Elon Musk says he plans to cancel the $44 billion deal to buy Twitter, citing Twitter officials' refusal to provide accurate information about fake or spam accounts on the platform. Mr. Musk's lawyers said in a filing with the Securities and Exchange Commission (SEC) that Twitter has refused to respond to their multiple requests for information about the fake accounts, which is critical to the company's business operations.
This file states:
Sometimes Twitter ignores Mr. Musk's requests, sometimes rejects them for unexplained reasons, and sometimes claims to accept the request but delivers incomplete or unusable information.
Mr. Musk's lawyers have also stated that:
Twitter is in breach of multiple terms of the agreement and appears to have made false and misleading statements about certain important matters that Mr. Musk relied on when entering into the deal.
Twitter has remained silent about the legal claim of Musk's lawyers and has not responded to the request for an explanation in news agencies. However, the company's chairman, Brett Taylor, tweeted last night:
Twitter's board of directors is committed to closing the deal on the price and terms agreed with Mr. Musk, and plans to pursue legal action to enforce the agreement.
It should be noted that according to the agreement between Twitter and Mr. Musk, if he refuses to do the deal, he must pay one billion dollars in compensation.
The issue of fake accounts and spam on Twitter is one of the main challenges in the sale of this company to Elon Musk, and Musk's lawyers have always emphasized on providing accurate statistics of these accounts. But as it appears from the appearances and statements of some Twitter managers, even the company itself does not have accurate statistics on the number of fake accounts, and this is probably the reason for not accepting Musk's repeated requests. Mr. Parag Agrawal recently implied that many accounts that are fake or spam are run by real people and look totally legit!
In such a situation, some analysts believe that Twitter and its board of directors have entered a catastrophic scenario and now have to fight a long legal battle with Musk in order to finally either implement the sale deal or at least be able to get $1 billion in termination compensation from Musk. .
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