Not that long ago, the entire Twitter apparatus and their lefitst apologists were suffering a violent conniption at the thought of free speech hero Elon Musk taking over the reigns of the social media giant. Just a few weeks later, though, they are suddenly begging him to complete the deal.
In a shocking move last week, Musk announced that he would be rescinding his enormous offer based on what many speculate to be a sizable presence of bots and spam accounts. The $44 billion price tag was contingent on there being less than five-percent of such activity.
Now, with Musk essentially admitting the existence of fake accounts, as well as perhaps other nebulous operations, the Twitter board has been backed into an unenviable corner. Their shareholders demand them to exact the highest stock price possible, so a botched sale could at this point open them up to disastrous lawsuits. At the same time, defense of any sale will demand further transparency.
Even the loathsome New York Times is admitting the outlook is bleak. In response to the developing story, they wrote:
“The stakes are high. The most valuable part of Twitter right now is its acquisition agreement with Mr. Musk. Its shares are down about 24 percent since April, and trade well below the price agreed with Mr. Musk. Twitter’s stock fell 4 percent in premarket trading on Friday…
“To accept less than the price it originally negotiated with Mr. Musk could expose Twitter to shareholder lawsuits. So while litigation could be costly, losing the deal may be even worse.”
Over at USA Today, another leftist rag with no sympathy for Musk’s now-aborted takeover, echoed similar sentiments:
"*" indicates required fields
“This is a disaster scenario for Twitter and its Board as now the company will battle Musk in an elongated court battle to recoup the deal and/or the breakup fee of $1 billion at a minimum,” he said.
As the latest twist once more reveals, it has always been unclear whether or not Musk truly intended to assume control of Twitter. From the beginning, this saga has exposed the company and its employees time and again, ranging from ideological motivations to outright banning of accounts over mere philosophical disagreements. Since his bid, Twitter has been forced to reinstate various accounts and keep others active even as they tweet previously unallowed opinions.
With this latest revelation, the entire world is taking notice that Twitter has likely lied about its size, manipulated accounts, and influenced opinions in unethical, perhaps illegal, ways.
Musk filed his intent to withdraw the purchase in a statement to the SEC last week:
“Mr. Musk is terminating the Merger Agreement because Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement, and is likely to suffer a Company Material Adverse Effect,” the letter said.
“While … the Merger Agreement requires Twitter to provide Mr. Musk and his advisors all data and information that Mr. Musk requests ‘for any reasonable business purpose related to the consummation of the transaction,’ Twitter has not complied with its contractual obligations.”