June 29, 2022

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Elon Musk Says Twitter Deal ‘Cannot Move Forward’ in Current State

2 min read

In trading on Tuesday afternoon, Twitter’s shares rose slightly, increasing 3.4 percent.

The company said in a statement accompanying a regulatory filing on Tuesday that it was “committed to completing the transaction on the agreed price and terms as promptly as practicable.” In the filing, which explains the background and rationale for the deal, Twitter said that “if the merger is not completed, and depending on the circumstances that cause the merger not to be completed, the price of our common stock may decline significantly.”

Mr. Musk, who also leads the electric automaker Tesla and rocket company SpaceX, has unleashed confusion over the state of the deal. Last Friday, he tweeted that his purchase of Twitter was “temporarily on hold” until he could get more details about the volume of spam and fake accounts on the platform. He later followed up saying he was still “committed” to the deal.

Twitter executives have become targets of Mr. Musk.

On Monday, Parag Agrawal, Twitter’s chief executive, posted a lengthy thread detailing how the company calculates its number of bots. He said the company had shared an “overview of the estimation process with Elon a week ago.” Mr. Musk responded to the thread with a poop emoji.

Last month, Mr. Musk went after Twitter’s top lawyer who oversees the platform’s content moderation policies. Mr. Musk’s supporters followed his lead by posting a flood of abuse at the company executive.

Mr. Musk did not…

Lauren Hirsch and Adam Satariano

2022-05-17 13:53:34

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