After news broke that Twitter accepted Elon Musk’s offer in April this year, the purchase has been mired in all kinds of trouble. Now, as The Washington Post reports, shopping is once again in jeopardy due to the same old problem: bot accounts.
Everything indicates that Musk concluded that there is no way to verify the number of spam or ‘bot’ accounts that reside in the social network. And as we already know, the tycoon argued that without real figures there will be no closing of the purchase. The American media explains that three people familiar with the matter were the ones who revealed what happened; however, they requested anonymity due to the urgency of the topic.
Even insiders stated that the Musk team has stopped participating in some discussions about the purchase and financing of the deal for 44,000 million dollars. Although Twitter agreed to give him access to all the data on the platform, Musk’s team believes that they do not have enough information to determine how many real accounts there are on the site. For the same reason, it’s hard to assess Twitter’s prospects as a business.
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However, spam accounts aren’t the only reason the Tesla owner is thinking about getting out of the Twitter business. Since the purchase offer was made public, shares of the social network have fallen dramatically. Put like that, Musk is considering his $44 billion offer to be much higher than the actual price of the social network.
However, getting rid of the deal would not be so easy for the CEO of SpaceX. The terms of the agreed deal say that unless something major happens in Twitter’s business, the buyer will not be able to back out. Given this, legal experts consider that the ‘bot’ and spam accounts are not sufficient reason for Musk to retract the purchase. However, if a judge determines the deal can be undone, Elon Musk will have to pay a $1 billion breakup fee. On the other hand, if the billionaire’s lawyers were able to walk away from the purchase, Twitter would be an even weaker company than when Musk bought a small piece.
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