Elon Musk is one of the very influential users on Twitter. The Tesla CEO recently announced his interest in purchasing Twitter for $44 Billion. But, it seems Elon Musk is backing out of the purchase deal and he has his reasons.
One of the main reasons why Musk wanted to buy Twitter according to him was to make it bot free. He also intended to make the social media platform free for everyone and also make the data public. But it seems Twitter has been reluctant in providing Musk and his team with the current date on spam bots on Twitter.
See Also: 5 Things to Note as FG lifts Twitter Ban in Nigeria
A filing with USA’s Securities and Exchange Commission by Musk’s team, “material breach of multiple provisions” of the agreement, and “false and misleading representations” by Twitter were cited as reasons why Musk is backing out of the purchase deal. There’s also an accusation that Twitter is not complying with its contractual obligations towards the purchase deal.
According to the filing, Elon Musk has repeatedly requested data about the spam bots on Twitter to “make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform,” but Twitter has failed to provide Musk with this information.
See Also: Get 2% off when you buy Xiaomi 12S Ultra using Coupon Code
It’s said that sometimes, Twitter ignored the request for data from Musk, other times Twitter rejected the request for the data, and other times Twitter provided Musk with incomplete or unusable information.
Responding to this, the Chairman of Twitter Mr. Bret Taylor said that Twitter’s board will do all within its power to close the purchase deal on the price and terms agreed upon by Musk. And it seems the company’s board is already prepared to take legal actions to force Elon Musk in making the purchase.
See Also: Official prices of Nothing Phone 1 in Europe leaked on Amazon
Should Elon Musk decide to default in purchasing Twitter as agreed upon, he has to pay a $1 billion breakup fee to Twitter. So, to avoid paying this $1 billion breakup fee, Musk has to make a compelling argument as to why he is backing out of the deal.
The Twitter purchase deal has not been a smooth ride and maybe more drama is still coming. But what do you think, is Musk right to back out of the Twitter deal? Do you think Twitter is actually refusing to provide data needed by Musk? Please share your opinion with us in the comment section below.
