Newshub18 :Twitter filed case against Elon Musk for canceling contract.
Technology entrepreneur and the world’s richest man Elon Musk has announced his withdrawal from the social media deal Twitter. This time, Twitter has started a legal battle with Tesla CEO Elon Musk over this issue. A lawsuit has been filed against Elon Musk. The British media reported this information in a report on Wednesday.
At the end of April, Elon Musk announced the purchase of Twitter for 4 trillion US dollarsdollars. But on Friday, Musk announced that he was stepping down from his proposed 44 billion Twitter purchase. The company then filed a lawsuit against Mask.
Twitter did not provide details about Mask’s claims, spam and fake account statistics. So he doesn’t want to buy Twitter.
Elon Musk’s lawyer, meanwhile, said earlier that Twitter had not responded 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. 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 also said the Twitter 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 1 billion in compensation to Elon Musk, chief executive of US electric car maker Tesla Inc. and head of SpaceX.
Earlier last month, Elon Musk threatened Twitter authorities in a letter saying he would withdraw from the deal to buy Twitter. The reason, he said, was that Twitter did not give him the information he wanted to know about fake and spam accounts.
Elon Musk threatened not to go ahead with the deal unless his conditions were met. He also complained that Twitter was blocked from seeking details about users’ information. The head of Tesla also threatened to pay less than the proposed amount to buy Twitter.
Earlier, the BBC reported that Elon Musk, one of the world’s richest people, had bought 9.2 percent of Twitter shares. Ever since then, there have been rumors that he will buy the whole of Twitter. Musk offered 4.3 billion to buy full ownership of Twitter.
Mask had a meeting with Twitter’s board of directors about this; However, Twitter’s board had earlier rejected Musk’s offer. Shares of the company have already risen 4 percent to ten 50.82 on Twitter. However, Elon Musk wanted to pay 54.20 per share