Donald Trump is excited about Elon Musk ending his efforts to buy Twitter, writing: ‘THE TWITTER DEAL IS DEAD, LONG LIVE THE “TRUTH”.’
The former president posted his comments on his rival social network Truth Social Friday evening, shortly after it was discovered that Musk, 51, had withdrawn a $ 44 billion bid.
Trump’s post was loved about 37,000 times, and was shared more than 9,000 times in The Truth, where Trump has 3.5 million followers.
He introduced Twitter after being banned by former Twitter CEO Jack Dorsey in January 2020, just days after the Capitol riots.
Social Reality is proud of the approximately two million active users, compared to the 300 million who have subscribed to Twitter.
On Friday Musk, who is the richest man in the world, announced that he was finalizing his request to buy Twitter for $ 54.20-a-share, sparking an angry response from the company’s executives, who say they will strongly prosecute through the deal.
Musk accused Twitter officials of refusing to provide information on the number of fake users on his website, in a letter announcing his rejection of the deal.
The billionaire accused the major social media company of refusing to ‘follow its contractual obligations’ throughout the procurement process.
Donald Trump was excited about Elon Musk’s withdrawal of his request to buy Twitter from his rival social networking site Truth Social Friday.
Musk, who was photographed at the Met Gala in May, announced the suspension of his request to buy Twitter on Friday after claiming Twitter violated an agreement reached.
He also claimed that the company had failed to perform its duties as usual in the past two months as it hampered its recruitment and dismissal process.
Shares on Twitter closed for $ 36.81 on Friday after Musk withdrew from the deal, sparking rumors that the Tesla owner was still trying to acquire the company – but at a much lower price than he had previously offered.
Musk is expected to speak at the so-called Billionaire Summer Camp in Sun Valley, Utah, on Saturday.
Twitter CEO Parag Agrawal is also at a meeting of the rich, although it is not yet known if the two men met.
In a letter to the Securities and Exchange Commission announcing that Musk was finalizing his request on Twitter, Skadden Arps’ attorney Mike Ringler – acting Musk – said Twitter was in serious breach of the terms of the agreement.
Ringler wrote: ‘Mr Musk is terminating the Union Treaty because Twitter has violated many of the terms of the Agreement, it appears to have made a false and misleading presentation which Mr. Negative Impact of Company Material.
‘Although Article 6.4 of the Merger Agreement requires Twitter to give Mr. Musk and his advisers data and all the information that Mr. Musk requests ‘for any commercial purpose related to the completion of the transaction,’ Twitter has not complied with its contractual obligations. .
‘For about two months, Mr. Musk has searched for important data and information to ‘make an independent assessment of the spread of fake or wasteful accounts on the Twitter platform’.
Twitter CEO Parag Agrawal is pictured at the Sun Valley billionaire summit on Friday. His company has now announced a lawsuit against Musk for forcing him to fulfill a $ 44 billion deal
The price of Twitter shares closed for only $ 36.81 on Friday evening – below the $ 50-a-share peak reached after Musk announced his intention to buy the company.
THE TIME OF BILLIONAIRE ELON MUSK TO CONTROL TWITTER
January 31: Musk starts buying Twitter shares in almost daily installments, collecting 5% stake in the company by mid-March.
March 26: Musk, who has 80 million Twitter followers and is active on the site, said he was seriously considering building an alternative to Twitter, questioning freedom of expression on the platform and whether Twitter undermines democracy. He also privately reaches out to Twitter board members, including his friend and co-founder of Twitter Jack Dorsey.
March 27: After informing them privately about the increase in his shares in the company, Musk begins talks with the CEO of Twitter and board members about the possibility of joining the board. Musk also mentions taking Twitter privately or setting up a competitor, depending on future control files.
April 4: The regulatory cover shows that Musk has become the largest shareholder of Twitter soon after acquiring 9% shares, or 73.5 million shares, valued at approximately $ 3 billion.
April 5: Musk is given a seat on the Twitter board provided he does not add more than 14.9% of the company’s shares. CEO Parag Agrawal said in a tweet that ‘it was clear to us that he would bring great value to our Board.’
April 11: Twitter CEO Parag Agrawal announces Musk will not join the board anyway.
April 14: Twitter reveals in the bond file that Musk has offered to buy the company for about $ 44 billion.
April 15: The Twitter board unanimously endorses the ‘poison pill’ defense in response to Musk’s proposal, in an attempt to prevent hostilities.
April 21: Musk is planning $ 46.5 billion in funding to buy Twitter. The Twitter board is under pressure to negotiate.
April 25: Musk reaches an agreement to buy Twitter for $ 44 billion and make the company private. The billionaire has said he wanted to own and personalize Twitter because he thinks it does not meet his potential as a platform for freedom of expression.
April 29: Musk sells $ 8.5 billion worth of shares to Tesla to support Twitter purchases, according to control files.
May 5: Musk is bolstering its bid to buy Twitter with promises of more than $ 7 billion from a diverse group of investors including major Silicon Valley strikers such as Oracle co-founder Larry Ellison.
May 10: In a hint of how he would change Twitter, Musk says he would rescind former President Donald Trump’s Twitter ban following the January 6, 2021 revolt at the White House, calling the ban a ‘morally wrong decision’ and ‘extreme stupidity.’
May 13: Musk said his plan to buy Twitter ‘has been temporarily suspended.’ Musk said he needs to specify the number of spam and fake accounts on the social media platform. Shares on Twitter are plummeting, with Tesla shares returning sharply.
June 6: Musk threatens to terminate his $ 44 billion deal to buy Twitter, accusing the company of refusing to provide him with information about his bot bot waste.
July 8: Musk told Twitter that he was terminating the agreement because the company would not provide information about spam bots
‘This information is fundamental to Twitter’s business and financial performance and is essential to completing the activities intended by the Merger Agreement because it is necessary to ensure that Twitter is compliant with the terms of the closure, facilitating Mr Musk’s funding and financial plans for the transaction. and participation in business transition plans.
‘Twitter has failed or refused to provide this information. At times Twitter has ignored Mr Musk’s request, sometimes rejected it for seemingly inappropriate reasons, and sometimes claimed to have acted while giving Mr Musk incomplete or invalid information. ‘
Musk had previously threatened to terminate the deal unless the company showed spam and robotic accounts were less than 5 percent of users who see ads on social media services.
But Twitter immediately threatened legal action and said it was confident it would win.
Taylor tweeted: ‘The Twitter board is committed to closing down pricing operations and terms agreed upon by Mr Musk and plans to take legal action to implement the union agreement.
‘We are confident we will win in Delaware Court.’ The message was later sent by CEO Agrawal.
In an internal memorandum, the attorney general of Twitter was reported to have said: ‘Given this is an ongoing legal issue, you should refrain from Tweeting, Slacking, or sharing any views on the Union Agreement.’
Speaking to NBC News about the collapsed deal, a Twitter employee whose name was not released said that Musk had a ‘f ** king destroyed the company.’
The employee said: ‘I think it looks like we have won. But it feels like the end of the film, where the characters have shed blood and been baptized by the explosion of Michael Bay behind them. We can see this coming, but at the same time he is the f ** king destroyed the company. ‘
Twitter is popular with waking employees who have previously been blamed for controlling behavior with the intention of preventing remarks they see ‘harmful.’
Musk said he planned to take a route set back beyond the average.
He wanted to impose a temporary suspension on consumers, instead of a direct ban on life, for a life of misconduct – like the one imposed on Donald Trump for allegedly inciting the January 6 riots.
Musk is a diligent user of the site, and says he wanted to buy it to make it a great power of free expression.
During a round of staff meetings in April, Agrawal tried to calm workers’ anger after staff demanded answers to how managers planned to handle the expected mass caravan launched by Musk.
Agrawal stood to make $ 42 million if Musk’s plan were to succeed.
Musk’s decision could lead to a long-running legal dispute between the billionaire and the 16-year-old San Francisco company.
Dispute settlement and acquisition that land in Delaware courts often ends up with companies re-negotiating contracts or the recipient paying the beneficiary a departure solution, rather than the judge ordering the transaction to be completed.
That is because targeted companies often focus on resolving uncertainties about their future and future.
Twitter, however, hopes that court cases will begin in a few weeks and be resolved in a few months, according to someone familiar with the matter.
The game could be resolved by Twitter agreeing to sell Musk for a minimum, or by Musk agreeing to pay a settlement to the company in support of the deal.