Elon Musk Buying Twitter announcement
Elon Musk Buying Twitter was announced on 25 April, with Musk offering to purchase all of the company’s shares for $54.20 each. The announcement rocked social media.
Rumors were circulating on social media on the 11th April 2022, peaking at 2 million mentions. When the announcement is finally made the peak soared to 6 million in 1 day.
People are either all for this take over or against. Certainly freedom of speech and many other topics were the top of the list of the water cooler discussions about the takeover.
Then things turn sour
The excitement did not last long. Elon hinted that he was concerned about the number of spam accounts in Twitter. Thus it all blew up when Musk and his lawyers accused Twitter of withholding information about the number of “spam” accounts on the platform.
The withdrawal announcement was painful.
“On July 8, Musk terminated the proposed acquisition, claiming in a regulatory filing that Twitter was in “material breach” of several parts of the agreement by refusing to comply with Musk’s requests for spambot account data and dismissing high-ranking employees. In response, Taylor pledged to pursue legal action against Musk at the Delaware Court of Chancery with the goal of completing the acquisition. Tesla shares rose 2.11 percent in the hours after Musk’s announcement”
Wikipedia
What is the effect? Negative Sentiment
No matter the future result, the episode has generated a lot of negative sentiment among the 14 million social media mentions on this topic. Therefore, it will take a long time to change this situation and it has an immediate effect on share value for both Tesla and Twitter.
Was this takeover seriously thought through? Did Elon really plan to buy Twitter? What is next?
