Elon Musk has pulled the plug on the $44-billion worth of Twitter acquisition, owing to the failure of the social media platform to provide information of the fake accounts and bots on the site. While the board chairman at Twitter Bret Taylor said the company will now resort to legal action for the deal’s completion.
According to a filing by Musk’s lawyers to US Security and Exchange Commission (SEC), Musk has terminated the deal as Twitter has failed multiple times to disclose information on fake spam accounts on the site, which is the fundamental of the agreement and upon which Musk had entered into the agreement.
Earlier in April this year, Elon Musk made an agreement to buy Twitter for $44 billion and take the company private, citing the need of free speech on the platform.
Report by Chetan
Graphics by Abhishek
.png)
Comments