San Francisco — In less than three months, the world’s wealthiest person, Elon Musk, signed a $ 44 billion blockbuster deal to buy Twitter. He declared that the company had “tremendous potential”.
Since then, Mr. Musk has changed his tone. He aimed for Twitter’s top executives. He unleashed a tweet that abused the company’s board. He complained that there were too many spam accounts on social media services to gain insight into the problem. He tweeted the Pile of Poo emblem to express his discomfort.
And on Friday, Mr. Musk tried to cancel the acquisition altogether.
and Submission to regulatory agencies Mr. Musk, prepared by a lawyer, said he would like to close Twitter transactions due to continued disagreements over the number of spam accounts on the platform. He said Twitter didn’t provide the information needed to calculate the number of those accounts, the company said it was less than 5%, and the company seems to be making inaccurate statements. Insisted.
“Twitter is a serious breach of several provisions,” Musk’s lawyer said in the deal, and the company “seems to be a false misleading statement.”
Mr. Musk, 51, and Twitter did not immediately return a request for comment. The company reiterated that it would “close the transaction and fulfill the merger agreement at the agreed price and terms.”
Mr. Musk’s move sets him in a protracted court battle with Twitter. The billionaire signed a legally binding agreement to acquire the company for $ 54.20 per share in April and abandoned due diligence to complete the transaction quickly. The terms sue Mr. Musk on Twitter for a $ 1 billion split fee in the event of a collapsed agreement and force him to complete or pay the transaction as long as the debt loan he has enclosed remains intact. It also included a provision to give rights.
Twitter’s share fell 8% on overtime transactions.
This is a developing story. Please check for updates.