Time for a quick check in on the Elon Musk Twitter takeover – so how close are we to Elon becoming Tweeter–in-Chief?
Musk addressed the topic in an interview for the Qatar Economic Forum earlier today, in which Musk explained that there are three key issues that need to be resolved before he will proceed with his Twitter takeover bid.
Those three elements are:
According to Musk, the deal will not be able to progress until these final details are clarified, but for Twitter’s part, it’s pushing ahead with the particulars either way, filing a new proxy statement with the SEC which once again states that it’s ‘committed to completing the transaction at the agreed price’.
Twitter Board chair Bret Taylor recently echoed the same, which suggests that Twitter will look to press Elon to consummate the deal as soon as possible, as opposed to letting him walk away on a technicality, or re-negotiate for a lower price.
Market speculation suggests that the latter is where Elon is aiming, looking to reduce his $44 billion outlay on the basis of fake profiles being a more significant element of the app than had been publicly communicated.
Though the prospects of this being a viable pathway are not great, with the SEC accepting Twitter’s past assessments of fake accounts in its official updates, which may mean that Elon has to pay up, even if he does find that there are more fakes than he expected.
Either way, that’s currently where we’re at, and we won’t know what comes next until Elon’s team comes back with their own assessment of Twitter’s data, and looks to frame that as they choose.
And Elon and Co. also have various other issues to contend with, including staff cuts at Tesla, legal action from staff, labor disputes and more.
Adding even more staffing drama into that mix doesn’t seem immediately appealing (Musk has said that he will cut Twitter staff too), but the Twitter deal is progressing at its own pace, and we should have some more insights from Musk and his team shortly.
We’ll keep you updated on any progress.
Source: www.socialmediatoday.com, originally published on 2022-06-21 16:25:04
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