The response to the move by Musk late Friday to get out of $44 billion deal for the social media platform was fast and furious.
Elon Musk said in a regulatory filing late Friday that he is terminating his planned $44 billion acquisition of Twitter (TWTR) – Get Twitter Inc. Report, prompting fast and furious responses.
Musk claimed in an SEC filing that the company hadn’t provided accurate information on the number of fake and spam accounts on the service.
It’s a complaint Musk has made almost from the moment he signed the deal, as the stock sagged well below the agreed on price and as Musk ran into challenges lining up financing to make the deal happen.
Many have been quick to point out that Musk can’t unilaterally walk away from a signed deal. At the very least, there is a $1 billion breakup fee in play.
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For its part, the company vowed to go through with the deal and threatened legal action if Musk keeps trying to get out of it.
That has prompted speculation that Musk’s move is just part of an aggressive negotiating strategy to cut the ultimate price he has to pay.
And while there may be some debate as to how many of Twitter’s accounts are fake, spam or bots, there was no shortage of reaction among real-life users in the wake of Musk’s action.
Here is a look at five things to look forward to following Musk’s latest move in the drama, which began last spring when he acquired a nearly 10% stake in the company.
1. Lawsuits to Follow
2. Awkward Moments on Tap
3. Tax Arguments
4. Child Support Jokes
5. A Volatile Stock Price
In the end, the entire corporate drama is far from over, if for no other reason than that Musk seems to have a nearly compulsive desire to be in the limelight and force everybody to “stay tuned.”
