Elon Musk ha renounced the purchase of Twitter and the social network announces one cause to get a billionaire compensation. This was reported by the SEC, the company that controls the US stock exchange. The sensational announcement of Musk’s decision came in the evening after news of a possible step backwards from Tesla’s owner had been chasing each other in recent days.
According to reports from the SEC, Musk has canceled the deal from 44 billion dollars to acquire the social network, due to a series of violations of the agreement. According to a letter sent by a lawyer for the billionaire to Twitter’s legal department, of which the SEC received a copy, “Twitter failed to comply with its contractual obligations” and did not provide the “required business information.” “Sometimes Twitter has ignored Musk’s requests, sometimes rejected them for reasons that seem unjustified to us, and on other occasions it has provided incomplete or unusable information,” reads again.
The reference is to the request made by Musk (who for the operation has put together a consortium ranging from co-founder of Oracle Larry Ellison, to the state-owned investment company of Qatar) to the company based in San Francisco to prove that account spam present on represent less than 5% of total users.
Ever since Musk’s announcement in April, the issue of spam accounts has always been at the heart of the operation. In fact, the billionaire never hid his doubts about the Twitter bot estimates, so much so that on May 13 the agreement – which seemed already closed – was “temporarily suspended” precisely because Musk had explained that he wanted to collect more details on the impact. of fake and spam profiles.
The initial agreement to acquire Twitter it included a billion dollar termination clause which now according to what the social media Musk has announced will now have to pay. However, it is not clear at the moment how this condition could be applied given that at the basis of the breakdown there is – as the CEO of Tesla claims – a violation of contractual obligations. The most likely scenario at this point is one complex legal battle.
Twitter CEO Bret Taylor announced that the company’s board of directors “will take legal action to enforce the purchase agreement” signed with Elon Musk last April. Taylor’s announcement came minutes after the tycoon canceled his purchase agreement on the grounds that the company made “false and misleading” claims, which he considered an unacceptable “violation”. In a tweet, Taylor stated that the tech firm’s board of directors “is determined to close the deal at the price and terms agreed with Mr. Musk”.