First modification:
Elon Musk, CEO of Tesla Inc, reported this Friday that he is annulling the agreement signed for 44 billion dollars to buy Twitter, assuring that the company did not provide him with the information requested about false accounts of the social network.
Musk’s lawyers assured that those responsible for Twitter did not respond to the multiple requests made to them to receive the details of the false or spam profiles, information that they assured is essential for the commercial performance of the network.
“Twitter is in material breach of multiple provisions of that agreement, appears to have made false and misleading representations relied upon by Mr. Musk in entering into the Merger Agreement,” the attorneys said.
Musk had previously assured that he would end the agreement unless the company verified that accounts managed by bots represented less than 5% of users who consume advertising.
The news did not sit well with Twitter, which through its president, Bret Taylos, announced that they will initiate legal action to honor the merger agreements. “Twitter’s board is committed to closing the transaction at the price and terms agreed upon with Mr. Musk,” Taylos said.
The terms of the deal state that if Musk doesn’t complete the transaction, he will be required to pay a $1 billion breakup fee, expecting a lengthy legal dispute between those involved.
News in development…
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