Skip to main content

Elon Musk Pulls The Plug On Twitter, Discontinues His $44 Billion Deal To Buy Twitter On Friday

Elon Musk Stops His $44 Billion Deal To Buy Twitter On Friday.

Musk said he had backed out because Twitter failed to provide enough information on the number of spam and fake accounts.

Musk is accusing the company of “misleading” statements about the number of fake accounts, a regulatory filing showed.

In a letter filed with the US Securities and Exchange Commission, Mr Musk's lawyer said Twitter had failed or refused to provide this information.

"Sometimes Twitter has ignored Mr. Musk's requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information," the letter reads.

Musk terminating the deal that he inked in April to buy the social media giant sets the stage for an epic court battle over a billion-dollar breakup fee and more.

“Mr. Musk hereby exercises (the) right to terminate the Merger Agreement and abandon the transaction,” his lawyers said in a letter to Twitter, a copy of which was filed with the Securities and Exchange Commission.

Musk’s change of heart about buying Twitter appeared to suggest some “buyer’s remorse” for offering a price of $54.20 per share that now appears “laughable,” CFRA Research senior equity analyst Angelo Zino said in a note to investors before the deal was officially nixed.

Musk has said he believes number of accounts run by software instead of people to be much higher, Twitter, maintain that it is not more than five percent. 

With a recommendation by Twitter’s board for shareholders to approve the buyout at a special vote, which was expected to be held in August. Elon Musk had to make a decision.

In May, Mr Musk said the deal was "temporarily on hold" as he was awaiting data on the number of fake and spam accounts on Twitter.

The billionaire businessman had asked for evidence to back the company's assertion that spam and bot accounts make up less than 5% of its total users.

Spam accounts are designed to spread information to large numbers of people and manipulate the way they interact with the platform. On Thursday, Twitter said it removed around 1 million such accounts each day.

Mr Musk believes that spam or bot accounts could account for 20% or more of Twitter users.

Shares in Twitter fell by 7% in extended trading after the announcement.

In a filing, Mr Musk said he'd repeatedly been refused information about the number of bot accounts on Twitter - which is why he wished to terminate the deal.

Elon Musk though has already put pen to paper on this deal, and it is not totally clear whether he can back out at this stage. Mr Musk will need to prove that Twitter breached their agreement.

Twitter says it plans to pursue legal action to enforce the agreement.



Comments

  1. Anonymous17 July 2022 at 07:17

    Billionaire behaviour 😂😂

    ReplyDelete
  2. Anonymous17 July 2022 at 07:17

    Money too much 😂😂😂

    ReplyDelete

Post a Comment

Type your comments here

Popular posts from this blog

Procrastination - Let's talk about it.

Procrastination they say "steals time!"  This is absolutely true! Procrastinator is the act of delaying or putting off tasks until the last minute or past their deadline. It could be work, chores or other actions,  Are you planning to imbibe or kick start a new positive habit, such as dieting, exercising or saving money but repeatedly delaying it while telling yourself that you will start sometime in the near future? That is procrastination. It has affected each and every one of us one time or another. How do we snap out of it?  By identifying the different types of procrastinator, accept where you fit in and then take steps towards a positive change.  Types of Procrastinator: Which One are you? 1. The perfectionist: This kind of Procrastinator feels the need to be perfect and end up not doing anything for fear of rejection. This type has a fear of been embarrassed by making mistakes or been judged.  2. The imposter: The fear of been told that you are unqualifie...
Post a Comment
Read more

Farmer Found And Rescued After 31 DAYS, Lost In The Amazon Rainforest - "I Ate WORMS"

Jhonatan Acosta, 30, was found last Saturday after exactly a month on his own in the Baures municipality in the southwest of the vast South American rainforest. He became separated from his friends during a hunting trip reports the Daily Mail.                                 Jhonatan Acosta The 30-year-old cocoa farmer got lost in the Baures-Beni jungle on January 25 during a hunting trip with his friends. The man was rescued after going missing in the jungle for 31 days. Acosta said he collected water in his boots and was forced to drink his own urine to stay alive. He also ate WORMS. He is the longest solo-survivals in the Amazon. "It's unbelievable. I couldn't believe that people were still looking for me after all this time." "I ate worms, insects. You have no idea what I had to go through to survive all these days. I thank God very much, I thank him because he gave me a new life." If confirmed, Acosta c...
Post a Comment
Read more

In a Flash- Nigerian News Dailies

The News Flash From Some Nigerian Dailies, Today, the 2nd of January 2022: Punch Newspaper: ●God hasn’t told me who’ll be President in 2023 – Adeboye. ●How I sponsored myself through university selling meat after dad’s death – 24-year-old graduate. ●God’ll show Kanu, other detainees mercy this year – Father Mbaka. ●Why I turned down NFF technical director job – Olofinjana. ●Gunmen kidnap seven monarchs, families, kill two after DSS advisory. The Vanguard: OROMONI: Pathologist report says ‘chemical intoxication’ caused death. ●Igbo will be President if they want — Igwe Ugwuoke ●American States diverge on police reforms after George Floyd killing ●Teruke raises the alarm over fake news, threatens legal action. ●‘Moral compass’: Requiem for South Africa’s Archbishop Tutu. ●FG called to set up proprietary firms to boost Forex Trading in Nigeria. ●Buhari must address our petrol subsidy morass. Daily Post: ●NEWS 2022 Prophecies: Adeboye speaks on next Nigerian president. He said, “if somebod...
Post a Comment
Read more