Twitter has agreed to Telsa CEO Elon Musk buying the social network for $44 billion.

“The company’s intention is to close the transaction for $54.20 a share“, the social network wrote in reaction to a proposal from Musk that was sent to the company and the US Securities and Exchange Commission.

Twitter and Musk agreed to acquire the company for that price, but the billionaire later backed out of the transaction, arguing that it found a material breach of several provisions of the deal.

The SEC published a document sent by Musk stating that the tycoon “intends to proceed with the closing of the transaction contemplated in the merger agreement on April 25, 2022, under the terms and subject to the conditions established in the same”.

However, Elon Musk’s letter does not offer a specific date for the completion of the agreement, which already has the approval of Twitter shareholders.

This week, Twitter shares grew about 12 % on the stock market this Tuesday after information that assures that businessman Musk could agree to take over the company under the initially agreed terms.

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With information from El Sumario

La entrada Twitter accepts the conditions of its sale apareció primero en Bitfinance.

Tesla founder and CEO Elon Musk filed a confidential counterclaim against Twitter after the company launched legal proceedings to terminate the platform purchase agreement.

The tycoon’s counterclaim will serve to point out that Twitter did not respond when asked about the number of fake accounts that existed on the social network and what was the social network’s way of locating and eliminating them, according to Musk’s legal team.

Likewise, according to various media, it is “likely” that the founder of Tesla affirms that the company changed the number of monetizable daily active users before the agreement between the two parties was finalized, which would have changed the purchase price of the social network.

Musk’s legal team detailed that Twitter would have violated its agreement for several reasons, including that the company had fired two executives and, therefore, had breached the agreement.

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Source: Elespañol

La entrada Elon Musk is now suing Twitter apareció primero en Bitfinance.

Twitter filed a lawsuit in a Delaware state court against billionaire Elon Musk to force Tesla’s founder and CEO to commit to his offer to buy the company after breaking the agreement between the parties.

“Musk apparently believes that he, unlike any other party subject to Delaware contract law, is free to change his mind, wreck the company, disrupt its operations, destroy shareholder value,” the company said.

Twitter shares fell more than 7 % on Monday after Musk confirmed his intention to terminate the contract to purchase the social network. The company accused the billionaire of causing its share price to crash.

As it is, a long court battle is expected to determine whether Twitter can force Musk to close the deal and become its owner, or at least get him to pay the $1 billion break-up fee set out in the original deal.

It must be remembered that Musk and Twitter agreed on this penalty figure to be paid if the parties withdrew from the agreement, although if Twitter intends to force the purchase under the agreed terms, the situation could be complicated for the tycoon.

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Source: ElUniversal

La entrada Twitter filed suit against Elon Musk apareció primero en Bitfinance.

Twitter’s lawyers described as “invalid” Elon Musk’s attempt to withdraw from the purchase of the social network for about 44,000 million dollars as the parties had agreed at the end of last April.

“Musk’s alleged termination of his contract is invalid and unlawful, and constitutes a repudiation of his obligations under the agreement. Contrary to the assertions in his letter, Twitter has not breached any of its obligations”, the social network legal team said in a letter published by the Securities Market Commission (SEC).

Last week, Musk posted on Twitter that he was renouncing the purchase contract after receiving no response from the company when asking for information about the number of fake accounts found on the platform, as well as the company’s way of auditing and suspend them.

Musk had been publicly questioning Twitter’s bot numbers for weeks, in what many analysts saw as an attempt to drive down the tech giant’s share price.

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Source: Bloomberg

La entrada Elon Musk can’t pull out of Twitter deal apareció primero en Bitfinance.

Entrepreneur Elon Musk, founder and CEO of Tesla and SpaceX, decided to modify the sources of financing with which he aspires to pay for the purchase of the social network Twitter for nearly 44,000 million dollars, as reported after the closing of the market by the United States Securities and Exchange Commission (SEC).

The changes do not affect the price, but the way in which Musk aims to raise the amount necessary to take over the social network. Nor do they imply a reactivation of the offer, since the businessman announced days ago that it was paralyzed until Twitter demonstrated the real percentage of false accounts on the platform.

In this way, the capital contribution that Musk will make now is 33.5 billion dollars, compared to the 27.25 billion that he had previously proposed.

The capital increase that the owner of Tesla plans to make is due to the fact that he has let the margin loan contract that he had granted for a value of 6,250 million dollars expire. This coincides with a continued decline in his company’s shares over the last eight weeks.

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Source: DW

La entrada Musk changes the conditions to buy Twitter apareció primero en Bitfinance.

Entrepreneur Elon Musk, founder and CEO of Tesla and SpaceX, explained that Twitter must present evidence that the number of false accounts on its social network is less than 5% for the purchase offer for 44,000 million dollars to go ahead.

On Friday, Musk himself already decided to “temporarily” suspend the agreement “pending details that support the calculation that fake/spam accounts represent less than 5% of users.”

In a new message posted on the social network this week, Musk noted that the social network’s CEO recently refused to show proof that fake accounts are less than 5%. “The deal can’t go forward until it does.”

In relation to the calculation made by some analysis firms that the number of false accounts could reach 20%, Musk indicated that the figure could be “much higher”. Faced with a message from another user assuring that the number of false accounts could be above 50%, Musk has responded “exactly”.

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Source: CNN

La entrada Musk calls for proof of fake Twitter accounts apareció primero en Bitfinance.

Elon Musk decided to temporarily suspend the purchase of Twitter, which he agreed to at the end of last April for some 44,000 million dollars, as reported by the tycoon through his official profile on the social network of the same name.

The platform acknowledged in a document registered with the Securities Market Commission (SEC) of the United States that “there are inherent challenges in measuring the use and participation” of the large number of total social network accounts around the world. And added that the metrics may be affected by efforts to reduce malicious activity on the service, including spam, malicious automation, and fake accounts.

In this sense, the company explained that, after an internal review of a sample of accounts, it estimated that the average number of false or spam accounts during the first quarter of 2022 “represented less than 5%” of active monthly users in the quarter.

However, Twitter admitted that such estimate of fake or spam accounts “may not accurately represent the actual number of such accounts“, admitting that the actual number of active fake or spam accounts on the social network “could be higher than estimated.” “.

In the presentation of its results for the first quarter, the network acknowledged an error whereby from the first quarter of 2019 to the fourth quarter of 2021 it had overestimated the calculation of its monetizable active daily users by almost two million accounts.

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Source: Elpais

La entrada Elon Musk pause Twitter buying temporarily apareció primero en Bitfinance.

The co-founder and former CEO of Twitter, Jack Dorsey, publicly supported Elon Musk through this social network, where he defended that the billionaire “is the only solution” that he trusts and that he is following “the right path” with the purchase of the company for 41,000 million dollars.

“Elon’s goal of creating a platform that is highly trustworthy and broadly inclusive is the right one,” commented the former director, indicating that for those same values ​​he appointed Parag Agarwal as CEO after his departure in November last year.

Along with this message, the co-founder shared a Radiohead song titled “Everything In Its Right Place” that suggests that he is happy with this purchase by the also owner of Tesla.

With this, he highlighted what he believes to be the greatest virtue of this social network, assuring that he “loves it”. “It’s the closest thing we have to a global consciousness“.

On the other hand, Dorsey showed his commitment to maintaining “the idea and the service” of the social network, ensuring that it is now his main concern. “It’s the only thing that matters to me and I will do whatever it takes to protect both of us,” he added.

“Twitter as a company has always been my only problem and my greatest regret. It has been owned by Wall Street and the advertising model. Recovering it from Wall Street is the first correct step,” he said, in support of the movement made by Musk.

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Source: Huffpost

La entrada Jack Dorsey trusts Elon Musk apareció primero en Bitfinance.

The founder and CEO of Tesla, Elon Musk, indirectly bought a 9.2 % stake in the technology company Twitter, owner of the social network of the same name, according to the company in a statement sent to the Stock Exchange Commission and United States Securities (SEC).

Specifically, Twitter indicated that the trust “Elon Musk Revocable Trust”, of which the businessman is the sole beneficiary, was the buyer of the shares. This makes Musk the indirect owner of the entire stake.

The trust has been made with a package of 73.5 million Twitter shares, which, compared to the 800.6 million titles that make up the company’s share capital, represent a 9.2 % stake.

At the price at which the shares closed last Friday, the participation with which Elon Musk has been made is equivalent to 2,888 million dollars.

The purchase of this block of shares was carried out a week and a half after Musk asked his millions of followers on Twitter if they considered that the social network adheres “rigorously” to the principle that freedom of expression is essential for democracy. .

Two days after the result of the survey, where the majority of his followers voted “no”, the owner of Tesla wondered if a new social network that complied with this principle was “necessary”.

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Source: Xataka

La entrada Elon Musk buys a part of the Twitter network apareció primero en Bitfinance.