{"id":202264,"date":"2022-07-09T06:08:25","date_gmt":"2022-07-09T05:08:25","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=202264"},"modified":"2022-07-09T06:11:04","modified_gmt":"2022-07-09T05:11:04","slug":"elon-musk-backs-out-of-44bn-deal-to-buy-twitter","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/07\/09\/elon-musk-backs-out-of-44bn-deal-to-buy-twitter\/","title":{"rendered":"Elon Musk backs out of $44bn deal to buy Twitter"},"content":{"rendered":"

The $44 billion deal of Billionaire American businessman, Elon Musk, to buy Twitter has fallen through. <\/p>\n

This is as the billionaire announced that he is terminating the deal, citing refusal of Twitter’s hierarchy to keep its side of the bargain for his decision. <\/p>\n

The CEO of Tesla and Space X struck a deal to buy the microblogging platform back in April.<\/a><\/p>\n

In a letter Mike Ringler, a lawyer sent to a Securities and Exchange Commission filing, on Musk\u2019s behalf, the businessman said, \u201cTwitter has not complied with its contractual obligations.\u201d<\/p>\n

He claimed that Twitter did not provide Musk with relevant business information he requested.<\/p>\n

Musk has previously said he wanted to assess Twitter\u2019s claims that about 5% of its monetisable daily active users (mDAUs) are spam accounts.<\/p>\n

\u201cTwitter has failed or refused to provide this information. Sometimes Twitter has ignored Mr. Musk\u2019s 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,\u201d the letter read<\/p>\n

Ringler also charged in the letter that Twitter breached the merger agreement because it allegedly contains \u201cmaterially inaccurate representations.\u201d<\/p>\n

The accusation is based on Musk\u2019s own preliminary review of spam accounts on Twitter\u2019s platform.<\/p>\n

Twitter has said it\u2019s not possible to calculate spam accounts from solely public information and that a team of experts conducts a review to reach the 5% figure.<\/p>\n

\u201cWhile this analysis remains ongoing, all indications suggest that several of Twitter\u2019s public disclosures regarding its mDAUs are either false or materially misleading,\u201d the letter read.<\/p>\n

He also claimed Twitter breached its obligations under the agreement to get Musk\u2019s consent before changing its ordinary course of business, pointing to recent layoffs at the company.<\/p>\n

Twitter is yet to comment on the development.<\/p>\n","protected":false},"excerpt":{"rendered":"

The $44 billion deal of Billionaire American businessman, Elon Musk, to buy Twitter has fallen through. This is as the billionaire announced that he is terminating the deal, citing refusal of Twitter’s hierarchy to keep its side of the bargain for his decision. The CEO of Tesla and Space X struck a deal to buy […]<\/p>\n","protected":false},"author":39,"featured_media":183005,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[37],"tags":[41695,733,3370,37839],"class_list":["post-202264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-bots","tag-elon-musk","tag-twitter","tag-twitter-deal"],"yoast_head":"\nElon Musk backs out of $44bn deal to buy Twitter<\/title>\n<meta name=\"description\" content=\"The $44 billion deal Billionaire American businessman, Elon Musk, to buy Twitter has fallen through\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/07\/09\/elon-musk-backs-out-of-44bn-deal-to-buy-twitter\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elon Musk backs out of $44bn deal to buy Twitter\" \/>\n<meta property=\"og:description\" content=\"The $44 billion deal of Billionaire American businessman, Elon Musk, to buy Twitter has fallen through. 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