Elon Musk will step away from the $44 billion Twitter takeover deal. Musk has to teach that the termination comes on the back of a material breach by Twitter. Musk highlighted that Twitter could not provide enough information regarding spambots.
Twitter had clarified that the termination of the merger agreement arrived on the back of a material breach of various provisions of that agreement.
The representative highlighted that Musk pulled out because Twitter failed to bring enough information on the number of spam and fake accounts residing in its network.
The billionaire’s legal counsel also accused the site of making false and misleading representations and failing or refusing to give enough information as part of contractual obligations.
According to Musk, Twitter Ignored Requests
According to the complaint, sometimes Twitter ignored Mr. Musk’s requests, they got rejected for unjustified reasons, and sometimes it claimed to comply while giving Mr. Musk incomplete or unusable information.
The disagreement came to light when Musk pointed at Twitter due to an under-reporting of the prevalence of spam bots on site, especially when the entity highlighted that false or spam accounts were fewer than 5% of Twitter’s monetizable daily active users during the first part of the year.
Musk challenged the entity to retain its calculations, believing that the number of spambots on Twitter would be exponentially higher. That event led to the described conclusion.
The accusation expressed that Musk has enough reasons to believe that the amount of false or spam accounts on Twitter’s network is exponentially higher than the amount of less than 5% represented by Twitter in its SEC issuings.
On the other hand, Musk was also waiting for data about Twitter’s process for identifying and suspending spam and fake profiles and the financial condition of the network.
Musk Also Explained that Twitter Refused to Give the Requested Information for at Least Two Months
In this regard, Musk highlighted that this information arrived using limitations or other artificial formatting features. Meanwhile, he also stands against the hiring suspension and release of senior members from offices. He said that the company had not received parents’ consent for changes in the behavior of its business.
By: Jenson Nuñez
