Elon Musk pulls out of $44bn deal to buy Twitter
The advertisement is the rearmost twist in a long- running saga after the world's richest person decided to buy Twitter in April.
Mr Musk said he'd backed out because Twitter failed to give enough information on the number of spam and fake accounts.
Twitter says it plans to pursue legal action to apply the agreement.
" The Twitter Board is committed to closing the sale on the price and terms agreed upon withMr. Musk," Twitter president Bret Taylor wrote in a tweet, setting up a potentially long and protracted legal battle between the two sides.
The original junction agreement includes a$ 1bn(£ 830m) break- up figure.
Mr Musk said he'd backed out because Twitter failed to give enough information on the number of spam and fake accounts.
Twitter says it plans to pursue legal action to apply the agreement.
" The Twitter Board is committed to closing the sale on the price and terms agreed upon withMr. Musk," Twitter president Bret Taylor wrote in a tweet, setting up a potentially long and protracted legal battle between the two sides.
The original junction agreement includes a$ 1bn(£ 830m) break- up figure.
#### Row over fake accounts####
In May, Mr Musk said the deal was" temporarily on hold" as he was awaiting data on the number of fake and spam accounts on Twitter.
The billionaire businessman had asked for substantiation to back the company's assertion that spam and bot accounts make up lower than 5 of its total druggies.
In a letter filed with the US Securities and Exchange Commission, Mr Musk's counsel said Twitter had failed or refused to give this information.
" occasionally Twitter has ignored
Mr.Musk's requests, occasionally it has rejected them for reasons that appear to be unjustified, and occasionally it has claimed to misbehave while givingMr. Musk deficient or unworkable information," the letter reads.
The billionaire businessman had asked for substantiation to back the company's assertion that spam and bot accounts make up lower than 5 of its total druggies.
In a letter filed with the US Securities and Exchange Commission, Mr Musk's counsel said Twitter had failed or refused to give this information.
" occasionally Twitter has ignored
Mr.Musk's requests, occasionally it has rejected them for reasons that appear to be unjustified, and occasionally it has claimed to misbehave while givingMr. Musk deficient or unworkable information," the letter reads.
Spam accounts are designed to spread information to large figures of people and manipulate the way they interact with the platform. On Thursday, Twitter said it removed around 1 million similar accounts each day.
Mr Musk believes that spam or bot accounts could regard for 20 or further of Twitter druggies.
Shares in Twitter fell by 7 in extended trading after the advertisement.
Mr Musk believes that spam or bot accounts could regard for 20 or further of Twitter druggies.
Shares in Twitter fell by 7 in extended trading after the advertisement.
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Elon Musk has for weeks been trying to get information about how numerous diurnal active druggies Twitter has.
Twitter has a problem with bots. In fact only history it said it removed a million spam accounts a day.
In a form, Mr Musk said he would constantly been refused information about the number of bot accounts on Twitter which is why he wished to terminate the deal.
Elon Musk however has formerly put pen to paper on this deal, and it isn't completely clear whether he can back out at this stage. Mr Musk will need to prove that Twitter traduced their agreement.
There are other implicit reasons why Mr Musk might want to pull out of the deal.
The stock request price for large tech companies has fallen acutely in the last many months- did Musk offer too important?
And also there was the impact the implicit junction was having on Mr Musk's other companies. Tesla's share price has fallen significantly since he blazoned his interest in Twitter.
His position on free speech and how Twitter might moderate in the future- grounded on the laws of individual countries- also at times came across as naïve. Did Elon Musk eventually decide he'd stunk off further than he could bite ?
Twitter has a problem with bots. In fact only history it said it removed a million spam accounts a day.
In a form, Mr Musk said he would constantly been refused information about the number of bot accounts on Twitter which is why he wished to terminate the deal.
Elon Musk however has formerly put pen to paper on this deal, and it isn't completely clear whether he can back out at this stage. Mr Musk will need to prove that Twitter traduced their agreement.
There are other implicit reasons why Mr Musk might want to pull out of the deal.
The stock request price for large tech companies has fallen acutely in the last many months- did Musk offer too important?
And also there was the impact the implicit junction was having on Mr Musk's other companies. Tesla's share price has fallen significantly since he blazoned his interest in Twitter.
His position on free speech and how Twitter might moderate in the future- grounded on the laws of individual countries- also at times came across as naïve. Did Elon Musk eventually decide he'd stunk off further than he could bite ?
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