Elon Musk cancelled the Twitter contract: the World’s richest man and CEO of Tesla; Elon Musk terminated his Twitter contract amid all the speculation.
In breach of contract, Musk said the company did not disclose information about its fake accounts on its platform.
Tell us that this deal was worth $44 billion (Rs. 3.37 lakh crore). Meanwhile, Twitter chairman Brett Tyler said we would go to court to enforce the agreement.
He said the company wants to complete this merger anyway, and now there is a legal way to do it.
Twitter has decided to go to court against Elon Musk because it chose to buy Elon Musk’s Twitter for $44 billion or Rs 3.5 billion.
Twitter chairman Brett Taylor stated that the Twitter board is fully committed to the agreement and terms with Elon Musk, and now Twitter is going to court to enforce the $3.5 million contract with Elon Musk.
Sell Twitter to Elon Musk… Also, Read – Elon Musk’s Twitter deal collapses on employees before finalization, over 100 HR team employees fired: Report.
The SEC told Elon Musk that Elon Musk and his team had been in constant communication with Twitter for the past 2 months about the number of fake and spam accounts on Twitter and how to catch and deal with these accounts.
But each time, Twitter either shied away from providing information or provided half-complete information.
Seeing this attitude of Twitter, Tesla CEO Elon Musk cancelled the deal to buy Twitter for $44 billion.
On behalf of Elon Musk, the US Security and Exchange
Commission (SEC) was notified five times (May 9, 25, June 6, June 17, and June 29) of fake and spammy Twitter accounts on its platform.
Information was sought by writing a letter, but Twitter first offered one and a half information after ignoring it.
On behalf of Elon Musk, it was reported that Twitter did not allow his team of experts to conduct an independent study of even semi-complete data because it had set an artificial limit on API search.
Elon Musk also called for this cap to be removed, but this too was not released until July 6.
Elon Musk was told that at the time of the deal, Twitter had said to the SEC that its platform had 5% fake and spam accounts, but Elon Musk’s team of experts believed Twitter lied and the number of fake accounts was growing.
This is more what Twitter is hiding because 90% of Twitter’s revenue comes from advertising.
In such a situation, Elon Musk made a deal with Twitter to buy Twitter for $44 billion because it misrepresented fake accounts and did not share many related details.