A few months ago one of the news that caused the most controversy was the purchase of Twitter by Elon Musk, a decision with which many users around the world did not agree. Days passed for the pertinent agreements to be reached, and a few minutes ago the cancellation of this acquisition was confirmed due to differences.
This was revealed by the media Bloombergbecause the businessman’s advisers sent him to the company to announce that Musk is withdrawing from carrying out the transaction of 44,000 million dollars. The millionaire affirmed that this decision was reached because the contractual obligations related to bots and spam were not fulfilled.
In fact, a couple of days ago the Washington Post commented that the purchase was in danger, this due to the breach that he commented Musk through its official communication to the company. They assured that the proportion of accounts is 5%, something that the businessman was demanding before taking office when the money had been managed.
Among the terms that were mentioned in April, it was included that whoever withdrew from the agreed agreement would have to compensate the other entity or subject with a fine of 1,000 million dollars. Account that Musk You will have to pay if you intend to comply with your approach, otherwise there could be legal battles between the two.
Even with all this, Twitter is still interested in respecting the agreement reached a few months ago. For now, Musk he is indicating that the deal is off, and the reason could be a bit confusing, after all he had commented that he would take care of the spam and bots on his own.
In response to the cancellation of the agreement, Twitter is suing Musk.
In a tweet, the president, Bret Taylor, wrote:
The Twitter Board is committed to closing the transaction at the price and terms agreed with Mr. Musk and plans to take legal action to enforce the merger agreement, we will prevail in the Delaware Court of Chancery.
The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.
— Bret Taylor (@btaylor) July 8, 2022
Via: Bloomberg
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