Last March and April, the successful CEO of Tesla and SpaceX, Elon Musk, came to the fore with his attempts to buy Twitter. He first shook hands with the board of directors to buy a 9 percent stake in the company, and later all of it.
But over time, the ties of the two sides, which could not agree on many points, came to the breaking point. As of today, with the statement made by Musk, it turned out that the agreement was completely terminated. Twitter shares fell more than 6%.
Elon Musk terminated the Twitter deal for violations!
Elon Musk prefers Twitter the most among social media platforms when sharing. Musk, who came to the fore with his shares about cryptocurrencies, became a shareholder of the platform a while ago.
According to the U.S. Securities Exchange Commission on Security and Exchange, Elon Musk 14 March 2022from Twitter Inc. 9.2 percent passive share took. While it was announced in the file that Musk had 73,486,938 common shares, after the emergence of this development, there was a noticeable increase in Twitter shares. increase it happened.
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But Twitter has said it doesn’t want him on the board. On top of that, Musk started an attempt to buy it all by making a $44 million offer that the company and its shareholders could not refuse.
This process was very difficult for both sides. It was one step forward, two steps back. In particular, Musk claimed that the data shared by Twitter with him was not correct. 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 that.
Therefore, the purchasing process has been suspended. Musk, on the other hand, requested the company to share the actual data. He said that otherwise the agreement would be void. However, he would not have been able to get what he wanted, as he announced that as of today, the purchase process was terminated due to violations by Twitter.
No information was shared about the fate of its 9.2 percent stake. But he will go back to the days when he was an active user, keeping $44 billion in his pocket. Of course, he may be considering establishing his own platform, like former US President Trump’s Truth Social.
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