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Billionaire Tesla chief Elon Musk’s team has sent a letter to Twitter. In which it is reported that Elon Musk is terminating his $44 billion deal to acquire Twitter Inc and take it private. At the same time, many violations of the purchase agreement have been cited in this letter.
Write a letter to the company stating the reason
The letter said on Friday that, as described below, Elon Musk is terminating the merger agreement because Twitter is in material breach of several provisions of that agreement. At the same time, Elon Musk had asked Twitter to share some information but the company did not do so.
Just a few days ago, Elon Musk claimed that Twitter has 20 percent fake and spam accounts, while this number could be more than four times Twitter’s claim of five percent. Musk had said that if this happens, he will not pursue this deal.
Twitter company will go to court
At the same time, Twitter said that he would go to court regarding the end of the deal. Board Chairman Brett Taylor said in a tweet that the Twitter board is committed to closing the transaction on the price and terms agreed with Elon Musk and plans to take legal action to enforce the merger agreement.
Musk bids $44 billion to buy Twitter
Actually, Tesla CEO Elon Musk has offered to buy Twitter for $ 44 billion (about Rs 3,48,700 crore). Musk has said that if the company cannot show that less than 5 percent of its daily active users are spam accounts, then it will walk away from the deal. Musk, without providing evidence, said that Twitter was grossly underestimating the number of these spambots, while the number could be as high as 20%.
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