Elon Musk Rescinds Offer To Buy Twitter

At this precise moment in time, Elon Musk is not buying Twitter. Though, this is subject to change at any moment. 

Elon Musk will he/wont he with Twitter is reaching Niles/Daphne levels. According to a filing made with the SEC, Elon Musk has terminated his offer to buy social media platform Twitter. The Tesla CEO had first considered starting his own Twitter-like APP, but pivoted to making a 44 millon dollar USD offer for the platform.

Recommended: Dogecoin Founder Accuses Elon Musk Of Faking It During H3 Podcast

  • “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 SEC filing stated.
  • Musk reportedly has taken umbrage with how Twitter presented its audience engagement numbers, namely with spam and bots.
  • Though, recently Musk had sounded rather enthusiastic about Twitter, promising to make it less boring and more like the spyware company TikTok. Also, he had plans for involving his favorite meme coin Dogecoin because no one asked him to do that and he wants to prove that he can do whatever he so pleases.
  • Musk’s offer was conditional based on a certain understanding of how big Twitter was, however, apparently his views have changed after getting a better look at the platform.
  • Coincidentally, Musk’s rescinding of the offer comes as the billionaire’s wealth has shrunk because of the stock market imploding — especially tech stocks like Tesla.
  • Famously, Musk’s fortune is largely tied to his unrealized gains/Tesla stock. Musk’s offer for Twitter required a margin loan using his Tesla stock. Hmm…
  • Twitter is determined to make Musk pay the full $44 million because no take backsies. The Bond villain-like CEO has claimed that Twitter has failed to provide, “additional details regarding the company’s own testing methodologies, whether through written materials or verbal explanations…”
  • For what it’s worth, Twitter is very confident they can win their money back via the courts. “The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.”
  • Musk has recently taken a keen interest in demographics, specifically fertility rates. The famously hands-on Tesla CEO is leading by example, recently announcing that he has his 9th child on the way.