Elon Musk abandons deal to buy Twitter:
Elon Musk notifies Twitter terminating deal on Friday that he will abandon his tumultuous $44 billion offer to buy Twitter after the company failed to provide enough information about the number of fake accounts.
Twitter swiftly responded, stating that it will sue Tesla CEO for terminating the agreement.
The acquisition’s potential breakdown was only the latest twist in a drama between the richest person in the world and among the most important social media sites, and it may foreshadow an epic court showdown ahead.
Twitter might have demanded a $1 billion termination fee, which Musk promised to pay below these conditions. However, it seems to be gearing to battle to finalize the deal, which the firm has agreed and CEO Parag Agrawal has stated he intends to fulfill.
Musk’s lawyer, Mike Ringler, protested to Twitter’s board that his client had already been seeking data for over two months to determine the number of “false or spam” profiles somewhat on social media network.
The letter said,
“Twitter has failed or refused to provide this information. Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information,”
Elon further stated that the data is essential to Twitter’s financial performance and profitability and is required to complete the deal.
In response, the chair of Twitter’s board, Bret Taylor, tweeted that,
“The board is committed to closing the transaction on the price and terms agreed upon with Musk and plan to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.”
Ex President Donald Trump expresses his thoughts on Truth Social:
“THE TWITTER DEAL IS DEAD; LONG LIVE THE ‘TRUTH’”.
Musk agreed to reinstate him on Twitter after he was banned.
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