Problems with Elon Musk's high-stakes plan to pull out of his $44 billion Twitter deal
Late Friday, Musk’s legal team declared its intention to terminate the merger agreement, reiterating its claim that Twitter did not provide him with sufficient information about accounts and saying it was his belief that the share of spam and fake accounts was “significantly higher” than the amount Twitter claims. They also point to the recent firing of two Twitter executives, the layoff of a third of its talent acquisitions and the departure of several senior executives (reportedly because some of them don’t want to stay on what they hoped to be Musk’s Twitter) as material changes that hurt the business. . Musk signed a deal with a very limited breakout clause and made an easy exit from it even more difficult by restating back in April that: “I don’t care about the economy at all.” It was conceived as the purchase of luxury goods by the world’s richest man at a time when his wealth (and ego?) was on the rise. Now he has buyer’s remorse. Twitter’s board has signaled it won’t let him o