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Tesla Boss Elon Musk Pulls Out Of $44B Deal To Buy Twitter

Business Science & Technology

The Mirror

Tesla boss Elon Musk now says he won’t buy Twitter. The billionaire Tesla CEO has changed his mind about buying Twitter but it’s not that easy to walk away from the legal agreement he signed with the social network to buy it.

Mr. Musk now seeking to end his $44bn (£36bn) bid to buy Twitter. If he won’t buy Twitter he would be alleging multiple breaches of the agreement.

The announcement is the latest twist in a long-running saga after the world’s richest person decided to buy Twitter in April.

Elon Musk said he had backed out because Twitter failed to provide enough information on the number of spam and fake accounts.

But Twitter warns it plans to pursue legal action to enforce the agreement.

In May, Mr Musk said the deal was “temporarily on hold” as he was awaiting more data on the number of fake and spam accounts on Twitter.

The billionaire businessman had asked for evidence to back the company’s assertion that spam and bot accounts make up less than 5% of its total users.

Spam accounts are designed to spread information to large numbers of people and manipulate the way they interact with the platform. On Thursday, Twitter said it removed around 1 million such accounts each day.

Musk believes that spam or bot accounts could account for 20% or more of Twitter users.

Legal experts say this may not be sufficient grounds to break off the $44 billion deal without Musk being on the hook for a hefty fine. In response to Musk’s letter, the chair of Twitter’s board said it planned to sue.

But some expert think that Musk might try to get Twitter at a discount price of 15 to 20%.


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