He realizes that he has overpaid for the bird company.

The celebrity CEO is just blowing off steam.

He realizes that he has overpaid for the bird company.

The problem for him, is that his objection is financially immaterial, and he publicly complained about the issue before signing the deal.

The merger agreement allows the bird company to take the celebrity CEO to court, and force him to close the deal.

The only way the celebrity CEO can get out of the deal, would be if the financial books were completely fraudulent at the bird company, which they most certainly are not. Best case for the celebrity CEO is the bird company knocks a dollar or two per share off the price, to allow everyone to save face.

When the celebrity CEO takes control of the company, he will slash expenses to the bone, and there will be massive layoffs.

Elon Musk

Twitter

Musk says $44 billion Twitter deal on hold over fake account data

By Greg Roumeliotis and Sheila Dang

(Reuters) – Elon Musk tweeted on Friday that his $44-billion cash deal for Twitter Inc was “temporarily on hold” while he waits for the social media company to provide data on the proportion of its fake accounts.

Twitter shares initially fell more than 20% in premarket trading, but after Musk, the chief executive of electric car market Tesla Inc, sent a second tweet saying he remained committed to the deal, they regained some ground.

The shares were down 9.6% to $40.71 in trading on Friday, a steep discount to the $54.20 per share acquisition price.

Musk, the world’s richest person, decided to waive due diligence when he agreed to buy Twitter on April 25, in an effort to get the San Francisco-based company to accept his “best and final offer.” This could make it harder for him to argue that Twitter somehow misled him.

Since Musk inked his deal to acquire Twitter, technology stocks have plunged amid investor concerns over inflation and a potential economic slowdown.

The spread between the offer price and the value of Twitter shares had widened in recent days, implying less than a 50% chance of completion, as investors speculated that the downturn would prompt Musk to walk away or seek a lower price.

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk told his more than 92 million Twitter followers.

“To find out, my team will do a random sample of 100 followers” of the microblogging site, Musk tweeted https://twitter.com/elonmusk/status/1525291586669531137, inviting others to repeat the process and “see what they discover.”

“If we collectively try to figure out the bot/duplicate user percentage, we can probably crowdsource a good answer.” – Source