Twitter

Is Elon Musk Trying to Get Out of the $44 Billion Twitter Deal?

Twitter $44 Billion Deal

As per Washington Post, Elon Musk is attempting to get out of the agreement or is searching for ways to renegotiate the terms of Twitter’s acquisition. According to three anonymous insiders, Musk’s team has “stopped engaging in certain discussions around funding” for the deal.

Elon Musk’s team stated last month that the social media network had failed to give sufficient information regarding spam and fake accounts. Shortly after, on June 25, Twitter granted him and his team access to “Firehose” data to demonstrate that bots account for less than 5% of its daily active user count.

Rumor has it that investors who were interested in backing the acquisition are no longer interested. The combination of little data and a social network that now appears to be highly pricey since the Twitter share price has fallen significantly is reported to have left Musk doubting if it is still a viable investment.

Is Elon Musk truly attempting to pull out of the contract, or is he just trying to get a better deal on Twitter? When questioned, Twitter Spokesperson Brian Poliakoff just alluded to the company’s prior comments:

“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 … We believe this agreement is in the best interest of all shareholders. We intend to close the transaction and enforce the merger agreement at the agreed price and terms.”