Elon Musk has announced he's abandoning his $44-billion offer to buy Twitter after the company failed to provide enough information about the number of fake accounts. Twitter fired back, saying it would sue the Tesla chief executive to uphold the deal.
Elon Musk announced Friday that he would abandon his tumultuous $44-billion offer to buy Twitter after the company failed to provide enough information about the number of fake accounts. Twitter immediately fired back, saying it would sue the Tesla chief executive to uphold the deal.
“Twitter has failed or refused to provide this information. Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information,” the letter said. “This is a disaster scenario for Twitter and its board,” Wedbush analyst Dan Ives wrote in a note to investors. He predicted a long court fight by Twitter to either restore the deal or get a $1-billion breakup fee.
One of the chief reasons Musk gave for his interest in taking Twitter private was his belief he could add value to the business by getting rid of its spam bots — the same problem that he’s now citing as a reason to end the deal. Musk’s lawyer also alleged that Twitter broke the agreement when it fired its revenue product leader and general manager of consumers and laid off a third of its talent acquisition team.
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