Tesla CEO Elon Musk announced his intention to end the $44 billion Twitter deal in a letter to the social media giant’s board of directors. As it is known, Elon Musk is known for his fascination with Dogecoin (DOGE). Here are the details…
Shocking Twitter decision from DOGE fan Elon Musk
In short, the world’s richest man is dissatisfied with Twitter’s lack of information about spam and fake accounts. According to the letter sent to Twitter’s chief legal officer Vijaya Gadde, Musk is ending the merger. Because Twitter “seems to have made false and misleading statements”.
Elon Musk initially agreed to buy the crypto-friendly social media platform for $54.20 per share, or about $44 billion in cash. Twitter’s board was pleased with the decision. It unanimously voted in favor of the deal that would make it a private company once again.
However, the letter sent to the US Securities and Exchange Commission (SEC) argued that Twitter was not very clear about two important data. First of all, Twitter’s description of spam and fake accounts was unclear. Also, the process of identifying and suspending such accounts was unclear. The social media giant has reportedly been secretive about mDAU’s day-to-day measures for the past two years.
It is argued that Twitter is not clear
The letter later claims that Twitter violated two parts of its contract. The letter states that the social media company has been notified of the breach since June 6, and that “any remediation period granted to Twitter under the Merger Agreement has now expired.” However, the Twitter board is absolutely not happy that Elon Musk terminated the deal and backed out of the transaction. Twitter head Bret Taylor stated in a tweet that the board wants to close the transaction at the previously agreed price. He said he will take legal action if necessary. “We are confident we will prevail in court,” Taylor wrote.
As we reported on Kriptokoin.com, in April 2022, Musk announced his intention to remove all spam and fraudulent bot accounts from Twitter if his $44 billion offer is accepted. His master plan to improve the social media platform also included new features such as viewing the history of editing Tweets. In the past few years, Twitter account hacks and bots have contributed to numerous scams and phishing attempts. Most recently, the Yuga Labs co-founder, known by the alias Gordon Goner, claimed someone on Twitter was involved. Previously, Changpeng “CZ” Zhao’s crypto exchange Binance had committed $500 million to co-invest in Twitter with the world’s richest man.
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