Twitter Acquisition Tracking

This index provides an up-to-date account of Twitter acquisition proposed by Elon Musk.

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Signals
Oct28Saturday
Oct27Friday
Jun07Wednesday
Elon Musk Accuses Twitter of 'Material Breach' of Agreement — Threatens to End $44B Deal KingData News: In a letter sent to Twitter Inc. Monday, which was also filed with the U.S. Securities and Exchange Commission (SEC), Elon Musk’s legal team wrote: Twitter has … refused to provide the information that Mr. Musk has repeatedly requested since May 9, 2022 to facilitate his evaluation of spam and fake accounts on the company’s platform. “Mr. Musk has made it clear that he does not believe the company’s lax testing methodologies are adequate so he must conduct his own analysis,” Musk’s lawyer added. The letter notes that Twitter is required to provide the data Musk asked for under the merger agreement. Musk’s legal team further argued that the requested data is necessary to form a complete and accurate understanding of Twitter’s active user base, which is “the very core of Twitter’s business model.” The Tesla CEO suspects that Twitter’s refusal to comply with the merger agreement obligations could mean “the company is withholding the requested data due to concern for what Mr. Musk’s own analysis of that data will uncover,” the lawyer detailed. Furthermore, the Spacex boss believes that Twitter is “actively resisting and thwarting his information rights … under the merger agreement,” the letter describes, adding: 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. (Bitcoin.com)
May20Saturday
Twitter Will Hide Tweets That Share False Info During a Crisis KingData News: On Thursday, Twitter announced a new policy for dealing with misinformation during a period of crisis, establishing new standards for gating or blocking the promotion of certain tweets if they are seen as spreading misinformation. “Content moderation is more than just leaving up or taking down content,” explained Yoel Roth, Twitter’s head of safety and integrity, in a blog post detailing the new policy, “and we’ve expanded the range of actions we may take to ensure they’re proportionate to the severity of the potential harm.” The internet is full of viral half-truths, honest mistakes, outright lies, and other unreliable information. But in many cases, you can cut through the chaos by following a few simple rules. The new policy puts particular scrutiny on false reporting of events, false allegations involving weapons or use of force, or broader misinformation regarding atrocities or international response. Hoax tweets and other misinformation regularly go viral during emergencies, as users rush to share unverified information. The sheer speed of events makes it difficult to implement normal verification or fact-checking systems, creating a significant challenge for moderators. Under the new policy, tweets classified as misinformation will not necessarily be deleted or banned; instead, Twitter will add a warning label requiring users to click a button before the tweet can be displayed (similar to the existing labels for explicit imagery). The tweets will also be blocked from algorithmic promotion. The stronger standards are meant to be limited to specific events. Twitter will initially apply the policy to content concerning the ongoing Russian invasion of Ukraine, but the company expects to apply the rules to all emerging crises going forward. For the purposes of the policy, crisis is defined as “situations in which there is a widespread threat to life, physical safety, health, or basic subsistence.” (The Verge)
May18Thursday
As Musk Tweets, Advisers Plug Away to Keep Twitter Deal on Track KingData News: In public, Elon Musk’s erratic tweets have sent Twitter Inc.’s shares flailing, as traders bet that the billionaire is preparing to walk away from or re-negotiate his $44 billion takeover of the social-media company. Behind the scenes, it’s more like business as usual, as advisers on both sides plug away at the day-to-day work of closing a megadeal. One potential sign that the deal is still on track: the 139-page filing that hit early Tuesday, detailing how the offer came together and Twitter’s rationale for accepting it. That document was the result of weeks of coordinated work by both Musk and Twitter’s teams, according to people familiar with the matter. Musk himself signed off on the final version -- complete with a deal price of $54.20 a share -- before it was filed, the people said. The situation is similar at the banks that promised to finance the transaction, said the people, who asked not to be identified because the details are private. While texts are flying among bankers in disbelief at Musk’s antics, their days are still filled with preparing documents needed to proceed with and close the purchase, the people said. Musk’s tweet last Friday that the deal was on hold came as a surprise to advisers on both sides who had no idea he might be having second thoughts, the people said. Some advisers said they were trying to dismiss his tweets as “noise,” and advising colleagues to do the same, hoping that the world’s richest man is providing a form of entertainment rather than seriously reconsidering his plans. A spokesperson for Twitter declined to comment. A representative for Musk didn’t immediately respond to a request for comment. (Bloomberg)
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