Elon Musk presents his last three demands before his takeover of Twitter, during the Economic Forum held in Qatar - DALTONHURD

Elon Musk presents his last three demands before his takeover of Twitter, during the Economic Forum held in Qatar

The billionaire and Tesla CEO shared his final three requirements that must be met before becoming Twitter’s Commander-in-Chief. Elon Musk recently broached the highly debatable subject in public during an interview at the Economic Forum held in Qatar this week. And that’s when he shed some light on what the last two items really were, as Twitter has already provided access to its data on fake accounts and spam.

Earlier this month, Elon Musk warned he could drop his $44 billion bid to acquire Twitter Inc if the social media network failed to provide data on spam and fake accounts. In a letter to Twitter, the billionaire reiterated his request for details about the bot accounts and said he reserved all rights to terminate the merger as the company was in clear material breach of its obligations by failing to not providing the information:

Mr. Musk does not agree with the characterizations of the letter of 1er June from Twitter. Twitter has, in effect, refused to provide information that Mr. Musk has repeatedly requested since May 9, 2022 to facilitate his assessment of spam and fake accounts on the company’s platform. Twitter’s latest offer to simply provide additional details regarding the company’s own testing methodologies, whether through written documents or verbal explanations, is tantamount to refusing Mr. Musk’s requests for data. Twitter’s effort to characterize it otherwise is just an attempt to obfuscate and confuse the issue. Mr Musk has made it clear that he does not believe the company’s lax testing methodologies are adequate, so he must conduct his own analysis. The data he requested is needed to do this.

As noted, under various terms of the merger agreement, Twitter is required to provide data and information requested by Mr. Musk in connection with completing the transaction. Twitter’s obligation to provide information to Mr. Musk is not, as the company’s June 1 letter suggests, limited to a “very specific purpose: to facilitate the closing of the transaction.” Rather, Mr. Musk has the right to seek, and Twitter is obligated to provide, information and data for, among other things, “any reasonable business purpose related to the completion of the transaction” (Section 6.4). Twitter must also provide reasonable cooperation with Mr. Musk’s efforts to obtain debt financing necessary to complete the transaction, including providing information “reasonably requested” by Mr. Musk (Section 6.11). Mr. Musk’s user data requests not only meet both criteria, but also meet Twitter’s narrow interpretation of the merger agreement, as this information is necessary to facilitate the closing of the transaction.

After a weeks-long impasse, Twitter’s board plans to comply with Elon Musk’s requests for internal data by offering access to its full firehose.

The Twitter Firehose is technical access to the more than 500 million tweets posted daily on Twitter. This technical access was initially reserved for a very few players who resold the data to social media intelligence providers and platforms under a license agreement with Twitter. These actors benefiting from the Firehose could connect directly and without volume restrictions to the Twitter databases. The Firehose was the only way to connect to all Tweets posted. Twitter terminated these agreements and cut off the Firehose or at least restricted access to GNIP, which it bought out. Access to the data needed for large-scale monitoring and analysis systems on Twitter is now done directly from Twitter via its API offers or via GNIP when the volumes are greater.

The move aims to end a standoff with the billionaire, who has threatened to pull out of his $44 billion deal to buy Twitter unless the company gives access to data he says is needed to assess the number of fakes. users on the platform.

But does that mean Musk has his back to the wall?

Elon Musk’s other demands

During a speech at the Economic Forum held in Qatar this week, Elon Musk recalled that the data on fake accounts and spam will influence his decision-making in the acquisition of Twitter. Yes, Twitter has given him a whole series of Tweets that support the company’s claims that the numbers are 5%, but whether or not that’s enough for the very demanding billionaire, we’re not quite sure. srs.

Next comes the topic of debt financing. Elon Musk is seeking deals that he says would secure his $44 billion in funding for the Twitter takeover. The loans he plans to take and how he will make the final payment have not yet been revealed.

Finally, there’s a whole deal about getting shareholder approval; if that were to not happen, that would mean there would be no buyout deal.

Meanwhile, Twitter, on the other hand, is very keen to go ahead and has even filed a case that it will only go ahead with the price mentioned on day one without any compromise.

The company’s chairman of the board of directors (PCA) said the same, adding that they were keen to put pressure on Musk to finalize the deal as soon as possible. So if Musk thinks he can lower the price or cancel the deal on a small technicality, he’s clearly wrong, according to Twitter’s PCA.

According to experts and market speculation, Elon Musk seems to be looking for ways to bring prices down. His tactic of reporting fake profiles didn’t quite seem to be working.

The SEC said it accepted Twitter’s numbers for the fake profiles in a recent official update, which means Musk will be forced to pay the agreed price, even if he actually finds more bots and accounts. spam than what is defined.

A rather tense context for Elon Musk

A Dogecoin investor sued Elon Musk, accusing him of running a pyramid scheme to back the cryptocurrency

Keith Johnson describes himself as an American citizen having been defrauded by a pyramid scheme around dogecoin set up by the accused. He asks that his complaint, filed with a New York court, be classified as a class action on behalf of investors who have suffered losses by betting on dogecoin since 2019.

The defendants knew since 2019 that Dogecoin had no value, but promoted Dogecoin to profit from its exchanges, the complaint states. Musk used his pedestal as the richest man in the world to exploit and manipulate the Dogecoin pyramid scheme for profit, exposure and amusement.

The complaint also consolidates comments from Warren Buffett, Bill Gates and others questioning the value of cryptocurrency.

Johnson is seeking $86 billion in damages, representing the decline in Dogecoin’s market value since May 2021, and wants that amount to be tripled.

It also includes two companies run by the entrepreneur: electric vehicle maker Tesla for accepting dogecoin as payment for certain derivative products, and space company SpaceX for naming one of its satellites after dogecoin.

Indeed, Elon Musk announced in December 2021 that we could buy Tesla vehicles in Dogecoin. A month later, you could actually buy an electric children’s quad signed Tesla thanks to DOGE. Or even a belt buckle, a whistle and other small merchandising objects. On May 27, 2022, Elon Musk handed it over with his aerospace business; he announced on his Twitter account that the SpaceX store would soon also be open to payments in Dogecoin, stating: Tesla merchandising products can be purchased with DOGE, so will SpaceX soon.

Besides, he went further. When asked if you could pay for subscriptions to his Starlink satellite Internet network in Dogecoin, Elon Musk answered (almost) in the affirmative: maybe one day.

Keith Johnson equates dogecoin with a pyramid scheme, in that, according to the complaint, the virtual currency has no intrinsic value, produces nothing, is not based on any tangible assets, and the number of coins in circulation is unlimited.

Twitter shareholder sues Elon Musk for plunging company stock

Elon Musk is being sued by a Twitter investor who alleges he broke the law in a scheme to drive down Twitter’s stock price. The lawsuit was filed Wednesday against Musk and Twitter in the US District Court for the Northern District of California. It chronicles much of Musk’s behavior since he started investing in Twitter and since agreeing to buy the company for $44 billion.

The complaint noted that Tesla shares are worth much less now than when Musk agreed to buy Twitter, as Tesla shares have fallen more than 37% since the takeover was announced. Musk, the CEO of Tesla, has pledged his Tesla shares as collateral for a $12.5 billion loan to fund the Twitter takeover and therefore risks a margin call or an additional down payment requirement.

Musk acted quickly to try to mitigate those personal risks by engaging in unlawful conduct that drove down Twitter’s stock price, the complaint states. Musk continued to make statements, send tweets, and engage in conduct aimed at creating doubt about the deal and driving Twitter stock down significantly to create leverage that Musk hoped to use to back out of the purchase or renegotiate the price. up to 25% off the original deal, which, if successful, would have resulted in an $11 billion reduction in the buyout consideration. As detailed herein, Musk’s conduct was and continues to be unlawful, in violation of the California Corporations Code and contrary to the contractual terms that he agreed to in the Agreement.

The complaint is a proposed class action lawsuit brought by Twitter shareholder William Heresniak, a resident of Virginia, on behalf of Twitter shareholders. He filed for class action status on behalf of all Twitter shareholders. Musk’s market manipulation worked — Twitter has lost $8 billion in valuation since announcing the takeover, the complaint says. The suit seeks punitive damages in the maximum amount allowed by law, compensatory damages for shareholders, and declaratory and injunctive relief from Twitter and Musk.

Source: Interview with Elon Musk (video in text)

See as well :

Ex-Tesla worker rejects $15m payout in racism lawsuit, jury awarded him $137m
SpaceX employees write an open letter to company executives denouncing Elon Musk’s behavior. The company fired some of the letter writers
Tesla is being sued for unlawfully terminating employees and refusing to pay them their salaries, the terminations would have impacted its diversity and inclusion programs

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