Newshub18 :Elon Musk announces cancellation of contract with Twitter
Elon Musk, a technology entrepreneur and the world’s richest man, has pulled out of a deal to buy Twitter. The billionaire has canceled. 4.4 billion deal to buy the company due to Twitter’s misleading statements about the number of fake accounts, according to a report by NDTV Online.
Elon Musk’s lawyer said Twitter did not respond to multiple requests for fake or spam account information. They have failed to provide this information. But this transparency is the main aspect of an organization’s business.
Elon Musk signed a deal to buy Twitter last April, the report said. But now that it has been canceled, Musk will go to court for more than a billion dollars in other damages, including breakup fees.
Twitter chairman Brett Taylor, meanwhile, said Twitter’s board would take legal action to enforce Elon Musk’s deal.
The terms of the deal with Twitter were that if for any reason the company cancels the purchase agreement or does not complete the financial transaction, Twitter authorities will have to pay এক 1 billion in compensation to Elon Musk, chief executive of US electric car maker Tesla Inc. and head of SpaceX.
The Tesla captain’s offer to acquire Twitter was a merger of one of the world’s richest people and one of the most influential social media platforms. But that may signal a huge legal battle in the future.
Mask claims that Twitter broke the agreement by not providing all the information in the bogus account. On the contrary, Twitter has also given a warning. In this situation, Twitter could put pressure on Tesla executives to pay a ১ 1 billion breakup fee. If not, Twitter could be in a legal battle to complete the deal. Twitter CEO Parag Agarwal said the company’s board of directors had already approved the fight.
In a letter to the Twitter board, Musk’s lawyer, Mike Ringler, alleged that “my client had been seeking information on ‘fake or spam’ accounts on social media platforms for almost two months. However, Twitter has failed or denied this information. Sometimes Twitter ignored Mr. Musk’s requests, and sometimes refused to provide information because it seemed unreasonable. Twitter has often demanded that Mr. Musk comply with incomplete or unusable information. ”
In response, Twitter Board Chairman Brett Taylor tweeted. Mentioned, “The Twitter board is committed to stopping transactions with Mask on price and terms and is planning legal action to enforce the merger agreement. We are confident we will win the Delaware Court of Chancery. ” Delaware trial courts often hear business disputes between many corporate entities, including Twitter.
In the midst of this turmoil, on Friday, shares of Twitter fell 5 percent to ৬ 38.61, which Musk agreed to buy at a slight decrease of ৫ 54.20. Shares of Tesla, meanwhile, rose 2.5 percent. Which currently stands at ২ 852.29. After the market closed and the news of the cancellation of Musk’s contract came out, the share price of Twitter started falling