On Wednesday, the media quoted a person familiar with the company's thinking as saying that Twitter plans to meet Musk's requirements for false account data. It is reported that the social media company will provide musk with a data stream of more than 500million tweets published every day. Musk had previously accused twitter of violating the acquisition agreement by not providing information about spam and false accounts, threatening to terminate the $44billion acquisition of the company, unless twitter could prove that, as disclosed in the public documents, spam and false accounts accounted for less than 5%. Musk once estimated that false accounts accounted for at least 20%.
Since musk first proposed to acquire twitter in April, the deal has been deeply controversial. At present, Twitter's share price is lower than the acquisition offer of $54.20, which indicates that investors have relatively low confidence that the transaction will be completed at that price.
In addition, it was reported yesterday that Musk's efforts to arrange new financing for the acquisition of twitter had been shelved due to the uncertainty of the transaction.
According to the source, musk has been discussing arranging preferred stock financing of $2billion to $3billion from a group of private equity companies led by Apollo global management to further reduce his cash contribution. But these talks are now on hold until the prospects for the acquisition become clear.
The chief lawyer of twitter told the employees in the internal meeting that once the SEC approved the proxy vote, the company would vote on Musk's acquisition of twitter. It is expected that shareholders may vote at the end of July and early August. The company supports the documents submitted to the SEC and the method of calculating spam. Twitter told employees that after musk completed the acquisition of twitter, the remote office mode of twitter employees will no longer be protected.
In an internal meeting, the twitter CFO told employees that the employee turnover rate has increased recently. The company is strengthening the defense against false accounts and encrypted spam, and the communication with Tesla CEO Elon Musk's team "will continue to be constructive".