44 billion dollars in his pocket, he will return to the days when he was an active user. Of course, he may also be thinking of establishing his own platform like former US President Trump’s Truth Social.
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