Twitter and Elon are Still in a Gridlock
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Back in April, Elon Musk put in a bid to buy Twitter for $44 billion. However, since then, he's tried numerous times to back out of the deal, citing that Twitter's information on bots is incorrect, and his own team has validated that the number of bots and spam accounts is much higher than Twitter reports.
I said earlier this month, on Twitter, that this would end up in the Delaware Chancery court...so here we are.
Here we are, nearly 4 months later, and Twitter and Musk still both stand by their information representing the company. Last Friday, Musk filed sealed documents against Twitter, giving them time to review and redact any information. Today, Friday, August 4th, was the day that the judge required the documents to be unsealed. Twitter opted against any redactions and still stands by their data related to bots and spam accounts.
Musk's main defense is that he uses the metrics related to mDAUs (monetizable daily active users), being much lower than Twitter represents, creating a breach of contract. Twitter refutes the claim, stating that Musk was using a public data platform that characterizes accounts as bots or spam.
This has been an ongoing back-and-forth situation. Musk continues to cite miscounted bots, and that Twitter mislead his team. Twitter continues to state that its information is correct and Musk is inventing disruption.
According to Twitter's reply, they state "We have performed an internal review of a sample of accounts and estimate that the average of false or spam accounts during the fourth quarter of 2021 represented few than 5% of our mDAU or monetizable daily active users."
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Brett Taylor, Twitter's Chairman, has continuously backed his company to the fullest and is fully invested in pushing the original bid for Musk to acquire the company. It's in the best interest of the shareholders based on the current stock price of $41.92, at the time of this writing, whereas the bid was based on the share price of $54.20.
Twitter filed a response to Mr. Musk’s counterclaims. His claims are factually inaccurate, legally insufficient, and commercially irrelevant. We look forward to the trial in the Delaware Court of Chancery. See the filing here: https://t.co/beAyGqRxFL
— Bret Taylor (@btaylor) August 4, 2022
The suit, as mentioned by Bret Taylor, is scheduled for October to define whether Musk will be forced to purchase Twitter, or what the walkaway fee would be. Either way, it's looking to be a multi-billion dollar amount.
If you have some time, here's the link to Twitter's reply to Musk.
https://s22.q4cdn.com/826641620/files/doc_news/2022/08/Twitters-Reply-to-Verified-Counterclaims.pdf
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