Subscribe Now

* You will receive the latest news and updates on your favorite celebrities!

Trending News

Blog Post

Elon Musk Accuses Twitter Of Hiding Data And Threatens To Drop His Bid Attempt
News

Elon Musk Accuses Twitter Of Hiding Data And Threatens To Drop His Bid Attempt 

Mr Musk said in a letter to Vijaya Gadde, Twitter’s head of legal, policy, and trust, that Twitter is “actively fighting and undermining his information rights” as stipulated in the agreement.

By Omotayo Olutekunbi

Elon Musk, CEO of Tesla, threatened to withdraw his takeover bid for Twitter on Monday, claiming that the social media firm was failing to fulfil its obligations to disclose needed data on false accounts.

According to recent SEC filings, Mr Musk has accused Twitter of committing a “clear substantial breach” of its “obligations under the merger agreement, and Mr Musk reserves… his right not to finalise the transaction and his right to terminate the merger agreement.”

Mr Musk said in a letter to Vijaya Gadde, Twitter’s head of legal, policy, and trust, that Twitter is “actively fighting and undermining his information rights” as stipulated in the agreement.

Mr Musk put the $44 billion acquisition proposal on hold last month, claiming that the social media platform’s bogus or spam accounts accounted for less than 5% of its daily active users in the first quarter.

Mr Musk has stated that eradicating “spam bots” from the network was one of his top goals, calling bitcoin spam bots as the company’s “single most frustrating problem.”

Elon had waived a due diligence clause in the transaction that may have simplified his withdrawal, according to Twitter’s filings with the regulatory agency.

Related posts

Leave a Reply

Required fields are marked *