Elon Musk desperately trying to worm out of his Twitter deal because of ‘spam’

Elon Musk is such an idiot. I’m guilty of equating someone’s wealth with their intelligence too, like so many people. We think “well, he must be pretty smart to be that rich.” No. Especially not in Musk’s case. This guy is a complete moron and the people hyping him as the smartest, most savvy person in the world are also morons. Musk has been trying wriggle out of his deal to buy Twitter for weeks now. He’s settled on his argument for why he can’t buy Twitter: bots! It’s not that he’s a broke-ass billionaire who thought he could buy Twitter to give himself cultural and political clout, only he can’t afford to own Twitter AND Tesla. It has to be the bots.

Elon Musk issued his most direct threat yet to walk away from his purchase of Twitter (TWTR) on Monday, openly accusing the social media company of breaching the merger agreement by not providing the data he has requested on spam and fake accounts.

In a letter to Twitter’s head of legal, policy and trust, Vijaya Gadde, Musk alleged that Twitter is “actively resisting and thwarting his information rights” as outlined by the deal.

“This is a clear material breach of Twitter’s obligations under the merger agreement and Mr. Musk reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement,” an attorney representing Musk wrote to the company.

Musk has demanded that Twitter turn over information about its testing methodologies to support its claims that bots and fake accounts constitute less than 5% of the platform’s active user base, a figure the company has consistently stated for years in boilerplate public disclosures. Musk has also called for doing his own independent assessment based on Twitter data.

Shares of Twitter fell 5% in early trading Monday. Even before the latest development, Twitter stock was trading well below Musk’s takeover offer of $54.20 per share, likely indicating investor skepticism about the deal going through.

Twitter’s CEO, Parag Agrawal, has stood by his company’s longtime spam metric. In a statement Monday, the company said: “Twitter has and will continue to cooperatively share information with Mr. Musk to consummate the transaction in accordance with the terms of the merger agreement.”

[From CNN]

At this point, everyone knows that Musk’s Twitter purchase isn’t going through. He can’t even afford to buy it on layaway. What’s interesting is that I think Musk’s newfound bot obsession is probably his attempt to justify why he can’t/shouldn’t pay the billion-dollar breakup fee. Twitter had that built into the contract negotiations – if Musk reneged on the deal, he has to pay a billion dollars to exit. And once Musk officially backs out of the deal, Twitter (the company) and Twitter shareholders will sue him. Musk’s house of cards is particularly shaky these days, huh?

Photos courtesy of Avalon Red.

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24 Responses to “Elon Musk desperately trying to worm out of his Twitter deal because of ‘spam’”

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  1. Annaloo. says:

    He’s riding on tax incentives and government subsidies…many of his companies (solar city, anyone) are money losers. This guy doesn’t have the fundz

  2. Eurydice says:

    Yeah, idiot, moron, broke, etc. At the same time, I don’t believe that Twitter doesn’t massage its numbers.

    • equality says:

      I agree. It is funny to see him squirm but who would want to own the big mass of bots, lies, spam and hate that makes up Twitter.

  3. Call Me Mabel says:

    It’s okay Elon, you can buy Truth Social instead.

    • ThatsNotOkay says:

      He is fishing for some proprietary information so he can sell it to Truth Social while simultaneously backing out of the Twitter deal. The man hasn’t an inventive or technological bone in his body. All he does is buy or steal other people’s existing IP and slap his name and stank on it. Remind you of any other toxic narcissist you know?

      • Juju says:

        My father in law is one of those people that thinks Elon is a genius. It drives me nuts. Does anyone know of some good articles that would be interesting to share with a Fox News loving Republican who did not vote for Trump?

  4. girl_ninja says:

    He is so pathetic. All that big talk and chest puffing and now he’s making sh*t up to get out of the Twitter deal. How is he not embarrassed?

  5. Laura-Lee MacDonald says:

    As a self-help tool, I identify and vocalize a minimum of one thing that is bringing me joy each day. (Can’t be my kids, etc – too easy, not as effective at redirecting my anxiety). Talking about Musk’s rapid decline in fortune and status will do very nicely today. Hahahaha!

  6. diANNa says:

    Tesla stock prices have plummeted as investors are concerned about lack of focus on his core industry just when other major auto companies are entering the EV market in a big way. Apparently it’s reminiscent of when Blackberry took their eyes off innovating and focused on a completely different industry that they had no prior experience with just when Apple’s iphone began surging. And we know what happened to Blackberry who had been the dominant presence in the mobile phone market.

    There is apparently a condition with the loan to buy Twitter that if Tesla stock prices fall below a certain amount (can’t remember – $730?? ) then he has to offer up additional collateral. With the low Tesla stock price, it looks like he would have to sell some of his stock with the space venture as well as lots of Tesla stock.

    So yah, in addition to possibly losing a $billion or more if he goes through with the deal, he has really exposed himself not only as a sh_tty business person, but a raving idiot with little credibility to most of the investing (and thinking) crowd, and even general public including me, cause Kaiser is right and I did think he must have some smarts to have built Tesla into the success that it became.
    There is talk that he will be removed from the Tesla board because it’s all his comments that are bringing the price of stock down. His support for, and sentiments echoing MAGAs is drawing lots of criticism as everything says MAGA peeps don’t buy EVs.

    • Kitten says:

      In addition to everything you detail here, haven’t Teslas had a lot of issues? Recently read an article about Tesla’s “gamification” of safe driving actually having the reverse effect.

      • Another Anna says:

        One of my coworkers owns a Tesla. I asked him if he liked it and if it was a good, reliable car. He said he’s only has his a year, so not long enough for any major problems to crop up. Oh except that the day he bought it, the battery in his electric car has “issues.” I think a lot of Tesla’s tech has problems. Too much of the Facebook-style move fast/break things mantra. Elon wants to sell Tesla as a tech company and that new releases are the name of the game in Tesla, but at the end of the day they are making a product that can hurt or kill people and it needs to work right.

        Does anyone here watch Leverage? There’s an episode about a “tech genius” who turns out to be a total fraud. It was a good episode, but there might as well have named the character Schmelon Schmusk.

        Elon’s problem has been and will continue to be that he’s an immature little shit who could be successful if he put in the bare minimum effort, but instead he wants attention and adulation just for existing.

    • diANNa says:

      Meant to say he would lose $1billion if the deal doesn’t go through, as Kaiser mentioned in the main story.

  7. Colby says:

    Look I love watching this guy squirm as much as anyone, but can an attorney chime in here? Seems to me like understanding how many bots are on Twitter is important to a buyer and Twitter should be required to provide information on that before the deal is done.

    • Lizzie Bathory says:

      I’m an attorney, though this isn’t my area of practice. Elon specifically waived due diligence for this deal, so while Twitter says they’re still providing some information, he can’t walk away from this deal without triggering the $1 billion penalty, regardless of how many bots there are on Twitter.

      • Colby says:

        Iiiiiiiiiiinteresting! I didn’t know he waived due diligence. What a moron.

        Thank you for that.

    • Banga says:

      Musk also initially claimed to be buying Twitter to FIX their “bot problem” so he’s going to have a hard time arguing in court that he didn’t know the platform has bots.

      Meanwhile, the man has been manipulating the stock market for years with Twitter bots that he’s purchased. It’s outrageous.

      Twitter has its issues, but he’s cratering the company just because he can.

  8. molly says:

    Twitter is a toxic mess of a platform, but they are lawyered TF up. There’s no way they were going to let Musk just shrug and walk away from all this.

    Narcissistic billionaires may get to make business deals on *vibes*, but billionaire businesses most certainly do not.

  9. Lizzie Bathory says:

    I knew this deal wouldn’t go through, but I’m also confident this isn’t what Elon planned. He plays at business. He “works” at getting attention & manipulating the stock market, which for him usually go hand-in-hand. This all started with him casually disclosing that he was Twitter’s largest shareholder, then making a bizarre deal leveraging Tesla stock to buy Twitter. I maintain that the idea was to gas up both stocks, make a tidy profit (on paper), then walk away. It was not supposed to end with him tanking both investments, likely winding up with a lawsuit from Twitter & probably getting booted from the Tesla board.

    Ignore what Elon says; watch what he does.

  10. Lens says:

    This is an embarrassment to him and it couldn’t happen to a nastier guy. Damn right Twitter shareholders need to hold him to that billion dollar breakup fee.

  11. Imara219 says:

    So instead of the posion pill Twitter’s plan was to call his bluff with a smartly written contract that they knew would work in their favor. Now that’s genius.

  12. Wilma says:

    If it was discussed in Congress it can be considered general knowledge.

  13. Chantal says:

    This moron is trying to get the Texas AG to fight this battle for him. Tesla is building a plant here, plus Elon moved to Texas so of course the Repubs are kissing his butt and using our tax dollars to do it. Its infuriating. I’m hoping Twitter gets the billion dollar break up fee and sues him!

  14. N0b0dy says:

    HE HIMSELF is spam. Could he worm his way out of everyone’s lives?

  15. why says:

    i didnt know about the billion-dollar breakup fee