Elon Musk has made an official attempt to drop a $44 billion deal to buy Twitter. In a filing with the Securities and Exchange Commission on Friday, Musk and his team alleged that Twitter is not being forthcoming about its user data and that the way the platform handles spam may be a “material breach” of the agreement. could. The pullout is only the latest dramatic episode in the Musk-Twitter saga. Musk has been giving strong indications that he is not interested in buying Twitter, just days after the deal was signed in April.
“For nearly two months, Mr Musk has ‘solicited the data and information necessary to conduct an independent assessment of the prevalence of fake or spam accounts’ on Twitter’s platform,” reads a section in the regulatory filing. “Twitter has failed or refused to provide this information.”
Twitter, however, is in no mood to entertain the “what-ifs” of Musk’s latest bout. The microblogging platform is hoping to close the deal and has challenged Musk saying legal action is coming soon. “The Twitter Board is committed to closing the transaction on the price and terms agreed with Mr. Musk and plans to take legal action to enforce the merger agreement,” wrote Twitter board chairman Brett Taylor. “We are confident that we will prevail in the Delaware Court of Chancery.”
Elon Musk pulled out of a $44 billion deal to buy Twitter, now the company’s board plans to sue him appeared earlier on BGR India.