“the preliminary statement of the power of attorney contains important information, including the background and reasons for the Twitter-Musk deal.”
Mr Musk had previously said he would not continue to buy Twitter for $44 billion unless Twitter could prove that its fake account accounted for less than 5 per cent, reiterating his view that the proportion was much higher. Earlier, in a speech at the “All In” podcast summit, Musk questioned the authenticity and accuracy of the Twitter public documents and said that if the deal was to continue, it must be done at a lower price.
Musk’s acquisition of Twitter has been in reverse. It is understood that on Friday, Musk said on Twitter that the deal to buy Twitter was put on hold because he was waiting for details about the calculation that fake or junk accounts did account for less than 5% of users. Twitter fell more than 25% before trading. However, about two hours later, Musk said in another tweet that he was “still committed to acquiring (Twitter)”, and then the pre-market decline of Twitter narrowed.
Musk: to continue trading, Twitter must prove that the proportion of fake accounts is less than 5%.