August 15, 2022

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Elon Musk ends his attempt to control Twitter |  News

Elon Musk ends his attempt to control Twitter | News

It has not been clear for months whether the deal between Musk and Twitter will take place. According to Musk, Twitter has never properly answered the question of how many bot and spam accounts are on the platform and what part of the total number of users they make up. This number affects Twitter’s profitability because spam accounts don’t respond to ads.

According to Musk, Twitter is violating the merger agreement due to the lack of clarity about the number of fake accounts. But legal experts are skeptical of that argument, according to the Washington Post, and aren’t sure it’s enough to torpedo the deal. The deal includes a stipulation that Musk must pay Twitter $1 billion if he does not carry out the acquisition.

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Twitter said in a response that the company plans to distance Musk from the agreement. “We are committed to the price and agreements with Musk and intend to take legal action to enforce the merger agreement,” Oversight Board Chairman Brett Taylor said in a tweet.

Twitter’s share price fell by about 7 percent in after-hours trading. During the trading day, the stock had already lost 5 percent on Friday, closing at about $36.81, well below the $54.20 per share that Musk will pay the company.

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