Elon Musk’s $44 billion deal to acquire Twitter is in doubt, with the billionaire believed to be looking for a way to change the terms or simply walk out of the deal.
The Washington Post cited three people familiar with the matter who spoke on condition of anonymity. They say the deal is now considered to be in “serious jeopardy” following two key recent developments.
Musk called off the deal in May because he wanted to know the percentage of spam and fake accounts on the service. On June 25, Twitter gave him access to the data and his team has been studying it ever since. However, the data is clearly not enough to “assess Twitter’s prospects.”
Also, negotiations with investors who will provide some of the financing Musk needs to complete the acquisition have cooled. A significant drop in the value of Twitter shares has left Musk wondering if it’s a good investment.
Two possible outcomes are currently predicted. The first is a “change in terms” by the Musk team, but what form that will take (perhaps a price revision?) is anyone’s guess. Second, Musk is looking for a way to get out of the deal and save $44 billion. Under the terms of the deal, this should only be possible if Twitter makes major changes to its business, which seems unlikely.
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Source: IXBT
