Elon Musk Warns Twitter He May Walk Out Of $44 Billion Deal, Here’s Why



New Delhi: Business magnate and investor Elon Musk on Monday warned that he may walk out of the $44 billion deal to acquire Twitter Inc if the micro-blogging site fails to provide data on spam and fake accounts. Elon Musk said this in a letter that he wrote to Twitter Inc.Also Read – NEET-UG 2022 Must be Postponed Due to ‘Very Logical Reasons’, Says Lawyer as Students Continue Demand on Twitter

The letter said that Twitter was in a “clear material breach” of its obligations and that Musk reserves all rights to terminate the merger agreement. Earlier in March, Musk said he would put the deal “temporarily on hold”, while he waits for the social media platform to provide data on the proportion of its fake accounts. Also Read – Smartphones Will Be Extinct By 2030, AR And VR-based Glasses To Be More Commonly Used: Nokia CEO

“Musk believes Twitter is transparently refusing to comply with its obligations under the merger agreement, which is causing further suspicion that the company is withholding the requested data due to concern for what Musk’s own analysis of that data will uncover,” read the letter. Also Read – After Emailing Staff About Job Cuts At Tesla, Elon Musk Says Headcount At Company To Increase

“Musk believes the company is actively resisting and thwarting his information rights,” the letter by Musk’s lawyers said. Meanwhile, Twitter shares were down 5.5% at $37.95 in premarket trading.

(With agency inputs)





Source link

Leave a Reply

Your email address will not be published.