August 19, 2022
Elon Musk ends $44bn bid to buy Twitter- BPN TODAY

Elon Musk ends $44bn bid to buy Twitter

Elon Musk is ending his $44bn (£36bn) bid to buy Twitter, alleging multiple breaches of the merger agreement.

The announcement is the latest twist in a long-running saga after the world’s richest person decided to buy Twitter in April.

Mr Musk said he had backed out because Twitter failed to provide sufficient information on the number of spam and fake accounts.

Twitter says it plans to pursue legal action to enforce the agreement.

Mr Musk faces a $1bn (£830m) break-up fee and possible lawsuit by opting out.

In May, he said the deal was “temporarily on hold” as he was awaiting data on the number of fake and spam accounts on Twitter.

The billionaire businessman had asked for evidence to back the company’s assertion that spam and bot accounts make up less than 5% of its total users.

In a letter filed with the US Securities and Exchange Commission, Mr Musk’s lawyer said Twitter had 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 reads.

Spam accounts are designed to spread information to large numbers of people and manipulate the way they interact with the platform. On Thursday, Twitter said it removed around 1 million spam accounts each day.

Mr Musk believes that bots could account for 20% or more of Twitter users.

 
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