Elon Musk backed out of an agreement to spend $44 billion on Twitter due to the violation of terms by Twitter.
Elon Musk has accused Twitter of under-reporting the prevalence of spam bots on the site. He is asking for information about Twitter’s process for identifying and suspending spam and fake accounts as well as their financial condition.
The disagreement between Elon Musk and Tesla engineers over spambots may not be the basis for ending the agreement.
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. We are confident we will prevail in the Delaware Court of Chancery.
— Bret Taylor (@btaylor) July 8, 2022
The SEC and FTC investigations into Tesla CEO Musk’s ownership of Twitter have prompted the Delaware Court to consider whether the takeover of the company will be re-negotiated.
