Quote:
Originally Posted by Pierre
Twitter is not worth what Musk offered and he knows it, but he offered so much they were duty bound to accept it.
Musk has demanded that Twitter reveal how many accounts, and therefore users ( I.e advertising consumers …….revenue) are actually fake.
If it turns out a large % of accounts are fake bots, that then devalues the company. Musk can walk away from the deal and the shareholders can sue the board.
Job done.
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Well, he can't walk away simply by devaluing the company. He has already committed to buying it and waived his right to perform due diligence. If the shareholders did sue they could easily sue Musk as well.
If he can prove the Twitter broad engaged in fraud or something then he could walk away without penalty but the Bloomberg piece I linked to before explains why that's hard. Especially since Twitter reports its revenue so unless he says they lied about that as well whatever the number of bots is it clearly isn't causing him to misunderstand how much Twitter makes.
We already know he overpaid for Twitter but everyone knew that at the time.
Personally, I think he is trying to be as difficult as possible so Twitter just agree to mutually cancel the deal.