On April 25, the head of Tesla and SpaceX announced the purchase of 100% of the social network’s shares for $44 billion.
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Posted on 7/8/2022 11:42 PM Updated on 7/9/2022 12:07 AM
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Billionaire entrepreneur Elon Musk, CEO of Tesla and SpaceX, has canceled the agreement to buy the social network Twitter from the board of directors, according to a letter from his lawyer sent to the company and approved by the Securities Exchange Commission. watchdog was released. The document references the termination of this agreement due to “false and misleading” information about the company. Mike Ringler, the contractor’s attorney, notes that “Twitter failed to meet its contractual obligations.”
On April 25, the head of Tesla and SpaceX, the richest man in the world, announced the purchase of 100% of the social network’s shares for $44 billion. Elon Musk then repeatedly questioned the data provided by Twitter about spam and fake accounts, and the means used to limit their dissemination.
In early June, the group’s board of directors agreed to give Elon Musk access to the mountains of data needed to answer his questions on the matter, after the businessman issued an official document threatening to withdraw his offer. The richest man in the world and his team set out to analyze this raw data to determine if the percentage of fake accounts actually accounts for less than 5% of daily active Twitter users, as claimed by the network.
Both parties have agreed to pay severance payments of up to $1 billion under certain circumstances.