The reason is said to be several significant breaches of points in the contract between Musk and Twitter. – Twitter seems to have come up with false and misleading representations that Musk trusted when he entered into the agreement, Musk’s lawyer, Mike Ringler, writes in a letter to Twitter. The letter has also been sent to the US Federal Reserve. Musk accuses Twitter of coming up with more false and misleading information that includes, among other things, the amount of fake and inactive accounts. This reflects the number of users and the financial valuation of the company. Tesla founder Musk is said to have repeatedly asked for more information, in order to assess how many of Twitter’s 229 million accounts are genuine. Twitter claims that less than 5 percent of the accounts on the platform are fake, while Musk believes the number is much higher. Elon Musk has previously stated that freedom of expression is the cornerstone of a functioning democracy, and that Twitter is an important forum for discussions. Photo: JIM WATSON / AFP Believes Musk has the right to withdraw The lawyer writes that Twitter has ignored requests from Musk to get more facts, and that some of the information they have received has been incomplete or useless. – Twitter did not want to give us this information. They have ignored Mr. Musk’s requests, Ringler writes in the letter. They claim Twitter has only provided data on the company’s test methods. They believe this is a breach of the agreement, which gives Musk the right to withdraw. Musk, who is the world’s richest man, has previously expressed dissatisfaction with the amount of fake spam accounts and inactive accounts on the platform. He has also previously threatened to withdraw from the acquisition, because he accuses Twitter of withholding data about fake accounts. Musk and Twitter agreed on a merger in April. He then offered to buy Twitter for 44 billion dollars, which is equivalent to around 440 billion kroner. Twitter takes the case to court Twitter’s chairman, Bret Taylor, tweets that the company is now planning legal action to force Musk to complete the sale. – We are sure that we will win, Taylor writes. Photo: Screenshot from Twitter According to the acquisition agreement with Twitter, Musk risks having to pay a termination fee of 1 billion dollars, if the contract is broken, writes CBSNews. At the same time, the value of the Twitter share is declining. On Friday, it fell to $ 36.81, well below the $ 54.20 Musk had agreed to pay for them.
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Elon Musk withdraws from Twitter agreement – news Urix – Foreign news and documentaries
