Elon Musk Threatens to Move from Twitter Deal

Charles kenny
Charles kenny
5 Min Read
Elon Musk Threatens To Move From Twitter Deal

Elon Musk Threatens to Move from Twitter Deal: Elon Musk, through his Lawyers, made a threat to Twitter to walk away from their $44 Billion bit to buy Twitter, accusing the company of not giving information about their spam bot and fake accounts.

Tesla and SpaceX CEO Elon Musk has repeatedly been asking Twitter for information regarding fake accounts to assess how many are there within the 229 Million Accounts.  

Since May 9, however, no reply has been made from Twitter. 

To know more about Elon Musk Threatens to Move from Twitter Deal, scroll down. 

Elon Musk $44 Billion Deal with Twitter 

Just recently, Elon Musk threatened Monday to call off his $44 Billion buy-out on Twitter because they refused to give him information regarding the spam and fake bot accounts. 

Elon Musk Threatens To Move From Twitter Deal

But anyway, how did the Elon Musk and Twitter deal start? Here’s what had happened in the last few months between them.

Musk started buying Twitter shares in near-daily installments during the year, amassing a 5% stake in the company by mid-March. On March 26, Musk said to his Twitter account with over 80 Million followers that he is seriously considering building an alternative Twitter platform. 

He questioned free speech on the platform and whether Twitter was undermining democracy. Moreover, he reached out to the Twitter board members, including his friend and Twitter co-founder Jack Dorsey. 

Musk then started the conversations with the CEO of Twitter and its board members about potentially joining the Board. He also mentioned taking Twitter private or starting a competitor. A regulatory filing was revealed that Musk became the largest shareholder of Twitter after acquiring 9% stake worth about $3 Billion. 

After so, he was offered a seat on Twitter’s Board, and CEO Parag Agrawal said in a tweet that “it became clear to us that he would bring great value to our Board.” However, after a few days, they went back to their words and said that he would not be joining the Board, and the was revealed that Musk had already offered to buy the company outright for $44 Billion. 

Elon Musk Threatens To Move From Twitter Deal

On April 25, he was able to negotiate with the Board of Twitter and said that he wanted to buy it to make the platform private. He then sold $8.5 Billion worth of shares in Tesla to help fund the purchase of Twitter. 

Also Read: Elon Musk cuts margin loan closes on Tesla deal as his new venture to Twitter

In May 9, he asked Twitter for the information about the fake bots and spam accounts; however, they refused to do so, which is why Elon Musk Threatens to Move from Twitter Deal. 

Elon Musk Threatens to Move from Twitter Deal

Recently, Elon Musk Threatens to Move from Twitter Deal and has issued through his lawyers that he might back out on the Twitter deal if they still refuse to give information regarding the fake and spam bot accounts on the platform. 

In the letter sent to Twitter’s head of legal, policy, and trust, Musk alleged that Twitter is “actively resisting and thwarting his information rights.” His attorney also added, “This is a clear material breach of Twitter’s obligations under the merger agreement. Mr. Musk reserves all rights resulting from that place, including his right not to consummate the transaction and terminate the merger agreement.”

Elon Musk Threatens To Move From Twitter Deal

Musk wanted to have the information to evaluate and know how many of the 229 Million accounts on Twitter are fake. Before, it was said by CEO Agrawal that it had only 5% spam accounts, but Musk disputed that and said without evidence, they cannot prove it. Musk believes that there are about 20% or more spam accounts, and if Twitter refuses to accept his request, Elon Musk Threatens to Move from Twitter Deal. 

If you need more information regarding Elon Musk Threatens to Move from Twitter Deal, stay tuned.

Also Read: Worlds Richest man Elon Musk Buys Twitter for $44 billion Rise to Twitter 2.0?

 

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Charles is an avid reader who loves the outdoors. He's also a passionate traveler and has explored many different parts of the world. He writes about topics ranging from entertainment, Celebrity, Technology, Gadgets, and entrepreneurship to relationships in modern society. Arthur believes that his life experiences make her more compassionate towards others, which also translates into her writing!