Elon Musk quips about owning the libs after claiming to put Twitter deal on hold

Elon Musk has joked that “owning the libs” doesn’t come cheap after claiming he put his $44 billion acquisition of Twitter on hold.

“Whoever thought owning the libs would be cheap never tried to acquire a social media company!” Musk tweeted on Saturday. He added: “At least that’s what the spirit of the lib thinks, haha.”

“Owning libs” is Internet slang used by conservatives that refers to the defeat or embarrassment of liberals in arguments.

On Friday morning, Musk threw his Twitter takeover bid into chaos by tweeting that the deal was “temporarily on hold” while he investigated the prevalence of fake accounts and spam on the social media site.

However, a person familiar with the negotiations told the Washington Post: “We haven’t seen one iota of evidence that the deal is on hold.”

“Things continue today as they were yesterday,” the person said.

Elon Musk has joked that “owning the libs” doesn’t come cheap after claiming he put his $44 billion acquisition of Twitter on hold. He is seen above with his mother

Analysts as well as insiders widely believe Musk’s tweets on Friday were an attempt to gain leverage and negotiate a lower price for his takeover, which was approved by Twitter’s board but will not close. for several months.

Even Donald Trump, commenting on his Truth Social platform on Friday, suggested that Musk was looking to broker a better deal to buy Twitter after agreeing to pay $54.20 a share.

The former US president said the only reason the Tesla CEO hadn’t yet called off the deal on Twitter was because of the $1 billion breach fee.

“There is no way Elon Musk is buying Twitter at such a ridiculous price, especially since it is a business largely based on BOTS or spam accounts,” Trump wrote. adding blows to the rival social media company.

“If it hadn’t been for the ridiculous billion dollar breakup fee, Elon would have been long gone by now,” he added.

Former President Donald Trump was among those who speculated that Musk had put the takeover on hold in hopes of brokering a better deal.

Former President Donald Trump was among those who speculated that Musk had put the takeover on hold in hopes of brokering a better deal.

Analysts as well as insiders widely believe Musk's tweets on Friday were an attempt to gain leverage and negotiate a lower price for his takeover.

Analysts as well as insiders widely believe Musk’s tweets on Friday were an attempt to gain leverage and negotiate a lower price for his takeover.

This week, Musk also stirred fierce debate after saying he would allow Trump to return to Twitter if he took the reins, consistent with his previous statements that he planned to prioritize free speech over bans and censorship.

Trump has repeatedly said he has no plans to return to Twitter after being removed from the platform following the Jan. 6 Capitol riot.

Markets have plunged since the deal was approved on April 25, making Twitter’s valuation on terms increasingly rich relative to similar companies.

Musk’s tweet on Friday saying the deal was on hold had the effect of sending shares of Twitter plummeting and shares of Tesla, which he is using as collateral to fund the deal, soaring, putting Musk in a position much stronger negotiation.

The gap between the bid price and the value of Twitter shares has widened in recent days, implying less than a 50% chance of completion, as investors speculated the slowdown would prompt Musk to walk away or seek a lower price.

“The Twitter agreement is temporarily suspended pending details supporting the calculation that spam/fake accounts indeed represent less than 5% of users,” Musk told his more than 92 million Twitter followers on Friday morning. .

Musk said he was still engaged in the $44 billion purchase of the social media company pending an investigation into the number of spam accounts on the site.

Musk said he was still engaged in the $44 billion purchase of the social media company pending an investigation into the number of spam accounts on the site.

“To find out, my team will do a random sample of 100 followers” of the microblogging site, Musk tweeted, inviting others to repeat the process and “see what they find.”

“If we collectively try to determine the percentage of bot/duplicate users, we can probably crowdsource a good answer.”

Musk tweeted that he “relyed on the accuracy of Twitter’s public records” in response to a follower who asked him why he hadn’t thought of that before offering to buy the company.

Under the terms of Musk’s contract with Twitter, he has the right to ask the company for information about its operations after the agreement is signed.

But that’s to help him prepare to own Twitter, not to do his due diligence and reopen negotiations.

Twitter plans no immediate action against Musk following Musk’s comment, people familiar with the matter said.

The company considered the comment derogatory and a violation of the terms of their contract, but was encouraged by Musk who then tweeted that he was committing to the acquisition, the sources added.

Musk came to the Twitter office for a meeting on May 6 as part of the planning process for the transaction, a Twitter spokesperson said.

Twitter CEO Parag Agrawal also weighed in, tweeting “While I expect the deal to be done, we need to be prepared for all scenarios.” On Thursday, Agrawal announced leadership changes and a hiring freeze.

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