Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
Elon Musk still has time till October 28 to end a deal and avoid trial.
Tesla CEO Elon Musk revived his interest to take over Twitter Inc (NYSE: TWTR) last week with a $54.20 per share proposal and this, according to JPMorgan CEO Jamie Dimon, is a good deal. This is said to be his first public utterance on the Musk-Twitter deal. Speaking to CNBC’s Julianna Tatelbaum, Dimon mentioned that he hopes the new owner removes anonymous accounts from the site.
In May, Musk disclosed that about 20% of accounts on Twitter are fake. However, he needed clarity on the number of such accounts before he could move forward with the deal.
“My offer was based on Twitter’s SEC filings being accurate. Yesterday, Twitter’s CEO publicly refused to show proof of <5%. This deal cannot move forward until he does,” tweeted Musk.
In April, he disclosed his intention of defeating spam bots and authenticating real humans on the social media platform in addition to making the ranking algorithm open source. In July, Musk threatened to back out of the deal due to alleged red flags around how Twitter handles bots. To force him to complete the deal, Twitter filed a lawsuit against the Tesla CEO. Later, Musk wanted Twitter to end the litigation, but the company was not interested. On Thursday, Musk won a slight reprieve. The Delaware Chancery Court judge has given him until October 28 to end a deal to avoid trial.
Speaking on this, Jamie Dimon urged Twitter to give users control over its recommendation algorithm.
“Why can’t Twitter know who you are when you come on board, so they can eliminate all those people in the public square who are robots and emails and stuff like that? Why can’t they give you a choice of algorithms? As opposed to one that just jazzes you up,” Dimon asked.
Dimon also commented on the November 2021 $162.2 million lawsuit against Tesla over breaching contracts concerning stock warrants Tesla sold to JPMorgan. According to him, “Elon is very smart.”
Elon Musk has been very active in the past 12 months with a series of tweets on Dogecoin and criticism of how Twitter is run. His favorite meme coin DOGE is currently down by 5%, with Bitcoin, Ethereum, Solana, Terra Classic and other altcoins struggling to overcome the bear market.