Elon Musk declines to buy Twitter

This article was last updated on July 11, 2022

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Elon Musk declines to buy Twitter

A billionaire, Elon Musk, decides against purchasing Twitter. Having attorneys write to the SEC, the US stock market regulator,

According to Musk’s legal team, Twitter has broken contractual duties and made false assertions. According to the report, “Twitter claimed to comply with the demands while the firm delivered inadequate or useless information.” “In other instances, Twitter ignored Musk’s requests; at other times they were denied on apparently invalid grounds.

Since Musk stated in mid-April that he intended to acquire the social media site for approximately $44 billion, the two have been at odds over the precise number of daily users of the platform. Musk claims that the business was dishonest about spam bots, which frequently automatically distribute dubious content. Twitter stated that it only represented a maximum of 5% of users.

Musk initially put the takeover attempt on hold in May to give Twitter time to answer more questions about it, but even after Twitter recently announced that it was deleting 1 million spam accounts daily, Musk maintained his criticism. The agreement was at risk as a result, insiders told American media earlier in the day.

Twitter reacted quickly to Musk’s announcement that it preferred to proceed with the deal rather than accept a lump sum payment of $1 billion. The news sounds like the start of a long legal battle between the two groups.

The price of Twitter shares has decreased by around 5%. Just under $37 is a lot less than the $54.20 that Musk offered for a share of the company.