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After all mating dances Elon Musk refused to buy Twitter

A lengthy legal process will likely follow

11.Jul.22 7:29 AM
By A lengthy legal process will likely follow
Photo Twitter


After all mating dances Elon Musk refused to buy Twitter
Elon Musk announced on Friday that he would cease his attempt to acquire Twitter. The billionaire and the social medium had previously agreed on a takeover amount of 44 billion dollars (43 billion euros).

With his announcement, the richest person in the world puts an end to the uncertainty and speculation about the deal he made with Twitter in April.

Musk postponed the acquisition after the social media company could not prove that fake accounts made up less than 5 percent of the total number of users. The platform did not respond to requests to share information about the number of fake and spam accounts.

"Twitter is in violation of several provisions of that agreement and appears to have made false and misleading statements, which Mr. Musk relied on in entering into the merger agreement," Musk's lawyers said in a statement.

Musk offered more than $ 54 per share in April, but in long-term trading, the value of the shares has plummeted by 7 percent.

Under the terms of the deal, Musk will have to pay a $ 1 billion fine if he refrains from the acquisition. His decision is likely to degenerate into a lengthy lawsuit against the sixteen-year-old San Francisco-based company.

In June, Twitter gave Musk access to a database of raw data on hundreds of millions of daily tweets. The company is determined to keep Musk to the agreements made. It will take legal action to bring that about, Twitter CEO Bret Taylor promised in a tweet.

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