Getting out of spending $44 billion on Twitter would take pressure off Elon Musk’s finances—but lawyers say the contract offers him few ways to back out
Whether smokescreen, negotiating tactic, genuine concern or flight of fancy, Mr. Musk’s insistence that Twitter is overrun by spam bots hasshares continue to slide,
and they fell nearly 4% Wednesday to $36.85 in a broad stock selloff, a sign that investors no longer believe that Mr. Musk’s cash offer of $54.20 per share—now 47% above market price—will stand. For Twitter’s board, securing that price would be a victory, and it said it intends to close the deal and enforce the merger agreement.
Its other options seem few. Twitter makes about 90% of its revenue from digital advertising, a slumping market. Chief Executive Parag Agrawal, who has described himself as a lame duck, has announced a hiring freeze and spending cuts to employees and signaled more changes may be ahead. Several high-ranking executives have recently left.Teslashares, which are the bulk of his fortune, have fallen 31% since he offered to buy Twitter.
Elon Musk has cultivated close ties with Beijing to build Tesla’s business in China. Now that he is buying Twitter and focusing on free speech, WSJ looks at how China has used the social-media platform to promote its views, and why that’s raising concerns. Photo Illustration: Sharon Shihas been particularly suspicious—both to people involved in the deal and to those watching—because of his history on the issue.
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