Saturday, February 24, 2024

Elon Musk accuses Twitter of breach of contract: takeover before the end?


Elon Musk accuses Twitter of violating the terms of the proposed acquisition. The pool is holding the requested data. For this reason, Musk is now even considering calling off the purchase.

Elon Musk accused the Twitter group of violating the conditions for the multi-million dollar acquisition of the short message service. In an open letter on Monday, he spoke of the company’s refusal to provide the data he had requested about spam and fake user accounts on the platform.

However, under the terms of the acquisition agreement, Twitter is required to provide the data and information that Musk requests in connection with the transaction. Contrary to what Twitter shows, this reporting obligation does not apply only for very limited purposes.

According to the information, Musk also reserves the right to cancel the acquisition project. Twitter shares fell 6.3 percent before trading in New York.

Twitter’s lawyers aren’t happy with Musk

Musk publicly doubts the information provided by Twitter about the number of spambots and fake accounts. The boss of electric car pioneer Tesla previously agreed with the company to acquire Twitter for $54.20 per share.

However, with prices hovering around $40, investors are currently highly skeptical as to whether a corresponding transaction will actually take place.

Lawyers for the Twitter group also aired their discontent with Elon Musk just a few weeks ago. After the planned acquisition, he revealed the details of the contract in numerous messages on Twitter, which were secret and not intended for the public.

Lawyers accuse him of violating a confidentiality agreement. According to Musk, the accusation was that he revealed too much about Twitter’s approach to identifying automated tweet accounts.

Ebenezer Robbins
Ebenezer Robbins
Introvert. Beer guru. Communicator. Travel fanatic. Web advocate. Certified alcohol geek. Tv buff. Subtly charming internet aficionado.

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