The Ultimate Superheroines Forum

Billionaire Elon Musk wants to end his deal to buy Twitter, according to a letter sent by a lawyer on his behalf to the company’s chief legal officer Friday.

Twitter shares were down about 5% after hours on Friday.

In the letter, disclosed in a Securities and Exchange Commission filing, Skadden Arps attorney Mike Ringler charged that “Twitter has not complied with its contractual obligations.”

Ringler claimed that Twitter did not provide Musk with relevant business information he requested, as Ringler said the contract would require. Musk has previously said he wanted to assess Twitter’s claims that about 5% of its monetizable daily active users (mDAUs) are spam accounts.

“Twitter has failed or refused to provide this information,” Ringler claimed. “Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information.”

Ringler also charged in the letter that Twitter breached the merger agreement because it allegedly contains “materially inaccurate representations.” This accusation is based on Musk’s own preliminary review of spam accounts on Twitter’s platform. Twitter has said it’s not possible to calculate spam accounts from solely public information and that a team of experts conducts a review to reach the 5% figure.

“While this analysis remains ongoing, all indications suggest that several of Twitter’s public disclosures regarding its mDAUs are either false or materially misleading,” Ringer alleged.

Heroine Addict wrote: ↑

1 year ago

"WTF?! This social media site is infested with bots? The deal's off!"

Maybe he isn't some sort of a real life Tony Stark, after all.

Visitor wrote: ↑

1 year ago

The higher up employee all have stock or options that are losing value compared to the much higher price for the takeover. Besides most of them are ready to take the money and run.

Mr. X wrote: ↑

1 year ago

Hey Heroine Addict - you have anymore products coming out? Loved your Wonder Woman/Minotaur product

sugarcoater wrote: ↑

1 year ago

Heroine Addict wrote: ↑

1 year ago

"WTF?! This social media site is infested with bots? The deal's off!"

Maybe he isn't some sort of a real life Tony Stark, after all.

Arguably, this may be what a Tony Stark character would do: be snarky in forcing a company to expose its weaknesses. Didn’t Stark do something like that in Iron Man 2?

“[Stark] then proves that other attempts by foreign powers to duplicate the Iron Man suit have failed miserably and also embarrasses corporate rival Justin Hammer, who had testified against him, by showing he had also made a bungled attempted at creating a prototype.”

Heroine Addict wrote: ↑

1 year ago

sugarcoater wrote: ↑

1 year ago

Heroine Addict wrote: ↑

1 year ago

"WTF?! This social media site is infested with bots? The deal's off!"

Maybe he isn't some sort of a real life Tony Stark, after all.

Arguably, this may be what a Tony Stark character would do: be snarky in forcing a company to expose its weaknesses. Didn’t Stark do something like that in Iron Man 2?

“[Stark] then proves that other attempts by foreign powers to duplicate the Iron Man suit have failed miserably and also embarrasses corporate rival Justin Hammer, who had testified against him, by showing he had also made a bungled attempted at creating a prototype.”

I don't think anyone was ever in any doubt that Twitter has a lot of bots. It just seems like a weak excuse to back out of the deal. Besides, the US Supreme Court has ruled that corporations are just exercising free speech by giving massive donations (bribes) to politicians. So a business paying to have a load of their own bots on the platform is just an exercise of free speech, which Elon supposedly likes.*


*Free speech not extended to trade unionists and Tesla whistleblowers.