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Tesla CEO Elon Musk scraps $44 billion deal with Twitter

 


Tesla CEO Elon Musk backed away from his proposed $44 billion takeover of Twitter.


As the richest man in the world has now informed the social network in a corresponding letter , he complains above all about the insufficient information that Twitter has given him in relation to spam and fake accounts. According to the letter, which is addressed to Twitter's chief attorney Vijaya Gadde, Musk is backing away from the acquisition because the social network has made "apparently false and misleading representations" to him about issues the Tesla boss previously bought were.


Elon Musk originally agreed to buy the influential platform at a price of $54.20 per share, or $44 billion in total. The board of directors had already approved this takeover unanimously.


As can be seen from the official letter, which is also addressed to the American Securities and Exchange Commission (SEC), Twitter was probably not completely transparent in advance when it came to important company data. It was not disclosed how the company recognizes spam and fake accounts as part of the survey of actual monetizable active users per day (mDAU) and how these are blocked. Especially with regard to the last two years, the social network did not provide any data on this. Accordingly it says:


"In short, Twitter has failed to provide the information Mr. Musk has been asking for for almost two months, not to mention his repeated requests for disclosure of basic information from his original request."

As the letter argues, Twitter has violated several points of the purchase agreement, and the social network has been aware of these violations since June 6th. Musk's lawyers now state: "Any grace period that Twitter granted after the purchase agreement has now expired."


The Twitter board is anything but happy about Musk's alleged withdrawal, as CEO Bret Taylor has already announced that the deal should still be completed under the agreed conditions, otherwise Twitter would take legal action: "We are confident that that our chances in the Delaware court are good.”

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