Elon Musk calls off a $44 billion deal on purchasing Twitter. As a result, the company stocks fell by 8%
Obviously, Twitter tends to sue Musk for his decision since his exit from the deal is questionable from a legal point of view. Elon, in turn, explained his refusal by the number of fake accounts, which turned out to be much more than “less than 5% of the daily number of users”, as officially declared on the social network.
Total Recall
Recall that one of the wealthiest people in the world decided to diversify his investments and buy the Twitter platform. It became known in early April 2022. It was long ago rumored that Musk wanted to have his own social network, he even arranged a survey among his subscribers to see if they wanted a new “open-source and uncensored” social network instead of Twitter.
It turned out that Musk decided to take the path of least resistance and invest in a ready-made platform instead of a dubious story of alternative “Muskbook”. Since the beginning of the year, the billionaire has been buying shares of Twitter, and by April, he owned a 9.2% stake. Thus, he became the largest shareholder in the company.
Then followed a period of misunderstandings between Musk and the Twitter board of directors. The deal was on the verge of failure many times. In May, Elon announced the purchase of a social network. And now he has changed his mind again.
Well, we will keep track of this financial Santa Barbara and see what’s going to happen.
