Elon Musk has suggested a cheaper purchase price for his attempt to take over Twitter. A deal at a lower bid is "not out of the question," Musk said in a video interview at a conference. He had previously promised shareholders $54.20 per share. Twitter shares ended Monday in US trading down a good eight percent at $37.38.
Musk himself had caused price fluctuations in Twitter shares when he declared the purchase "temporarily suspended". Musk cited doubts about the company's information on the proportion of fake accounts on Twitter as the reason. He first wants to wait for calculations to show that accounts without real users actually make up less than five percent.
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It is still unclear whether Musk can put his agreement with the Twitter board of directors on hold from a legal point of view. This stipulates that the sides can withdraw from the deal in the event of massive deviations.
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Musk said at the conference that he believes a significantly higher proportion of bot accounts than reported would be serious misinformation. However, it's not clear whether grossly inaccurate Twitter account numbers would be accepted as sufficient grounds for dissolving the agreement in a court case between Musk and Twitter. This provides for a penalty of one billion dollars each if one of the sides bursts the agreement.
Twitter boss Agrawal rejects allegations
"The more questions I ask, the more worried I become," Musk said at his conference appearance. He estimated that fake profiles accounted for at least a fifth of all Twitter accounts - but gave no basis for this. Musk had declined an in-depth review of the Twitter books prior to the takeover deal. Twitter calls the number of 229 million daily users that the service can reach with its advertising. The fake accounts identified by Twitter have already been deducted from this number.
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Twitter boss Parag Agrawal rejected Musk's allegations. The company bans more than half a million fake accounts every day and tens of millions of users every week who don't follow certain verification procedures, Agrawal said. Accordingly, the group shared insights into its internal testing and estimation processes with Musk “a week ago”. Agrawal said he looks forward to "continuing" the conversation with Musk.
Musk responded with an emoji of a pile of feces and asked, among other things, whether Twitter had tried simply calling users with suspicious-looking accounts.
Musk had agreed to a deal worth around $ 44 billion with the Twitter board of directors. But he is still dependent on enough shareholders wanting to sell him their shares. Twitter and Musk previously wanted to complete the acquisition by the end of the year. Musk has already bought a good nine percent stake in Twitter on the stock exchange in recent months.
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