Elon Musk is not buying Twitter, states multiple reasons to terminate the deal
India Today
Musk announced on Friday that he was terminating his deal because the micro-blogging site had breached multiple provisions of the merger agreement.
Tesla CEO Elon Musk has dropped its plan of acquiring Twitter in a $44 billion deal. Musk announced on Friday that he was terminating is deal because the micro-blogging site had breached multiple provisions of the merger agreement. Now, the Twitter board is planning to sue Musk to enforce multiple provisions of the merger agreement.
Twitter’s chairman, Bret Taylor, posted on Twitter saying that the micro-blogging site is planning to pursue legal actions against Musk for pulling out of the $44 billion deal. “The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery,” Taylor wrote.
In a regulatory filing, Musk alleged that Twitter failed to provide information about fake or spam accounts on its platform, despite repeated requests. Twitter also did not provide information about its processes for identifying and suspending.
“For nearly two months, Mr. Musk has sought the data and information necessary to “make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform” (our letter to you dated May 25, 2022 (the “May 25 Letter”)). This information is fundamental to Twitter’s business and financial performance and is necessary to consummate the transactions contemplated by the Merger Agreement because it is needed to ensure Twitter’s satisfaction of the conditions to closing, to facilitate Mr. Musk’s financing and financial planning for the transaction, and to engage in transition planning for the business. Twitter has failed or refused to provide this information,” the letter to Twitter legal head Vijaya Gadde read.
Musk previously claimed that Twitter is hiding the actual number of spam and fake accounts. It could be more than 20 per cent or four times of what Twitter has declared. Twitter's CEO on the other hand, contradicted his claims and provided proof of just 5 per cent of bot accounts.
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