{"id":472213,"date":"2022-07-09T00:36:12","date_gmt":"2022-07-08T21:36:12","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/elon-musk-terminates-44-billion-twitter-deal\/"},"modified":"2022-07-09T00:36:12","modified_gmt":"2022-07-08T21:36:12","slug":"elon-musk-terminates-44-billion-twitter-deal","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/elon-musk-terminates-44-billion-twitter-deal\/","title":{"rendered":"#Elon Musk terminates $44 billion Twitter deal"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a354ae87491b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a354ae87491b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/elon-musk-terminates-44-billion-twitter-deal\/#%E2%80%9CElon_Musk_terminates_44_billion_Twitter_deal%E2%80%9D\" >&#8220;Elon Musk terminates $44 billion Twitter deal&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CElon_Musk_terminates_44_billion_Twitter_deal%E2%80%9D\"><\/span>&#8220;Elon Musk terminates $44 billion Twitter deal&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Tesla\u00a0Chief Executive Officer Elon\u00a0Musk\u00a0said on Friday he was terminating his $44 billion deal for Twitter, saying that the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> company had failed to provide information about fake accounts on the platform.<\/p>\n<p>Shares of Twitter fell 6% in extended trading to\u00a0$34.58.<\/p>\n<p>The stock had zoomed to $51.70 when Musk made his $54.20 offer to buy the social media giant on April 25.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1418091\/000110465922078413\/tm2220599d1_ex99-p.htm\">In a filing<\/a>,\u00a0Musk\u2019s lawyers said Twitter had failed or refused to respond to multiple requests for information on fake or spam accounts on the platform, which is fundamental to the company\u2019s business performance.<\/p>\n<p>The Friday filing claimed that \u201cTwitter is in material breach of multiple provisions\u201d of the buyout deal,\u201d and that the company \u201c<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement.\u201d<\/p>\n<p>\u201cFor nearly two months, Mr.\u00a0Musk has sought the data and information necessary to \u201cmake an independent assessment of the prevalence of fake or spam accounts on Twitter\u2019s platform,\u201d Musk\u2019s law firm Skadden Arps said in a letter to Twitter.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/musk-terminates-twitter.jpg?w=1024\" alt=\"Elon Musk\" class=\"wp-image-22981295\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/musk-terminates-twitter.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/musk-terminates-twitter.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/musk-terminates-twitter.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Elon Musk cited material breach of multiple provisions of the agreement.<\/figcaption><figcaption><span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>\u201cTwitter has failed or refused to provide this information. Sometimes Twitter has ignored Mr.\u00a0Musk\u2019s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr.\u00a0Musk incomplete or unusable information.\u201d<\/p>\n<p>In response, Twitter\u2019s chairman Bret Taylor said the social-media giant is prepared to take Musk to court.<\/p>\n<p>\u201cThe Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement,\u201d Taylor <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/btaylor\/status\/1545526087089696768\">tweeted Friday afternoon.<\/a> \u201cWe are confident we will prevail in the Delaware Court of Chancery.\u201d<\/p>\n<p>Musk said he told Twitter on June 6 that it breached the merger agreement by not providing enough info on the fake accounts, according to the filing.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/musk-twitter-002.jpg?w=1024\" alt=\"Musk's Twitter profile.\" class=\"wp-image-22983293\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/musk-twitter-002.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/musk-twitter-002.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/musk-twitter-002.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>In response, Twitter\u2019s chairman Bret Taylor said the social-media giant is prepared to take Musk to court.<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>\u201cAs Twitter has been on notice of its breach since at least June\u00a06, 2022, any cure period afforded to Twitter under the Merger Agreement has now lapsed,\u201d Musk said.<\/p>\n<p>In the Friday filing, Musk acknowledged that Twitter has provided some information but said not as much as it gives its largest advertisers.<\/p>\n<p>\u201cWhile Twitter has provided some information, that information has come with strings attached, use limitations or other artificial formatting features, which has rendered some of the information minimally useful to Mr.\u00a0Musk and his advisors.\u201d<\/p>\n<p>Musk has gone silent on his favorite platform since Friday\u2019s shocking announcement. The tech titan is expected to speak Saturday at the Allen &amp; Co.\u2019s Sun Valley Conference in Idaho.<\/p>\n<p>The announcement is another twist in a will-he-won\u2019t-he saga after the world\u2019s richest person clinched a $44 billion deal for Twitter in April but then put the buyout on hold until the social media company proved that spam and bot accounts were fewer than 5% of users who see advertising on the social media service.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/musk-twitter-001.jpg?w=1024\" alt=\"Elon Musk\" class=\"wp-image-22983320\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/musk-twitter-001.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/musk-twitter-001.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/musk-twitter-001.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>In the Friday filing, Musk acknowledged that Twitter has provided some information but said not as much as it gives its largest advertisers.<\/figcaption><figcaption><span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>Last month, Twitter allowed\u00a0Musk\u00a0access to its \u201cfirehose,\u201d a repository of raw data on hundreds of millions of daily tweets.\u00a0<\/p>\n<p>The terms of the deal require Musk to pay a $1 billion break-up fee if he does not complete the transaction.<\/p>\n<p>The decision is likely to result in a long protracted legal tussle between the billionaire and the 16-year-old San Francisco-based company.<\/p>\n<p>Insiders have speculated that Musk is trying to renege on the deal because he is now paying a massive premium for the company as a result of the tech stock correction.<\/p>\n<p>It was <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/twitter-lays-off-third-of-talent-team-11657227105?mod=djemalertNEWS\">reported by The Wall Street Journal<\/a>\u00a0on Thursday that Twitter laid off a third of its talent acquisition team.<\/p>\n<p>In Friday\u2019s filing, Musk claimed that Twitter\u2019s recent round of layoffs needed to be approved by him.<\/p>\n<p>Daniel Ives, an analyst at Wedbush, said Musk\u2019s filing was bad <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> for Twitter.<\/p>\n<p>\u201cThis is a disaster scenario for Twitter and its Board as now the company will battle Musk in an elongated court battle to recoup the deal and\/or the breakup fee of $1 billion at a minimum,\u201d he wrote in a note to clients.<\/p>\n<p>Before the news broke, Twitter CEO Parag Agrawal, who assumed the chief executive job last fall after company co-founder Jack Dorsey stepped down from the role, had reportedly been \u201cwilling to go to war to make this deal happen.\u201d<\/p>\n<p>Agrawal would be due to\u00a0receive a payout of $42 million\u00a0under the current terms of the buyout. As with a handful of other Twitter executives, Agrawal\u2019s payout would be triggered by a so-called \u201cchange in control\u201d clause in their contracts which kicks in if either of them is terminated within 12 months of new ownership assuming the helm of the company.<\/p>\n<p><em>With Reuters<\/em>\n                        <\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/07\/08\/elon-musk-terminates-44-billion-twitter-deal\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Elon Musk terminates $44 billion Twitter deal&#8221; Tesla\u00a0Chief Executive Officer Elon\u00a0Musk\u00a0said on Friday he was terminating his $44 billion deal for Twitter, saying that the social media company had failed to provide information about fake accounts on the platform. Shares of Twitter fell 6% in extended trading to\u00a0$34.58. The stock had zoomed to $51.70 when&#8230;<\/p>\n","protected":false},"author":1,"featured_media":472214,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/musk-terminates-twitter.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[131154,71862,39394,70584,10401,70360],"class_list":["post-472213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-7-8-22","tag-deals","tag-elon-musk","tag-mergers-acquisitions","tag-twitter","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/472213","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=472213"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/472213\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/472214"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=472213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=472213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=472213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}