August 17, 2022
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0How Elon Musk Disappoints Millions
In October of this year, Twitter will take Elon Musk to court for trying to evade his purchase of the company.
After just a couple of months, the richest man on the planet, and one of the most charismatic entrepreneurs, has generated another scandalous story.
Back in April, he was excited about buying Twitter and promised to transform the site by promoting freedom of speech.
And today he looks like a moody kid who changed his mind about buying Twitter.
In this article, we’ll figure out what’s wrong with Elon Musk.
We’ve already written about the strange case of Musk’s Twitter purchase. You can read it here.
What’s wrong with the Twitter purchase?
In March, Musk criticized Twitter for improper treatment of freedom of speech. Then he increased his shareholding and became the largest shareholder in the company.
In April, he made an offer to Twitter’s board of directors to acquire the company for a crazy $44 billion. The board of the company made a deal with him. Musk planned to sell $8.5 billion worth of Tesla shares and raise another $7 billion from other investors to finance the purchase.
In May, he hinted at the unbanning of Donald Trump on the social network but then suspended the deal to demand a recalculation of the number of spambot accounts in the social network: the process would not move forward until Twitter recalculates the number of bots.
In July, both sides hired lawyers. Musk refused to buy Twitter, and the social network demanded through the court that Musk finish the deal.
The Twitter side believes that the entrepreneur changed his mind due to a significant drawdown of stock markets. By June, Tesla shares had fallen by half from the April peak of $1,145, though by July they had slightly recovered. Accordingly, Musk’s finances, which are partially held in shares of the electric car manufacturer, also changed.
The lawyers for the social network have thoroughly prepared for the lawsuit. In a 62-page document filed with the court, you can find screenshots of Musk’s activities on Twitter.
Under the terms of the original deal, Musk had no right to publicly humiliate the company in any way. However, he allowed himself to send poop emojis in response to the explanations of the head of Twitter about the platform’s handling of suspicious accounts.
Musk defends his claims that Twitter has not provided information about the number of fake and spam accounts on the platform, despite the fact that the social network provided him with a summary of the methodology that is used to evaluate bots.
Several other situations with Musk are here.
Musk’s protective mask
It’s easy to understand why some consider Elon Musk a genius who is changing the world. With Tesla and SpaceX, he promises to use technology to save civilization. And he has really fulfilled some of his promises. In parallel, he became the richest man on the planet and gathered a crowd of admirers. He created the image of a man at the forefront of the future. For many, Elon Musk himself embodies the future, according to Tim Higgins, author of the book “Power Play: Tesla, Elon Musk and the Bet of the Century.”
What about Musk’s future plans? Learn more here.
Musk has become the billionaire of the social media age. Neither Bill Gates nor Jeff Bezos have ever had such a devoted, large, and loud fan base, whose approving buzz seems to drown out many scandalous antics of the idol.
This, in particular, concerns the recent sexual scandal involving the billionaire. It turned out that in 2018 SpaceX paid $250,000 to one of its employees who accused Musk of sexual harassment. In 2016 the billionaire also allegedly promised a flight attendant on the crew of his private plane a horse in exchange for an erotic massage.
Or there is the recent story of the dismissal of five SpaceX employees who condemned Musk’s behavior on Twitter. They were upset by the tweets of their boss, who publicly attacked Twitter employees and made obscene jokes about the appearance of Bill Gates.
Gates is always at the center of big scandals. Find out more here.
“As our CEO and most prominent spokesperson, Elon is seen as the face of SpaceX — every tweet that Elon sends is a de facto public statement by the company,” the employees wrote, complaining that the behavior of the head of the company in the public sphere distracts and confuses employees.
This will not bother them anymore, since all the authors of the letter have been fired. It is not known whether Musk himself was involved in this decision. However, the dissonance between his public image of a brilliant innovator and his conduct as a manager is only growing.
Musk’s incredible vision for the technology of the future has attracted many outstanding people to his company. However, a celebrity on social media may turn out to be a completely different person when it comes to managerial abilities and human qualities.
Twitter’s business is collapsing
Musk publicly stated the lack of business and financial prospects for Twitter, which brought down its shares by more than 30%. Of course, this damage has yet to be proven in court, but Musk wants to leave the social network in a worse state than it was at the time of the deal’s announcement.
Using his media resource, sarcastic tweets, and public barbs, he has undermined the morale of employees, scared off potential advertisers, and undermined trust in the social network.
He now wants to leave without paying a cent — just as spontaneously as he was going to spend $44 billion on a deal.
It seems that Elon has become too huge and influential to fit into the framework of the law. One of his tweets expressing doubt about the number of fake Twitter accounts eroded $7 billion from the firm’s capitalization on the stock exchange. And nobody could do anything about it.
The other day, Twitter reported a slight drop in revenue, while analysts had predicted their growth. Among the reasons noted was the uncertainty over the deal with Elon Musk. October will show whether the social network will be able to take revenge on the richest person on the planet for his unexpected stick in the wheel.
Twitter fake brand tricks are here.
