the social network wants to force you to fulfill the agreement

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Elon Musk’s intentions to take over 100% of Twitter have finally come to nothing. The CEO of Tesla and SpaceX, who was already the largest shareholder of the social network after having invested 2,900 million dollars, has withdrawn his purchase offer of 43,000 million dollars, according to a presentation made this Friday at the Securities and Exchange Commission of the United States.

This movement by Elon Musk comes after several months of questioning the social network. Last May he had assured that he would not go ahead with the purchase until those responsible for the platform offered reliable data that fake and spam accounts accounted for less than 5% of all active users, he even proposed a unique plan to figure it out.

Now the businessman has accused Twitter of making “false and misleading” claims regarding the number of bots and spam. Therefore, and considering that “it is in material breach of multiple provisions of the agreement”, it has withdrawn the purchase offer. The board of directors of the social network, for its part, has assured that it will take the case to court to complete the operation.

It should be noted that the agreement includes a termination fee of 1,000 million dollars that must be paid by either party in the event of withdrawing. However, there are some exceptions, so Elon Musk could hide behind the bot problem to get out unscathed. However, if the conflict escalates to the judicial level, Twitter could force Elon Musk to terminate the deal in its original terms instead of paying financial compensation, as explained by Bloomberg.

Twitter's CEO explains how they detect (or try to) spam accounts.  Elon Musk's response: 💩

Precisely, the president of the board of directors of Twitter, Brett Taylorhas not been slow to express himself, and has done so with a forceful message in which he explains the company’s position in this scenario and details the steps to follow, which include forcing the tycoon, through justice, to comply with the agreement on the original terms.

“Twitter’s board is committed to closing the transaction at the price and terms agreed with Musk and plans to take legal action to enforce the merger agreement. We are confident that we will prevail in the Delaware Court of Chancery.”

Developing.

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Elon Musk’s intentions to take over 100% of Twitter have finally come to nothing. The CEO of Tesla and SpaceX,…

Elon Musk’s intentions to take over 100% of Twitter have finally come to nothing. The CEO of Tesla and SpaceX,…

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