Elon Musk needs to make some money. If summer is over, the world’s wealthiest man is off to a flying start in fall. At the end of September, the tech billionaire has crucial appointments that might significantly affect the empire he is creating. The reputation he is constructing for himself as a revolutionary and innovative boss may also be impacted by these selections.
These appointments deal with two issues: the sudden withdrawal of his bid to pay $44 billion for the social network Twitter (TWTR) and the pledge to introduce a cutting-edge humanoid robot that will hit the market in 2023.
The attorneys representing Twitter will interrogate Elon Musk in a deposition on September 26 and 27, and they are requesting that the Delaware Court of Chancery order the entrepreneur to uphold his earlier agreement to purchase the site.
For Musk, who intended to take over the social network personally, the stakes are monetary. In the event of a defeat, he would be required to give up $44 billion of his fortune, mostly derived from his Tesla (TSLA) shares. But prior to his surprise departure on July 8, Musk had been able to win the backing of partners.
If Twitter loses, it is not ruled out that the network’s market value will suffer greatly since concerns about its viability will definitely reappear. Twitter is a platform where trendsetters and opinion leaders congregate.
The social network is lying about how many spam bots, or phony accounts, are present on the site, according to Musk’s justification for pulling out of the auction. However, while deciding whether to advertise on a social network, marketers take into consideration how many people are there.
Musk claims that the percentage of bogus accounts on Twitter is closer to 20% rather than the 5% that Twitter has consistently claimed. However, it should be emphasized that the billionaire decided to make an offer without doing the usual due diligence that is required in mergers and acquisitions right from the start.
Twitter claims Musk altered his mind after seeing the markets tremble from recessionary worries. In essence, everything revolves around the cost or the price. At the time of writing, Twitter shares are worth $41.58, which is $13 less than the $54.20 a share Musk offered on April 25 to purchase the whole business, of which he had already been the biggest shareholder since April 4 with a 9.1% interest.
Musk: Will He Deliver?
The Twitter stock price ended the day on April 22 with a closing price of $48.93, just before Musk made his proposal public. A court document states that the deposition, which may be postponed until September 28, is scheduled to occur in a legal office in Wilmington, Delaware.
On October 17, a five-day trial will be held before Delaware Court Chancellor Kathaleen McCormick.
Regardless of the result of the deposition, both Musk’s supporters and adversaries are looking forward to his announcement on September 30. During a day devoted to the advancement of artificial intelligence at Tesla, the billionaire is expected to unveil a functioning Optimus, a humanoid robot that will replace workers in the company’s factories.
The first Tesla AI Day was held in 2021, and this is the second one. On June 2, Musk tweeted, “Tesla AI Day postponed to September 30 since we may have an Optimus prototype running by then.”
Tesla AI Day pushed to Sept 30, as we may have an Optimus prototype working by then
— Elon Musk (@elonmusk) June 3, 2022
A prototype of the Optimus would be available by the end of the year, the billionaire had announced in January, and Tesla intended to start selling it in 2023. What Optimus will be able to accomplish is still a mystery.
Will Musk fulfill his promise?
“The Optimus humanoid robot, in my opinion, is the most significant product development we’ve undertaken this year. In the long run, I believe this might be more important than the auto industry” During the earnings call for the first quarter, the tech mogul stated.
This is a significant wager since Musk has had trouble getting people excited about Optimus. The industrial magnate’s ambition to automate his operations drives the Optimus idea.
During the inaugural Tesla AI Day in August 2021, it was unveiled. Optimus is about six feet tall, 125 pounds, and wears a robot costume that makes him seem human. According to Musk at the time, it would use the same AI technologies that powered Tesla automobiles.
Via The Street