Lawyers for Elon Musk have notified the US Securities and Exchange Commission that the CEO of Tesla and SpaceX is about to terminate the Twitter acquisition deal, accusing the social media company of “materially violating various provisions of the merger agreement.
Twitter shares fell about 6% after the news, while Tesla shares rose about 4%, writes Business Insider.
Twitter's board said in a statement that it "intends to close the deal at the agreed price and on the agreed terms" and will seek legal action to enforce the deal.
“We are confident that we will prevail in court,” the board said in a statement.
The move comes after three months of speculation that began when Musk revealed he owned a 9.2% stake in Twitter.
The subject of doubt all this time was the number of bots and spam accounts on the social network.
Sources told The Washington Post yesterday that the deal is under "serious threat" due to spam and bot accounts on the platform.
Author:
Ekaterina Alipova
Source: RB
I am Bret Jackson, a professional journalist and author for Gadget Onus, where I specialize in writing about the gaming industry. With over 6 years of experience in my field, I have built up an extensive portfolio that ranges from reviews to interviews with top figures within the industry. My work has been featured on various news sites, providing readers with insightful analysis regarding the current state of gaming culture.
