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Elon Musk terminates USD 44 billion Twitter Deal

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Elon Musk, the CEO of Tesla, has sent a letter. In this letter he explains why he is canceling the USD 44 billion deal to buy Twitter, claiming numerous violations of the acquisition agreement. Twitter is in material breach of numerous terms of the Merger Agreement, as further explained below, Mr. Musk is terminating the agreement, the letter stated on Friday.

“In short, Mr Musk has repeatedly provided detailed clarifications intended to make it easier for Twitter to identify, and gather. And disclose the most pertinent information sought in Mr. Musk’s original requests, but Twitter has not provided the information Mr. Musk has requested for nearly two months.”

 Twitter

Agreement between Twitter and Elon Musk

In an agreement worth about $44 billion. Elon Musk and Twitter agreed to be acquired in April for USD 54.20 per share. To assess the accuracy of Twitter’s claim that fewer than 5% of accounts on the platform are bots or spam, Musk, according to a report by ANI, placed the agreement on hold in May. Back in June, Musk publicly charged the microblogging platform with violating the terms of the merger agreement. Also, he threatened to walk away and cancel the purchase of the social media firm. If it did not give him the information he had asked for regarding spam and accounts.

In a letter to Twitter’s head of legal, policy, and trust, Vijaya Gadde, Musk claimed that Twitter is “actively rejecting and undermining his information rights” as stated in the agreement, CNN said.

According to Musk, there may be up to 90% more spam accounts than are registered. The acquisition “cannot proceed forward” until the business presents “evidence” of its spam metric, according to earlier statements made by Musk. Previously, Musk had made the platform’s spam bots a major problem. Despite saying that Twitter is essential to “the survival of civilization,” he has promised to beat them or “die trying.” ANI said.

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