Breaking: Elon Musk Attempts To Back Out Of $44B Deal To Buy Twitter. News Today!
Tesla CEO and the world's richest man, Elon Musk, said on Friday, July 8, that he was rescinding his $44 billion acquisition of Twitter, the company that owns the social network of the same name. A letter sent by Musk's lawyer to Twitter's chief legal officer said the company "materially breached numerous provisions of the merger agreement."
In the letter, Musk claims he has the right to withdraw from the agreement because Twitter did not provide him with enough information about the company's business.
Musk's attorneys accused Twitter of "failing or refusing" to provide information that would help Musk and his team establish the true number of bots or spam accounts on the social networking platform.
"Sometimes Twitter ignored Mr. Musk's requests, sometimes it rejected them for reasons that seemed unreasonable, and sometimes it claimed to perform by providing Mr. Musk with incomplete or inappropriate information," the letter said.
"Musk has reason to believe that the true number of fake and spammer accounts on Twitter is significantly higher than the social network's stated "less than five percent," the document, a copy of which was made public by the U.S. Securities and Exchange Commission, said. The billionaire's frustration was also caused by recent layoffs at the company and a hiring freeze.
Twitter's shares fell about 6 percent in trading after the official closing of the stock exchange session amid the news. At the same time, Tesla shares gained about 4 percent.
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