With Twitter deal on hold, Musk says a lower sale price isn't 'out of the question’

Billionaire Elon Musk is continuing to clash with Twitter over the accuracy of its bot count, and hinted today that he may try to renegotiate the $44 billion deal. Musk told attendees at a Miami conference that a deal at a lower price wasn’t “out of the question," reportedBloomberg. Musk's potential bid for a lower price is an unexpected twist, given that the SpaceX exec agreed to pay a 38 percent premium on Twitter when he reached a deal with the company's board back in April.

“Currently what I’m being told is that there’s just no way to know the number of bots,” Musk said at the conference. “It’s like, as unknowable as the human soul."

Musk's potential bid for a lower price is an unexpected twist, given that the SpaceX exec agreed to pay a 38 percent premium on Twitter when he reached a deal with the company's board back in April. 

Last Friday, Musk had announced that a buyout of Twitter was “temporarily on hold” due to concerns that the number of bots on the platform was much higher than the company estimated. The billionaire tweeted that his team would do an independent analysis on bot count and also tried to crowdsource bot estimates from his own followers. Musk was later reprimanded by Twitter’s legal team for revealing — in a tweet, of course — the company's methodology for estimating the proportion of bot accounts across the platform.

Earlier today, Twitter CEO Parag Agrawal explained in a series of tweets that external estimates of bots are likely wrong, since the platform includes private data in its count.

“Unfortunately, we don’t believe that this specific estimation can be performed externally, given the critical need to use both public and private information (which we can’t share),” tweeted Agrawal.

Musk responded to Agrawal’s explanation with a series of his own tweets, one that included a single poop emoji. Musk also suggested that Twitter verify whether users are human or not by calling them on the phone.

Tesla expert Dan Ives — an analyst at financial advisory firm Wedbush Securities — put the chances of Musk going through with the deal at under 50 percent. If Musk chooses to walk away, he’ll be subject to a $1 billion “kill fee”. But according to legal experts who spoke to The Washington Post, Twitter could sue Musk for the financial damages inflicted on the company due to the hasty reversal of the deal.

from Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics https://ift.tt/XAvuORS
Amrita Khalid

Billionaire Elon Musk is continuing to clash with Twitter over the accuracy of its bot count, and hinted today that he may try to renegotiate the $44 billion deal. Musk told attendees at a Miami conference that a deal at a lower price wasn’t “out of the question," reportedBloomberg. Musk's potential bid for a lower price is an unexpected twist, given that the SpaceX exec agreed to pay a 38 percent premium on Twitter when he reached a deal with the company's board back in April.

“Currently what I’m being told is that there’s just no way to know the number of bots,” Musk said at the conference. “It’s like, as unknowable as the human soul."

Musk's potential bid for a lower price is an unexpected twist, given that the SpaceX exec agreed to pay a 38 percent premium on Twitter when he reached a deal with the company's board back in April. 

Last Friday, Musk had announced that a buyout of Twitter was “temporarily on hold” due to concerns that the number of bots on the platform was much higher than the company estimated. The billionaire tweeted that his team would do an independent analysis on bot count and also tried to crowdsource bot estimates from his own followers. Musk was later reprimanded by Twitter’s legal team for revealing — in a tweet, of course — the company's methodology for estimating the proportion of bot accounts across the platform.

Earlier today, Twitter CEO Parag Agrawal explained in a series of tweets that external estimates of bots are likely wrong, since the platform includes private data in its count.

“Unfortunately, we don’t believe that this specific estimation can be performed externally, given the critical need to use both public and private information (which we can’t share),” tweeted Agrawal.

Musk responded to Agrawal’s explanation with a series of his own tweets, one that included a single poop emoji. Musk also suggested that Twitter verify whether users are human or not by calling them on the phone.

Tesla expert Dan Ives — an analyst at financial advisory firm Wedbush Securities — put the chances of Musk going through with the deal at under 50 percent. If Musk chooses to walk away, he’ll be subject to a $1 billion “kill fee”. But according to legal experts who spoke to The Washington Post, Twitter could sue Musk for the financial damages inflicted on the company due to the hasty reversal of the deal.

https://ift.tt/0RfLM2b May 17, 2022 at 02:21AM