Twitter responds to Elon Musk's complaints; SpaceX set to be valued at $125B

In the proxy statement, Twitter addressed Musk's concerns around its spam bot data while SpaceX is about to become the most valuable startup in America.
9 CLAPS
0

Twitter said on Tuesday that billionaire Elon Musk opted out of asking any questions about the business of the social media company and negotiated a deal to buy it "without carrying out any due diligence".

Recently, Musk declared his $44 billion acquisition is on "hold" due to "inaccuracies" in the company's public filings with regard to its "spam bots".

In a proxy statement, released ahead of the company's general meeting on May 25, Twitter does not make any direct comment on Musk's spam bot criticisms or renegotiation threats, but clearly states that Musk had an opportunity to look over any details that he wished to see before making his proposal.

"Mr. Musk did not ask to enter into a confidentiality agreement or seek from Twitter any non-public info regarding Twitter," it said.

Earlier in the week, Musk had said that he might offer less than the proposed price for Twitter after the company announced that only five percent of monetisable daily average users were spam bots, compared to Musk's own estimate of around 20 percent.

Twitter CEO Parag Agrawal had responded with a lengthy Twitter thread on the matter, which had caused further public tension with Musk.

SpaceX to become the most valuable US startup

SpaceX, Elon Musk's rocket technology startup, is set to be valued at $125 billion via an ongoing secondary share sale, according to Reuters. Last October, the shares were valued at $56 each, which valued SpaceX at around $100 billion.

However, during the ongoing sale, they have now been marketed for up to $72.

Fintech startup Stripe has held the title of America's most valuable startup to date, with a valuation of $115 billion.

SpaceX has already launched 19 rockets in 2022 alone, but it operates in a capital-intensive industry. The company raised $337.4 million in December and $1.16 billion in equity financing last April, according to regulatory filings accessed by Reuters.

Tesla's AI Day 2 to be held on 19 August

Elon Musk has announced that his electric vehicle and battery firm Tesla will be hosting their second annual AI (artificial intelligence) day on August 19.

"The purpose of AI Day is to convince great AI/software/chip talent to join Tesla," said Musk in a tweet.

At last year's event, the company unveiled the Tesla Bot, which was a humanoid robot designed to help customers with their mundane tasks.

Earlier this year, Musk reiterated in their fourth-quarter earnings call that the Tesla Bot was the "most important product" the company was working on in 2022.

Edited by Saheli Sen Gupta