Elon Musk is stopping his $44 billion (£36 billion) offer to buy Twitter because they say he broke the deal.
This announcement after this last spin at the top dis Mata after the richest man in the world decided to buy di microblogging site in April 2022.
Musk said he left because Twitter wasn’t giving him enough information about how many spam and fake accounts there were.
Twitter plans to go to court to ensure compliance with the agreement.
“The Twitter board has agreed to close the deal at a price and on the terms that Elon Musk has agreed to,” Twitter chairman Bret Taylor wrote in a tweet.
As things stand, e fit sent the two sides into a lengthy legal battle.
Di’s original merger agreement includes a $1 billion (£830 million) split fee.
Fight against fake accounts of egg cells
In May, Elon Musk said the deal was “temporarily on hold” as he awaited information about how many fake and spam accounts there are on Twitter.
The billionaire businessman did not ask for proof that the company was telling the truth when it said spam and bot accounts made up less than 5% of total users.
In a letter that Musk’s attorney sent to the U.S. Securities and Exchange Commission, he said Twitter had not provided or refused to provide him with this information.
“Sometimes Twitter ignores Elon Musk’s requests, and sometimes it turns them down for nonsensical reasons…
“…and sometimes they say they will give Mr. Musk information that is not complete or that he cannot use,” the letter reads.
People say that spam accounts are created to send information to many people and change the way people use the platform.
Twitter said Thursday that they are deleting about 1 million accounts every day.
Oga Musk believes that at least 20% of Twitter users are spam or bot accounts.
After the news came out, Twitter shares fell 7 percent in extended trading.
Elon Musk has spent weeks trying to figure out how many people use Twitter on a daily basis.
Twitter suffers from bots, also known as fake accounts. In fact, they just said on Thursday that they are deleting a million spam accounts every day.
Before his lawsuit, Elon Musk says they don’t want to tell him how many bot accounts there are on Twitter. That’s why he wants to end the deal.
While Elon Musk has already signed this deal, it’s not clear if he can pull out at this point.
Musk will have to prove that Twitter broke the deal.
We have a number of reasons why Elon Musk shouldn’t pull out of the deal.
The stock prices of major tech companies haven’t fallen much in recent months, which makes me wonder if Elon Musk is bidding too much.
And then there’s the effect a potential merger would have on Elon Musk’s other companies. Since I said I was interested in Twitter, the price of Tesla stock hasn’t changed much.
Based on the laws of each country, my views on free speech and how Twitter should work in the future are sometimes naive.
Why does Elon Musk say this thing doesn’t fit the mold?
Musk is the founder of rocket company SpaceX and electric car company Tesla. He is the richest person in the world.
Some Twitter accounts, such as that of former US President Donald Trump, have been banned, which I am going to criticize.
He also argues for more openness about how the platform shows tweets to users. At this point, some tweets can be promoted to get more people to see them.