The billionaire doesn't want to buy the micro-messaging service.
According to a filing by Musk's lawyers, the billionaire is backing out of his plan to buy the company.
According to the filing, the company had failed or refused to respond to many requests for information on fake or fraudulent accounts on the platform, which is fundamental to the company's business performance.
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The social media platform was going to be acquired by Musk for $54.20 per share. He said that he wouldn't go through with the purchase until he was sure that less than 5% of its users were fake.
It seems that the condition to Musk's liking has not been met by the micro-blogging site.
According to the filing, the company appears to have made false and misleading representations to Musk when he entered into the agreement.
The matter has its own opinions from the micro-blogging site. They are not aligned with Musk's.
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.July 8, 2022
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The board intends to pursue legal action to enforce the merger agreement, and is committed to closing the transaction on the price and terms agreed upon with Mr. Musk. We are confident that we will win in the Delaware Court of Chancery.
If Musk quits, he must pay a $1 billion fee. We should not assume that the richest person in the world will not fight.
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