For its part, Twitter has announced its intention to take legal action to enforce the purchase agreement. Musk and Twitter agreed to pay a $1 billion fine from any party that pulled out of the deal.
Euskaraz irakurri: Twitter erosteko kontratua deuseztatzeko asmoa du Elon Muskek
The founder and CEO of Tesla, Elon Muskhas informed Twitter that it intends to purchase contract of the social network, as the company “significantly violates multiple provisions” of the agreement both parties signed last April.
In a letter shared by the tycoon’s legal team, Musk notified Twitter of his intention to cripple the social network’s purchase after repeatedly formally requesting information regarding the number of fake accounts being used on the platform has been found. to check and suspend them.
Musk had publicly questioned Twitter’s “bot” numbers for weeks, which many analysts saw as an attempt to lower the tech giant’s share price. Twitter shares plummeted more than 6% in post-announcement operations, according to the CNN network.
Twitter stock crash
In fact, Twitter stock started this Monday with a drop of more than 7%. In this way, Twitter share fell 7.4% to $34.09, its lowest price since mid-March and far from the $54.20 considered in Musk’s proposal.
Medio maythe tycoon has decided to temporarily suspend the purchase of Twitter, agreed by at the end of April last year about $44 billionpending details to support the company’s calculation representing fake/spam accounts less than 5% of the users.
Then, by means of a sent letter beginning of June by Musk’s attorneys at the United States Securities Market Commission (SEC), the billionaire’s legal team deemed Twitter’s position a “substantial breach” of its obligations under the merger agreement, warning that Elon Musk “retains all rights arising therefrom.” , including its right not to complete the transaction and its right to terminate the merger agreement.”
For its part, Twitter has announced its intention to take legal action to enforce Musk’s purchase agreement.
Musk and Twitter agreed $1 billion fine to pay for any party that withdraws from the deal, although if Twitter plans to enforce the purchase under the terms agreed to, things could get complicated for the South African tycoon, according to the aforementioned chain.
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Source: EITB
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