We previously reported that Musk acquired Twitter for $44 billion . However, after the Twitter board agreed to the acquisition, Musk wanted to terminate the acquisition on the grounds that there were too many "fake accounts" (machine numbers/navy numbers) in the Twitter background. , well above what Twitter calls "less than 5 percent."
At present, Musk's lawyers have written to the US financial regulator SEC, saying that he will withdraw from the acquisition, citing Twitter's inability to provide data to address his concerns about too many Navy numbers. While Twitter insists that less than 5% of its monetizable daily active users are spam accounts, Musk believes the percentage is much higher.
Of course, discerning people know that "too many navy numbers" is just Musk's excuse. With Twitter's stock plummeting since announcing its intention to acquire Twitter in April, the $44 billion price tag is already too high, and it's normal for Musk to want to get away.
But it’s not that easy to escape. According to foreign media The register report: Since May, under the shadow of Musk’s acquisition, Twitter’s stock price has been falling, and it has been laying off staff and reorganizing the executive team to cut financial costs. The recruiting team has now laid off 30% of its staff. Plus, the Marine Corps isn't a core business issue at all and doesn't qualify for the cancellation of the deal.
Musk, who has promised to buy, cannot unilaterally cancel the deal unless something serious goes wrong with Twitter's business. Not to mention quitting, he has to pay a breakup fee of 1 billion US dollars, and Twitter will not let him run away easily. Twitter Chairman Brett Taylor tweeted that he is confident the merger agreement will be enforced: The board plans to take legal action to execute the deal on the initially agreed price and terms.
Twitter's board is committed to closing the deal on the price and terms it agreed with Musk and plans to take legal action to enforce the merger agreement. We are confident we will win in the Delaware Chancery Court.
