[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"9b1ab7ff-92b8-404e-8b3a-377f4397bce1","updated_at":"2022-06-27T10:41:00+00:00","account":{"firstName":"Marigold","lastName":"Vance"},"description":"Elon Musk is threatening to walk away from his $44 billion Twitter takeover, given the social media giant Twitter failed to provide accurate data regarding spam and fake accounts! ","sapo":"Elon Musk is threatening to walk away from his $44 billion Twitter takeover, given the social media giant Twitter failed to provide accurate data regarding spam and fake accounts! ","title":"Elon Musk threatens to terminate the $44bn Twitter deal!!!","content":"

Over one month has passed from the day Elon Musk closed his $44 billion deal to acquire Twitter on April 25, 2022, but it does not seem that Musk will actually go through the deal.

On June 6, 2022, Tesla CEO Elon Musk sent a letter to the US Securities and Exchange Commission (SEC), claiming that Twitter is in "clear material breach" of the acquisition agreement and that he could "terminate" the deal. This decision was made after Twitter failed to provide the information that he is entitled to receive under the merger agreement.

Specifically, shortly after the close of the deal, Musk has been complaining about the bots and scams on the social media platform, but according to Twitter CEO Parag Agrawal, the proportion of fake and scam accounts is less than 5% of the platform's users.

Tesla's CEO disagreed with this statistic, claiming that the number could be far higher than 20%. On May 9, 2022, he announced to put his Twitter buyout "on hold" until Twitter proves the accuracy of its publicized spam estimates. However, according to the filing sent this Monday, the social media platform allegedly refused to disclose the number of fake accounts upon Musk's request on May 9.

According to Musk's lawyer, Twitter's behavior is deemed to be "actively resisting and thwarting his information rights under the merger agreement," and this is claimed to be a clear violation of the deal agreement in which Twitter is required to provide requested data to help Elon Musk further process and move forward with the agreement. This assertion could pave the way for the billionaire to refuse to consummate the deal and even terminate the acquisition.

However, the initial merger agreement stated that Musk would be charged a $1 billion termination fee if he broke the deal, and if he refused to pay it, Twitter could sue Musk.

About Elon Musk

Elon Musk is the world's richest person, with a fortune of $219.4 billion.

With the vision of revolutionizing transportation on Earth and in space, Elon Musk founded the aerospace company SpaceX in 2002 and joined the electric car manufacturer Tesla (originally Tesla Motors), serving as CEO and product architect in 2004.

The billionaire is well-known as one of the most influential figures in social media, especially after his Twitter takeover.

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Elon Musk threatens to terminate the $44bn Twitter deal!!!

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