Tech

Elon Musk says lower prices for Twitter are ‘no exaggeration’


Elon Musk threw another curve into his Twitter takeover on Monday.

At a technology conference in Miami, Mr Musk, the world’s richest man, said reaching an agreement to buy Twitter for a lower price was “not out of the question”, according to one attendee.

Mr Musk’s comments were made in response to a question about whether he would renegotiate plans to acquire Twitter for $44 billion Attendees spoke through the stated metrics of the number of bots, or spam accounts, that exist on the social media service. Mr. Musk said that Twitter’s numbers – less than 5 percent of all accounts – unbelievable.

Shares of Twitter fell 8% on Monday to close at $37.39. That’s much lower than the $54.20 a share Musk agreed to pay last month to buy the social media company.

Mr Musk, who also leads rocket company SpaceX and electric car maker Tesla, has caused confusion over the status of the deal. Last Friday, he tweeted that his Twitter purchase was “Temporarily on hold“Until he can get more details about the number of spam and fake accounts on the platform. Then he went on to say that he still “commit“To make a deal.

Parag Agrawal, CEO of Twitter, also posted a lengthy tweet on Second details how the company calculates its bot count. He said the company shared “an overview of the estimation process with Elon a week ago.” Mr Musk responded to the thread with a poop emoji.

Mr Musk did not immediately respond to a request for comment. Twitter declined to comment.

Analysts speculate that Musk is trying to back out of the deal or renegotiate a lower price. Shares of tech companies have plummeted since Musk first announced his acquisition of Twitter earlier this month. Shares of Tesla, Musk’s main source of wealth, have fallen nearly 30%.

Renegotiate an agreement won’t be easy. In addition to the $1 billion breakup fee, Musk’s deal with Twitter includes a “specific performance clause,” giving the company the power to sue him and force him to complete the settlement as long as the debt he had taken out was still intact. .

But Mr. Musk has also created public headaches for Twitter. Last weekend, Mr tweeted that Twitter’s legal department was “calling to complain” that he had breached a non-disclosure agreement discussing its bot sample size of 100. Musk’s agreement with Twitter also contained one thing. The clause undisputedly forbids him from posting negative tweets about trading.

The two sides have so far continued as if there is an agreement. Teams from both sides held a previously scheduled meeting on Friday. (Twitter confirmed the meeting was “part of the trading planning process.”) On Friday, Bret Taylor, president of Twitter, tweeted: “We remain committed to our agreement.

Mike Isaac contribution report.





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