Elon Musk Abandons Deal To Buy Twitter, Sets Stage For Court Battle

Twitter’s chairman, Bret Taylo, mentioned the board willpursue authorized motion (File)

New Delhi:
Billionaire Elon Musk pulled the plug on his $44 billion deal to purchase Twitter, accusing the corporate of “misleading” statements concerning the variety of pretend accounts.

Here are the highest 10 updates on this massive story

  1. In a regulatory submitting, Elon Musk’s attorneys mentioned Twitter had failed to answer a number of requests for data on pretend or spam accounts on the platform, which is key to the corporate’s enterprise efficiency.

  2. Elon Musk terminating the deal that he inked in April to purchase the social media big units the stage for a courtroom battle over a breakup price and extra.

  3. Twitter’s chairman, Bret Taylo, mentioned the board will pursue authorized motion to implement the merger settlement. “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,” Mr Taylor tweeted.

  4. The phrases of the deal require Tesla and SpaceX boss Elon Musk to pay a $1 billion breakup price if he doesn’t full the transaction.

  5. Elon Musk additionally faces a lawsuit accusing him of pushing down Twitter’s inventory worth in an effort to give himself an escape hatch from his buyout bid.

  6. In May, Mr Musk mentioned he was placing the deal on maintain till the social media firm proved that spam bots account for lower than 5 per cent of its complete customers.

  7. Last month, he warned Twitter that he would possibly stroll away from his deal to accumulate the social media platform if it fails to supply the information on spam and pretend accounts that he seeks.

  8. In response, Twitter provided Mr. Musk entry to its “firehose” of uncooked information on a whole lot of hundreds of thousands of day by day tweets. Twitter mentioned such personal information helps keep away from misidentifying actual accounts as spam.

  9. Twitter has maintained that not more than 5 per cent of accounts are run by software program as a substitute of individuals, whereas Musk has mentioned he believes the quantity to be a lot larger.

  10. Elon Musk had vowed to revive free speech on the micro-blogging platform. “I hope that even my worst critics remain on Twitter because that is what free speech means,” he tweeted in April as he finalized the $44 billion deal to takeover Twitter.

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