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Elon Musk Wants Out of $44B Twitter Acquisition Deal

Elon Musk Wants Out of $44B Twitter Acquisition Deal

US Citizen Files Lawsuit Against Elon Musk OverThe CEO of Tesla, Elon Musk, wants to walk away from the $44 billion takeover deal with Twitter. Musk announced plans to terminate this deal through a letter sent to the Twitter board. Musk claims that the deal was halted because of the lack of adequate information on fake and spam accounts on the platform.

Musk halts Twitter takeover deal

According to the letter sent to the board, he was not pleased with Twitter’s lack of disclosure about spam and fake accounts. Musk said that Twitter made misleading representations that Musk had used to make the decision to buy the social media company.

Musk entered a deal to buy Twitter for around $44 billion, translating to $54.20 per share. Musk’s offer was accepted by the board that voted unanimously in favor. If he had successfully bought Twitter, the company would have become a privately-held entity.

In a letter sent to the Securities and Exchange Commission (SEC), Twitter failed to clarify crucial data such as auditing the spam and fake accounts to determine the number of daily active users that could be monetized.

The letter says that Twitter had failed to provide details about user accounts for around two months. The company failed to provide these details despite Musk making repeated requests for the data.

The letter adds that Twitter was breaching two sections of the merger agreement, adding that the social media giant had been in breach of its contract since early June. Moreover, the “cure period” given to the social media giant under the Merger deal had elapsed.

Twitter board threatens to sue Musk

The board of the social media giant is not pleased with Musk’s decision to halt the buyout deal. The chairman of Twitter, Bret Taylor, said that the company was committed to finalizing the deal and it would pursue legal action against Musk for failing to meet his obligations. Taylor added that the social media giant was confident it would succeed in court.

Musk announced his plan to buy Twitter in April this year. However, he has been adamant in wanting the social media giant to get rid of bots and spam accounts. Increased bots on Twitter have been behind massive scam and phishing attacks. Musk also expressed interest in launching new features for Twitter, including an edit button and the ability to view the edit history.


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The post Elon Musk Wants Out of $44B Twitter Acquisition Deal appeared first on Business 2 Community.

Source: Business 2 Community


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