In early April, plutocrat Elon Musk made the risky decision to buy Twitter with a $44 billion bargain. Three months later, he decided this may not be a wise purchase. As the richest man on Earth, who wouldn’t lose this daring opportunity? It seems like Musk has brains equivalent to his finances.
Musk’s initial decision was to take ownership of Twitter so that he could take control of the number of spam and fake accounts. Musk believes that spam or bot accounts take up at least 20% of Twitter users. Delighted by the approach, Twitter provided information on the topic only to find that it wasn’t enough for Musk’s taste. Musk’s lawyer sent a letter to Twitter filed with the U.S. Securities and Exchange Commission on how they had failed and refused to supply this information. “Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information,” the letter reads.
While Twitter may be hiding the confidential information behind their actions, the opposing argument suggests that Musk may be doing the same. Evidence shows that Musk may be in the struggle to salvage his wealth as large tech company stock prices have fallen steeply in the last few months. In addition, Tesla’s share price has fallen significantly since Musk announced his interest in Twitter. Journalist James Clayton of the British Broadcasting Corporation (BBC Future) writes, “Did Elon Musk ultimately decide he had bitten off more than he could chew?”
Ultimately, because of Twitter’s lack of information, Musk has decided to withdraw from his commencing decision. Yet, it is not completely clear whether he can back out at this stage. Musk will need to show within doubt that Twitter has violated their influential agreement. Whether it’s because there’s a time limit on when you spend money or a panic-stricken idea, it’s clear that Musk is a man who cares about spending his money.
Link: https://www.bbc.com/news/business-62102821
Musk’s initial decision was to take ownership of Twitter so that he could take control of the number of spam and fake accounts. Musk believes that spam or bot accounts take up at least 20% of Twitter users. Delighted by the approach, Twitter provided information on the topic only to find that it wasn’t enough for Musk’s taste. Musk’s lawyer sent a letter to Twitter filed with the U.S. Securities and Exchange Commission on how they had failed and refused to supply this information. “Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information,” the letter reads.
While Twitter may be hiding the confidential information behind their actions, the opposing argument suggests that Musk may be doing the same. Evidence shows that Musk may be in the struggle to salvage his wealth as large tech company stock prices have fallen steeply in the last few months. In addition, Tesla’s share price has fallen significantly since Musk announced his interest in Twitter. Journalist James Clayton of the British Broadcasting Corporation (BBC Future) writes, “Did Elon Musk ultimately decide he had bitten off more than he could chew?”
Ultimately, because of Twitter’s lack of information, Musk has decided to withdraw from his commencing decision. Yet, it is not completely clear whether he can back out at this stage. Musk will need to show within doubt that Twitter has violated their influential agreement. Whether it’s because there’s a time limit on when you spend money or a panic-stricken idea, it’s clear that Musk is a man who cares about spending his money.
Link: https://www.bbc.com/news/business-62102821
