Elon Musk, a billionaire, has withdrawn his $44 billion offer to purchase Twitter, citing a “material breach” of the contract due to the fact that Twitter “failed to provide enough information concerning the amount of false accounts.”
According to Elon Musk, the data is essential to Twitter’s operations and financial health and is required to complete the merger, according to the BBC.
Mike Ringler, Musk’s attorney, complained that his client had been looking for information about the frequency of “false or spam” accounts on the social media site for almost two months.
Elon Musk’s attorneys wrote to Twitter’s board stating that Twitter “is in serious breach of various sections of that Agreement” and that it “appears to have made false and misleading claims upon which Mr. Musk relied upon entering into the Merger Agreement.”
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According to Twitter, legal action will be taken to enforce the contract.
Twitter CEO Bret Taylor tweeted, “The Twitter Board is committed to complete the acquisition on the price and terms agreed upon with Mr. Musk,” setting the stage for what may become a protracted court battle.
A $1 billion (£830 million) break-up fee is stipulated in the original merger agreement.
In May, Musk stated that the agreement was “temporarily on hold” while he awaited information regarding the quantity of spam and phony Twitter accounts.
The corporation claimed that less than 5% of its users are spam and bot accounts, but the billionaire businessman demanded proof to support that claim.
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