Elon Musk wants explanations, Twitter criticizes him for not asking for them sooner

The saga continues. After Elon Musk’s comments at the Miami Summit regarding his belief that the proportion of fake accounts on Twitter is 20% instead of the 5% announced by the platform, the billionaire clarified his position.

Recall that these statements were followed by the suspension by Elon Musk of his offer to buy Twitter for $44 billion.

Elon Musk vs Parag Agrawal

“20% of fake accounts / spam accounts is already four times more than Twitter claims, and this figure could be much higher,” denounces Elon Musk, adding that his proposal was based on the veracity of documents filed by a stock police officer. market. USA, SEC.

“The CEO of Twitter has publicly refused to provide proof of the 5%. The deal can’t move forward if it doesn’t,” adds the billionaire.

For its part, Twitter released a report on the talks with Elon Musk on Tuesday, showing that the billionaire did not raise any questions regarding non-public matters relating to the company. The problems he then mentioned to suspend his purchase offer.

Too fast offer?

Reuters also released an official Twitter statement regarding Elon Musk’s proposal. This document, submitted to the SEC, sets out the details of the transaction so that shareholders can express their opinion on the agreement. And the latest shows that the boss of Tesla and SpaceX was rushing to close the deal with his “best and last” offer.

According to this document, Elon Musk would thus have entered into a $44 billion deal last April without any due diligence.

“Elon Musk did not ask for a confidentiality agreement or attempt to obtain non-public information about Twitter from Twitter,” the company insists in a statement.

Elon Musk may lower the price

In addition, Elon Musk does not exclude that the deal will take place, but at a lower price. During the Miami Summit, the billionaire did mention this scenario. “There are many factors at play here. I’m still waiting for a logical explanation for the number of fake accounts and spam accounts on Twitter. And Twitter refuses to answer me. It seems strange to me, ”adds Elon Musk.

However, in the previously mentioned fiduciary statement, Twitter insists on its determination to “make a deal at the agreed price and terms as soon as possible.” The document also says that if the deal goes through, Parag Agrawal, CEO of Twitter, will receive $60.2 million. CFO Ned Segal will receive $46.4 million. As for Vijay Gadde, the platform’s lead lawyer, he will receive $30 million.

This document also shows that Elon Musk allegedly announced on Twitter that he was considering creating a competitor.

Source: .com

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