Thursday, March 28, 2024
ADVT 
Tech

Musk officially terminates $44 bn Twitter deal: Report

Darpan News Desk, 08 Jul, 2022 09:27 PM
  • Musk officially terminates $44 bn Twitter deal: Report
San Francisco, July 8 (IANS) Tech billionaire Elon Musk has officially pulled out of his $44 billion agreement to purchase microblogging site Twitter.

In a filing on Friday afternoon with the US Securities and Exchange Commission (SEC), Musk's team claimed he had terminated the deal because Twitter was in "material breach" of their agreement and had made "false and misleading" statements during negotiations.

"For nearly two months, 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'," Musk's legal team wrote.

"Twitter has failed or refused to provide this information," they added.

Twitter board chairman Bret Taylor wrote that the company will "pursue legal action to enforce the merger agreement" and feels "confident we will prevail" in court.

Musk has been setting the stage to abandon the deal just weeks after he signed the agreement, claiming that Twitter released misleading stats about the prevalence of spam bots on its platform.

It is entirely unclear, however, that Musk can legally abandon his agreement simply because he isn't happy about the presence of spam on Twitter, something he could have investigated before signing the deal.

Twitter has gone to great lengths to show compliance with Musk's requests.

In early June, the company opened up "firehose" access to its service so that Musk could receive and analyze every tweet as it was posted. The company has also continuously tried to reassure the public that it has spam and bots under control.

On Thursday, it told the press that it was blocking over a million spam accounts per day, and in May, its CEO wrote a long thread about how Twitter determines how many of its users are bots.

 

MORE Tech ARTICLES

Elon Musk hints layoffs at Twitter in future

Elon Musk hints layoffs at Twitter in future
The question of layoffs has been top of mind for Twitter's more than 7,000 employees since Musk first said he wanted to buy the company.   

Elon Musk hints layoffs at Twitter in future

Musk warns of killing Twitter deal over lack of user data transparency: Report

Musk warns of killing Twitter deal over lack of user data transparency: Report
In a fresh SEC filing, Twitter shared a letter it received from Musk's legal team indicating displeasure with the company's offered information regarding the level of "spam and fake accounts" on its service, reports TechCrunch.

Musk warns of killing Twitter deal over lack of user data transparency: Report

Elon Musk's net worth drops below $200 bn

Elon Musk's net worth drops below $200 bn
As per the Bloomberg Billionaires Index, Musk's net worth stands at $193 billion, as of May 25. This means that Musk had seen $77.6 billion of his wealth sheared off since the start of the year.

Elon Musk's net worth drops below $200 bn

Twitter board wants $44 bn deal to go through amid Musk-Agrawal tussle

Twitter board wants $44 bn deal to go through amid Musk-Agrawal tussle
The Tesla CEO on Tuesday said that the $44 billion deal at $54.20 a share "cannot move forward" until the Twitter CEO Agrawal proves the actual bot numbers. While Twitter maintains it has less than 5 per cent fake/spammy accounts on its platform, Musk believes the number can be as high at 50 per cent, and wants Agrawal to come clean on this.

Twitter board wants $44 bn deal to go through amid Musk-Agrawal tussle

Indian-origin man develops airport for flying taxis, drones in UK

Indian-origin man develops airport for flying taxis, drones in UK
The world's first fully-operational airport for electric vertical take-off and landing (eVTOL) aircraft and drone technology, the 'Air-One' in the city of Coventry is currently hosting demonstrator flights.

Indian-origin man develops airport for flying taxis, drones in UK

Elon Musk buys Twitter for $44bn, company to go private

Elon Musk buys Twitter for $44bn, company to go private
Twitter announced late on Monday that it has entered into a definitive agreement to be acquired by an entity wholly owned by Musk for $54.20 per share in cash in a transaction valued at nearly $44 billion.

Elon Musk buys Twitter for $44bn, company to go private

PrevNext