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BREAKING
Al Mayadeen's correspondent: Israeli occupation forces blew up Noura Al-Kaabi Hospital, designated for kidney dialysis patients, in the northern Gaza Strip
Al Mayadeen's correspondent: Israeli drone targets a car on the Ayta al-Shaab-Debel road in southern Lebanon
Yemeni Armed Forces Spokesperson Yahya Saree: The remaining airlines that have not yet complied with the ban are urged to take this into serious consideration to ensure the safety of their aircraft and passengers
Yemeni Armed Forces Spokesperson Yahya Saree: The YAF, after successfully imposing a partial ban on air traffic at Lydd Airport, are now working to impose a full ban on air traffic at the aforementioned airport in the coming period
Yemeni Armed Forces Spokesperson Yahya Saree: YAF's UAV Unit carried out three military operations targeting three vital Israeli sites in the occupied Palestinian areas of Yafa, Isdud, and Umm al-Rashrash, using three drones
Yemeni Armed Forces Spokesperson Yahya Saree: The operation successfully achieved its objective, causing millions of Zionist settlers to flee to shelters and bringing airport operations to a halt
Yemeni Armed Forces Spokesperson Yahya Saree: YAF targeted Lydd Airport in the occupied Yafa area (Tel Aviv) with a hypersonic ballistic missile
Israeli media: Ben Gurion Airport airspace sut down following missile launch from Yemen
Israeli media: Air raid sirens sound in the central region and Hashfala following the detection of a missile launch from Yemen
SDF announces the killing of three of its members as a result of ISIS cells detonating a landmine targeting a vehicle of a security patrol on the Hasaka-Raqqa road

Elon Musk to pull out of $44bn deal to buy Twitter

  • By Al Mayadeen English
  • Source: Agencies
  • 9 Jul 2022 09:09
3 Min Read

Elon Musk claims he wants to pull out of the deal after detecting several violations on Twitter.

  • x
  • Elon Musk pulls out of $44bn deal to buy Twitter.
    Elon Musk to pull out of $44bn deal to buy Twitter

Elon Musk is attempting to terminate his $44 billion (£36 billion) bid for Twitter, claiming repeated violations of the agreement.

The statement is the latest twist in a long-running affair that began in April when the world's richest person decided to purchase Twitter.

Musk stated that he decided to withdraw because Twitter did not provide adequate information on the quantity of spam and false accounts. Twitter has stated that it intends to take legal action to enforce the agreement.

#ElonMusk has threatened to walk away from his $44 billion buyout deal for #Twitter Inc if the social media company fails to provide data on spam and fake accounts. pic.twitter.com/NVq1aSGNhi

— Al Mayadeen English (@MayadeenEnglish) June 7, 2022

"The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk," Twitter chairman Bret Taylor wrote in a tweet, setting up a potentially long and protracted legal battle between the two sides.

The original merger deal calls for a $1 billion (£830 million) break-up fee.

Row over fake accounts

Musk stated in May that the transaction was "temporarily on hold" while he awaited data on the amount of bogus and spam accounts on Twitter.

The billionaire businessman had requested evidence to back up the company's claim that spam and bot accounts account for less than 5% of its overall users.

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Musk's lawyer stated in a statement filed with the US Securities and Exchange Commission that Twitter had neglected or refused to give this information. "Sometimes Twitter has ignored Musk's requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Musk incomplete or unusable information," the letter reads.

Spam accounts are intended to disseminate information to a large number of individuals and affect their interactions with the site. Twitter announced on Thursday that it removes approximately 1 million such accounts per day.

Musk believes that spam or bot accounts may account for up to 20% of Twitter users. Twitter shares plunged 7% in extended trade following the announcement.

Twitter bots issue

Elon Musk has been attempting for weeks to find out how many daily active users Twitter has. In reality, it was only yesterday that it claimed to eliminate a million spam accounts every day.

Musk stated in a filing that he had been consistently refused information concerning the number of bot accounts on Twitter, which is why he wanted to end the arrangement.

Elon Musk, on the other hand, has already signed the deal, and it is unclear whether he can back out at this point. Musk will have to show that Twitter violated their agreement.

Read next: Twitter to pay $150m to settle claims of users’ data misuse

There are additional reasons Musk might want to back out of the transaction. The stock market value of huge tech businesses has plummeted in recent months; did Musk overpay?

Then there was the issue of the proposed merger's influence on Musk's other businesses. Tesla's stock price has plummeted since he disclosed his interest in Twitter.

His stance on free speech and how Twitter would filter in the future based on particular country regulations came across as naive at times.

It is worth noting that Twitter has reportedly plunged 12% postmarket after Musk ended the deal. Twitter plans to pursue legal action against Musk to enforce the deal at $54.20 per share price.

#Twitter plunges 12% postmarket after Musk ends deal. Twitter plans to pursue legal action vs Musk to enforce pact at $54.20 per share price. pic.twitter.com/XNQGptad1D

— Holger Zschaepitz (@Schuldensuehner) July 8, 2022

  • Elon Musk
  • Twitter
  • United States

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