What’s subsequent for Twitter now that Elon Musk needs out?



He spoke on stage, basically off the report, however a supply within the room instructed CNN’s chief media correspondent Brian Stelter that Musk tripled down on his choice to attempt to again out of the deal and claimed it was all in regards to the bots.

“Musk initially mentioned he was going to repair the bot drawback,” Stelter mentioned on Dependable Sources on Sunday. “The identical drawback that he now says is stopping him from doing the deal.”

New York Instances reporter Lauren Hirsch mentioned there was an fascinating confluence of occasions since information of Musk’s supply first broke. The inventory market “mainly dropped off the cliff,” together with shares of Tesla (TSLA), which Musk was presumably counting on to fund a lot of the deal.

Which may be a part of the explanation Musk has seemingly been casting doubt that his buy supply would come to fruition — nearly from the second he made it. “He would form of throw daggers on the market after which stroll away and we by no means fairly knew what his intention was,” Hirsch mentioned.

Not less than till Friday, when Musk’s lawyer despatched Twitter (TWTR) a letter saying he’s pulling out of the deal as a result of the social media platform is “in materials breach of a number of provisions” of the unique settlement.

Twitter is combating again, pledging to take Musk to court docket.

And a few have questioned if Musk’s issues in regards to the bots are simply an excuse to exit the deal.

Washington Submit nationwide correspondent Philip Bump mentioned it is onerous to say what his true motives are however did concede that Musk is an “eccentric character.”

“I am kind of fascinated by the repercussions of his announcement that it in a short time grew to become entangled in American politics,” Bump mentioned.

Twitter was perceived by some as a “leftist elitist group” that was now going to be taken over and reshaped by a libertarian conservative.

One potential beneficiary of a Musk Twitter takeover is former President Donald Trump, who was famously banned from the platform following the January 6 violence on the Capitol. He just lately went on stage at an Alaska political rally and labeled Musk a “bulls–t artist,” calling his choice to withdraw from the Twitter deal “rotten.”

One of many massive questions now’s what is going to occur to Twitter, from its workers to its promoting income to its share worth. The inventory was down one other 5% premarket on Monday.

The saga has been occurring since April, and workers nonetheless do not know who their boss goes to be, Insider’s chief media correspondent Claire Atkinson mentioned.

“In case you’re contemplating promoting on the platform, you need to know ‘Is that this product appropriate?'” Atkinson mentioned. “And what are their guidelines?”

Stelter mentioned that bots are little question an issue for Twitter, although it is nonetheless unclear simply how prevalent they’re. However Musk could also be extra affected by them than the common consumer.

“I believe what is going on on right here is, Musk has a really completely different expertise on Twitter than the common consumer,” Stelter mentioned. “He’s overwhelmed by BS replies and spam.”

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