Elon Musk To Terminate $44bn Twitter Deal

PLACE YOUR ADVERT HERE

Elon Musk said he intends to terminate the merger agreement deal for $44bn of buying Twitter, due to Twitter’s refusal to provide data and information he needs.

It was earlier reported that, the Twitter board has recommended unanimously that shareholders approve the proposed $44 billion sales of the company to the billionaire, according to a regulatory filing on Tuesday 21 June.

Meanwhile, a letter sent on Friday by a lawyer on Musk’s behalf to Twitter’s chief legal officer.

Says “While Section 6.4 of the Merger Agreement requires Twitter to provide Mr Musk and his advisors all data and information that Mr Musk requests “for any reasonable business purpose related to the consummation of the transaction,” Twitter has not complied with its contractual obligations.

“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” (our letter to you dated May 25, 2022 (the “May 25 Letter”).

“This information is fundamental to Twitter’s business and financial performance and is necessary to consummate the transactions contemplated by the Merger Agreement because it is needed to ensure Twitter’s satisfaction of the conditions to closing, to facilitate Mr Musk’s financing and financial planning for the transaction, and to engage in transition planning for the business.

“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,” part of the letter read.

PLACE YOUR ADVERT HERE
Queen Ferry
Queen Ferry
Chinyere Treasure Ikechukwu also known as Queen Ferry, is a Nigerian business Executive, social media savvy Journalist and Content Editor with over seven years experience. She serves as the Vice-Chairman of Naijatraffic Limited. If Treasure is not researching/blogging, she will be making delicious delicacy.

Popular Related

Celine Dion can’t control her muscles again – Sister reveals

Claudette, the older sister to Canadian multiple Grammy-award winner, Celine Dion revealed that the artiste is having difficulty controlling some muscle movements.This comes a...

El-Salvador president to ministers: You are under probe, I can’t be surrounded by criminals

Nayib Bukele, El Salvador’s President has declared the decision to launch an inquiry into bribery allegations against members of his government, including himself, in...

American rapper Kodak Black arrested for drugs possession

Popular American rapper Bill Kapri, better known by his stage name Kodak Black, has been arrested for multiple charges including possession of cocaine.The 26...

US judge blocks Biden officials from contact with social media firms 

A United States federal judge, Terry Doughty has blocked officials of president Joe Biden's administration from contacting with social media companies aimed at moderating...

Elon Musk not serious about cage fight; time to move on, Zuckerberg says

The highly anticipated cage fight between two well-known technology billionaires and social media titans, Elon Musk and Mark Zuckerberg, has been called off.The Meta...

US will not send Ukraine rocket systems that can reach Russia said Joe Biden 

President Joe Biden announced Monday that the United States will not send rocket systems to Ukraine that could potentially reach into Russia, following reports...

Ex-gang leader pleads not guilty for Tupac’s muder

Duane ‘Keefe D’ Davis, a former gang leader who was involved in the murder of famous American rapper, Tupac Amaru Shakur, aka 2Pac, pleaded...

Lori Harvey and Damson Idris 1 year relationship ends

American model Lori Harvey and her actor boyfriend Damson Idris call their one-year relationship quit.The pair announced their split through a joint statement to...

Jamie Foxx accused of sexually assaulting a woman who requested for a photo

American actor Jamie Foxx has been accused of sexually assaulting a woman at a bar in a lawsuit filed against him on Wednesday in...

Leave Ukraine now, US warns citizen 

The U.S Embassy in Kyiv has warned of an increase possibility of Russian military strikes on Ukraine in the coming days around Ukrainian independence...