acquisition

A publicly traded company since 2013, Twitter’s existence depends on its owners and its users. As one of its largest shareholders, Elon Musk proposed an acquisition of the company earlier this year. After the company failed to disclose the precise percentage of its fake user accounts, referred to as bot accounts, Musk rescinded his $44 billion offer. The company has now responded with legal action and challenges Musk’s reasoning for not going through with the deal. Twitter accuses Musk, who operates as the CEO of Tesla and SpaceX, of changing his mind due to a shift in his financial motivations.