Elon Musk, the CEO of Tesla, had canceled his agreement to buy the social media behemoth Twitter.
Bloomberg News says that Musk made the termination of the merger agreement official late on Friday after his advisors formally notified Twitter in a letter that was sent to the social media company on Friday.
According to Musk’s staff, he has been looking for the information needed for almost two months to “conduct an independent assessment of the incidence of false or spam accounts on Twitter’s network.” Twitter “has either been unable or unwilling to share this information.”
BREAKING: Elon Musk terminates deal with Twitter
— Daily Wire (@realDailyWire) July 8, 2022
Earlier on Friday, it was stated that Musk’s $44 billion offer to buy Twitter was “seriously jeopardized.”
According to a recent story, Musk is considering his options after his team claimed Twitter withheld too much information regarding bot and spam accounts on the service.
According to the Washington Post, Musk’s proposal to purchase Twitter is seriously in risk since Musk’s team has ceased talking to potential investors about the money because they think the spam statistics given by the firm can’t be independently verified.
Musk’s team is looking for information on Twitter’s actual daily active user count, but it seems that the social media site is not giving them enough of a breakdown.
According to the story, Musk’s team is prepared to take “possibly extreme action.”
In light of the prospective Musk takeover, Twitter said on Thursday that it had reduced its talent acquisition staff by about 30%.
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— Barron's (@barronsonline) July 8, 2022
The board of Twitter “unanimously” recommended last month that shareholders support Musk’s $44 billion purchase of the social media giant.
The board of directors unanimously advised the company’s shareholders to accept Musk’s offer.
The Twitter Board unanimously determined that the merger agreement is prudent and that the merger and the other transactions contemplated by the merger agreement are fair to, prudent, and in the best interests of Twitter and its stockholders, the statement said. “The Twitter Board, after considering various factors described in the section of this proxy statement captioned “The Merger—Recommendation of the Twitter Board and Reasons for the Merger.”
Musk branded the unions’ “stranglehold” on the Democratic party “next-level craziness” in an interview.
The Democratic Party’s association with labor unions, as well as Tesla’s exclusion from a White House electric vehicle event because the company is not unionized, were all topics Musk used the occasion to express his thoughts about.
The Democratic Party’s close ties to Union leadership in particular incensed Musk.
“The extent to which unions govern the Democratic Party is unknown to the general public. One need not make assumptions about this, he added.
“Last year, Biden hosted an EV summit; Tesla was expressly prohibited from attending, whereas the [United Auto Workers] were. Therefore, Tesla has produced two-thirds of all electric vehicles in the country, he continued.
On a podcast in May, Musk made some of the same arguments and offered his perspective on who he thought was the “true president.”
He declared, “Whoever operates the teleprompter is the true president. “The road to the teleprompter is the road to power.”
He made an allusion to the 2004 movie Anchorman, in which actor Will Ferrell’s character Ron Burgundy reads anything that is written on the teleprompter, saying, “I do feel that if anybody were to mistakenly lean on the teleprompter, it’s going to be like Anchorman.”
Although he claimed to have voted “overwhelmingly for Democrats,” it is clear that he does not support the current administration.
He claimed, “This administration doesn’t appear to accomplish much. Even putting Trump aside, there were many others in the Trump administration who were productive at getting things done.
He asserted that he thinks trial lawyers, particularly class-action attorneys, and unions “overly control the Democratic Party.” According to him, Republican actions are motivated by corporate evil and religious zealotry whereas Democratic actions are motivated by unions and trial lawyers.
In contrast to Obama, who was not as heavily influenced by the unions, Biden is simply too heavily influenced by them, he explained.