YOGYAKARTA - In a 62-page lawsuit filed on Tuesday, Twitter accused Elon Musk of violating the agreement to buy the social media company for $44 billion. Musk, the world's richest man, has tried to step down from the acquisition, citing the number of fake Twitter accounts and accusing the company of not giving him enough information about this matter and misinterpreting himself. So what's the reason Elon Musk canceled his Twitter purchase?
In its lawsuit, Twitter is trying to show that it has the right to sue it to close the deal and demonstrate that Musk's claim to it is baseless. Instead, Musk violated the agreement, the company said. Twitter is unmitigated, calling its escape strategy a "disciplinary model" and a "bad faith model." It supports his argument with many tweets from billionaires.
Oh the irony lol
— Elon Musk (@elonmusk) July 12, 2022
Elon Musk has informed Twitter that he will be discontinuing a $44 billion deal proposal to buy a microblogging platform.
Why this decision: Musk claims that Twitter has failed to provide adequate information about fake accounts and spams.
Twitter has provided some information but has some ties, usage restrictions or other artificial platform features, which make some information a bit useful.
While acknowledging that Twitter provides access to eight "API" developers following the initial refusal, Musk's filing claims that the API contains lower tariff limits than Twitter gave its largest company customers.
This information is not enough to carry out a fundamental analysis of the company's business performance.
The filing said that Twitter had committed material violations to several terms of the Agreement, apparently having made false and misleading statements that Musk relied on when entering the Merger Agreement.
Twitter Response
How Twitter responds: Legal fighting can occur because Twitter chairman Bret Taylor vowed to take legal action to enforce the merger agreement.
"The Twitter board is committed to closing transactions at prices and terms agreed with Musk..." he wrote.
The terms of the deal require Musk to pay a $1 billion cut if he doesn't complete the transaction.
Pasang surut: Musk pertama kali menawarkan untuk membeli Twitter, dewan mengambil rencana "pil poison" dalam upaya untuk memblokir kesepakatan.
Twitter then reversed course and relented on the purchase of $44 billion, which Musk called the "best and last" offer.
Musk even put together funding arrangements. The purchase was proposed to be funded by $21 billion in cash, a $1.5 billion margin loan guaranteed against 16 percent of Musk's shares in Tesla, along with $13 billion in loans from a consortium of banks.
Funding arrangements were re-calibrated with Musk reducing the size of the loan against its Tesla shares from $13 billion to $6.25 billion. This was done to address pressure on Tesla's share price over concerns that Musk might be selling Tesla shares as part of a financing deal.
Even when financing for the deal was being secured, Musk suddenly indicated that he would delay the deal until the social media company proved that the fake bot and spam accounts were less than 5 percent of its user base.
So that's the reason why Elon Musk canceled buying Twitter, see other interesting news only on VOI, it's time to revolutionize news!
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