Francisco, Elon Musk, the richest man in the world, will no longer buy Twitter. Elon Musk announced that he was dropping his $ 44 billion offer to buy Twitter after the company failed to provide enough information about the number of fake accounts. Twitter immediately responded that it would sue Tesla’s CEO to keep the deal as it is.
According to a letter sent to Twitter by Elon’s team, the owner of billionaire Tesla, Elon Musk is ending his $ 44 billion deal to buy Twitter, citing breaches of several agreements involved in the deal. The letter said Musk was closing the merger deal because Twitter was violating some of the provisions of the deal.
In fact, in April, Musk finalized a deal with Twitter to buy the company for about USD44 billion at ૫૪ 2.50 per share.
In May, Musk blocked a deal with his team to allow Twitter to review the veracity of claims that less than 5% of the accounts on the platform were bots or spam. According to The Verge, Musk was not alone in his attempt to buy Twitter, including companies such as Larry Ellison, venture capital firm Andresen Horowitz, Fidelity, Crypto Exchange Binance and the Qatari government’s investment firm.
The deal is close to being canceled, the report said. This is believed to be due to the fact that Twitter’s data about spam and bots on the platform is not accurate. The platform claims to block 1 million spammers every day.
Last month, Musk said it could pull out of its ૪૪ 5 billion acquisition deal if Twitter failed to provide data on spam and fake accounts.
Earlier, micro-blogging platform Twitter laid off 80 per cent of its employees amid Elon Musk’s acquisition of 2 billion. However, now the deal is stalled. A Twitter spokesperson confirmed the dismissal without disclosing further details or the number of employees affected. SS1MS