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

Electric car rebates proving popular

Electric car rebates proving popular
Electric car advocates are pushing Ottawa to put more money into its zero-emission vehicle rebate program and expand it to include used cars in the next federal budget.

Electric car rebates proving popular

LinkedIn Etiquette: Hurting the Network

LinkedIn Etiquette: Hurting the Network
Things get toxic when only pitching becomes the primary intent

LinkedIn Etiquette: Hurting the Network

Alberta scientist part of Mars probe mission

Alberta scientist part of Mars probe mission
A Canadian scientist says helping NASA with a mission to Mars to look for signs of life is the fulfillment of a childhood dream.

Alberta scientist part of Mars probe mission

Scientists urge WHO to acknowledge virus can spread in air

Scientists urge WHO to acknowledge virus can spread in air
More than 200 scientists have called for the World Health Organization and others to acknowledge that the coronavirus can spread in the air — a change that could alter some of the current measures being taken to stop the pandemic.

Scientists urge WHO to acknowledge virus can spread in air

Pandemic forces some patients to phone in doctor visits

Pandemic forces some patients to phone in doctor visits
Video telemedicine took off earlier this year as the coronavirus paused in-person doctor visits. Earl Egner missed that trend.

Pandemic forces some patients to phone in doctor visits

Research into using sensors to track health risks

Research into using sensors to track health risks
A University of Calgary researcher says key cards, lanyards with sensors and wrist devices similar to Fitbits could help make schools and workplaces safer as people adjust to living with the novel coronavirus.

Research into using sensors to track health risks