Recently there has been so much debate upon(Elon Musk Twitter Deal Might Be Cancelled) on web as Tesla President Elon Musk, earlier twitted “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users”
Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usershttps://t.co/Y2t0QMuuyn
— Elon Musk (@elonmusk) May 13, 2022Elon Musk said he wanted to buy the social media site Twitter on April 4 for $44 billion. But then he put the deal on hold because he wanted more information about fake accounts on Twitter. Musk said they might be able to make a new deal at a lower price, but now he has decided to cancel the whole thing.
Musk’s team told the U.S. Securities and Exchange Commission that they are ending the agreement because Twitter broke many parts of the deal and made “false and misleading” claims. They also said Twitter didn’t do what it was supposed to do under the contract.
The document says Musk asked Twitter many times for details about spam bots so he could figure out how many fake accounts there are on Twitter. But the company didn’t give him this information.
Twitter sometimes ignored Musk’s requests for data, saying they had reasons that didn’t seem fair. Even when Twitter did give Musk information, it wasn’t very helpful or complete.
In response, the head of Twitter’s board, Bret Taylor, said they want to make the deal happen at the original price and terms that Musk agreed to. He also said they plan to take legal action to make sure the deal goes through
Elon Musk has to pay $1 billion to Twitter if he doesn’t buy the company like he promised. It’s part of the deal they made. So, if he wants to back out, he needs to have a really good reason. Otherwise, he’ll have to pay Twitter the $1 billion fee.
The whole Twitter deal has been a wild ride from the start. Now, we’ll have to wait and see what happens next. Twitter might decide to take Musk to court to make him buy the company at the price and terms they already agreed on. Or, they might work things out and settle the argument without going to court.
