Elon Musk refuses to buy Twitter

(ORDO NEWS) — The richest man in the world, Elon Musk, has officially refused to buy the social network Twitter. He was ready to shell out $44 billion for the microblogging service, but eventually changed his mind.

The deal itself has already begun. Thus, Musk abandoned the purchase right in the process.

A little later, his representatives explained this decision. As it turned out, it was caused by the lack of diligence of the leadership of Twitter in the fight against fake accounts.

In particular, the social network Twitter “dramatically understates” the number of fake and spam accounts, claiming that their number does not exceed 5 percent of users.

This was reported in a letter from representatives of the American billionaire about the refusal of the deal to buy Twitter.

The letter says that Musk believes that the actual number of fake or spam accounts on Twitter is significantly higher than the social network’s reported “less than 5 percent.”

Such actions Musk infuriated Twitter management. It is going to file a lawsuit that should oblige the businessman to complete the deal to buy the social network.

Bret Taylor, chairman of the board of directors of the company, made the corresponding statement on his Twitter. At the same time, the company wants to recover compensation and a penalty for reputation from Musk.

“Twitter’s board intends to close the deal at the price and terms agreed with Musk and plans to sue to enforce the merger agreement. We are confident we will win in the Delaware Court of Chancery,” Taylor said.

However, it is possible that Musk will simply refuse the deal, limiting himself to a penalty.


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