Elon Musk says a lower price for Twitter is ‘out of the question’.


elon musk He threw another curveball at his Twitter takeover on Monday.

At a tech conference in Miami, Mr. Musk, the world’s richest man, said it was “out of the question” to negotiate a lower price for Twitter, according to one person attending the event.

Mr Musk’s comment came in response to a question about whether he would renegotiate his deal. $44 billion Twitter acquisition plan The participant said that the number of bots or spam accounts on the social media service exceeded the stated figures. Mr. Musk, Twitter’s figure – less than 5 percent of all accounts – it was hard to believe.

Shares of Twitter fell 8 percent on Monday to close at $37.39. That was well below the $54.20 per share that Mr. Musk agreed to pay last month to buy the social media company.

Mr. Musk, who also leads rocket company SpaceX and electric car maker Tesla, has caused confusion over the status of the deal. Last Friday, he tweeted that he bought Twitter. “temporarily on hold” until we get more details on the volume of spam and fake accounts on the platform. He then followed up saying that he still is.loyalty“to the deal.

Parag Agrawal, CEO of Twitter, also posted a long string of tweets. Monday details how the company calculates the number of bots. He said the company shared “an overview of the forecasting process with Elon a week ago.” Mr. Musk responded to the thread with a poop emoji.

Mr Musk did not immediately respond to a request for comment. Twitter declined to comment.

Analysts speculate that Mr. Musk is trying to pull out of the deal or renegotiate for a lower price. Tech company shares have slumped since Mr Musk first announced his acquisition of Twitter earlier this month. Shares of Tesla, Mr. Musk’s main source of wealth, lost nearly 30 percent of its value.

Renegotiating a deal it wouldn’t be easy. In addition to the $1 billion separation fee, Mr. Musk’s deal with Twitter includes a “certain performance clause” that gives the company the right to sue him and compel the deal to complete as long as the debt financing recoups. the deal remains intact.

But Mr. Musk has also created very general headaches for Twitter. weekend, it tweeted out He said Twitter’s legal department “called to complain” that he had violated a non-disclosure agreement, which discussed the bot sample size of 100. Mr. Musk’s agreement with Twitter also includes a non-humiliation clause that prohibits him from tweeting negatively about the transaction.

The two sides continued as if there was an agreement so far. Teams from both sides held a pre-scheduled meeting on Friday. (Twitter confirmed that the meeting was “part of the action planning process”.) On Friday, Twitter’s chairman, Bret Taylor, tweeted: “We remain committed to our agreement.

Mike Isaac contributing reporting.





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