According to reports, mega billionaire Elon Musk won't be taking over the reigns at Twitter as many had thought. Musk announced that he is terminating the $44 billion deal citing the social media company's failure to provide information about fake accounts on the platform.
The court filing from Musk's legal team said, in part, “Twitter is in material breach of multiple provisions” of the buyout deal,” and that the company “appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement.”
“For nearly two months, Mr. Musk has sought the data and information necessary to “make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform,” Musk’s law firm Skadden Arps said in a letter to Twitter.
“Twitter has failed or refused to provide this information. Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information.”
In response, Twitter’s chairman Bret Taylor said the company is prepared to take Musk to court.
“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement,” Taylor tweeted Friday afternoon. “We are confident we will prevail in the Delaware Court of Chancery.”
Source: Nypost.com
