In an attempt to seek Twitter Inc. for $44bn (£36bn), the Space X boss Mr. Elon R. Musk pulled the plug on his bid to buy Twitter.
Musks’ team claims that he has canceled the Twitter deal because the social media giant was in “material breach” of their agreement and has made “false and misleading” statements about the number of fake accounts.
Elon Musk claimed that Twitter has failed to provide more information about how it estimates the number of spam accounts on its platforms.
Twitter notified it was removing around 1 million spam accounts each day. Musk believes that spam or bot accounts could account for 20% or more of Twitter users.
Bret Taylor, chairman of Twitter’s board of directors, tweeted Friday that the company is still committed to closing the transaction on the price terms agreed
“We are confident we will prevail in Delaware Court of Chancery”
- Bret Taylor
The tech mogul claimed that he wanted to acquire Twitter because the company no longer adheres to the principles of free speech.
BACKING OUT NOT THAT EASY?
Twitter’s chairman says that the social media platform will take legal court actions to enforce the Musk Twitter agreement.
What Brain Quinn (Law professor) says about this situation?