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• #TWITTER ELON MUSK CREATED BY HUMANS TRIAL#

#TWITTER ELON MUSK CREATED BY HUMANS TRIAL#

OctoberĪs the trial approaches and markets increasingly predict a verdict in favor of Twitter, Musk says he will resubmit his bid to acquire the company for $54.20 if Twitter agrees to head off a trial. In the meantime, Musk and Twitter jockey for position ahead of the October trial - with Judge Kathaleen McCormick increasingly siding with Twitter in key pre-trial motions. “It’s not far-fetched to say that an employee in the company could take over the accounts of all of the senators in this room,” he says. He testifies before a Senate committee in September that Twitter was “a decade behind industry security standards.” Seemingly unrelated to the acquisition, a former Twitter employee files a whistleblower complaint alleging lax operational security practices at Twitter the complaint is revealed in August. In response, Twitter issues a statement saying Musk already agreed to the $54.20 transaction and that it intended to close on and enforce the merger agreement.

Although Musk subsequently says he is still committed to the deal, he continues to make public statements about problems he saw at Twitter.

That's despite regular disclosures by Twitter stretching back years featuring its estimates that less than 5% of the accounts on the site were fraudulent. On May 13, Musk tweets he is putting the deal to acquire Twitter "temporarily on hold" pending additional information about the volume of fake and spam accounts on the platform. “The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.” People walk outside Twitter headquarters in San Francisco on Nov. “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” Twitter’s Independent Board Chair Bret Taylor says in a statement. At this point, shares in Musk's automotive company, Tesla, begin to decline by mid-November, they will have lost close to half their value.īy April 25, Twitter decides to accept Musk's offer.

Musk says he would fund the deal through a combination of cash and borrowing.