As Tesla Inc. TSLA Elon Musk fights a lawsuit to avoid the deal Twitter, Inc. TWTRanother executive recalled his interest in the social media platform years ago and what kept him from closing a deal.
What happened: Already in 2016, when the board of directors of Walt Disney Company DIS Convinced of the rationale behind the Twitter purchase, a meticulous review found that a “significant portion — not the majority” of users were not genuine former CEOs Bob Iger said at the Codex Conference 2022, vox reported.
Incidentally, this is the same issue Musk took offense at and offered as an explanation for his decision to back out of the $54.20 deal to keep Twitter private.
Iger’s initial interest in the platform stemmed from his belief that Twitter would be an ideal global distribution channel for Disney, serving as a social network through which news, sports and entertainment could be disseminated to consumers.
Iger reportedly explained that Disney, which isn’t a tech company, thought it could benefit from a tech solution to bring its intellectual property to consumers. He said that building a platform would have cost them $500 million at the time and would have taken five years. He added that the world is changing rapidly. So money wasn’t the problem, it was time.
“Yes, it’s a great solution from a sales perspective. But it would come with so many other challenges and complexities that as a manager of a large global brand, I was not prepared to accept a major distraction and have to deal with circumstances that were not even remotely comparable to what we had faced before were faced. ‘ Iger said at the conference.
After the revelation about the bot accounts, Disney heavily discounted the value and the deal was “pretty cheap,” Iger said. Additionally, the former manager is concerned about the hate speech on Twitter and the potential to do “as much as good,” he said. “We are in the making of…
