Twitter failed to provide Elon Musk with appropriate information about spam bots on the platform.
Elon Musk, CEO of Tesla and SpaceX, has pulled out of his $44 billion plan to buy Twitter.
Elon Musk declared in a filing on Friday that Twitter had not “complied with its contractual obligations” to him, as stipulated in their Merger agreement on April 26th.
One such need was that Twitter provides him with all information he needed for commercial purposes in connection with the purchase. He was specifically looking for information on the prevalence of spam bots and accounts on the social media network.
Musk halted the transaction in May after Twitter estimated that 5% of its accounts were fake. “Twitter deal on hold temporarily pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” he said.
The letter describes how Musk repeatedly requested information from the platform but was never provided sufficient responses to clarify the incidence of spam accounts.
According to the filing, the information the platform did offer “has come with strings attached, use limitations, or other artificial formatting features, which has rendered some of the information minimally useful to Mr. Musk and his advisors.”
However, the termination may not go as planned. The original merger agreement included a clause that allowed Twitter to compel the billionaire to execute the transaction.
Binance CEO Changepeng Zhao initially supported the $44 billion bid to buy Twitter, but only if he followed through.
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Elon Musk Cancels The Acquisition Of Twitter.
Twitter failed to provide Elon Musk with appropriate information about spam bots on the platform.
Elon Musk, CEO of Tesla and SpaceX, has pulled out of his $44 billion plan to buy Twitter.
Elon Musk declared in a filing on Friday that Twitter had not “complied with its contractual obligations” to him, as stipulated in their Merger agreement on April 26th.
One such need was that Twitter provides him with all information he needed for commercial purposes in connection with the purchase. He was specifically looking for information on the prevalence of spam bots and accounts on the social media network.
Musk halted the transaction in May after Twitter estimated that 5% of its accounts were fake. “Twitter deal on hold temporarily pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” he said.
The letter describes how Musk repeatedly requested information from the platform but was never provided sufficient responses to clarify the incidence of spam accounts.
According to the filing, the information the platform did offer “has come with strings attached, use limitations, or other artificial formatting features, which has rendered some of the information minimally useful to Mr. Musk and his advisors.”
However, the termination may not go as planned. The original merger agreement included a clause that allowed Twitter to compel the billionaire to execute the transaction.
Binance CEO Changepeng Zhao initially supported the $44 billion bid to buy Twitter, but only if he followed through.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
CoinCu News
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