spot_img
Sunday, June 26, 2022
No menu items!
More
    spot_img
    HomeBusinessElon Musk warns of dropping Twitter deal if company doesn

    Elon Musk warns of dropping Twitter deal if company doesn

    -

    Elon Musk warned he may walk away from his $44 billion deal to acquire Twitter Inc if the social media network fails to provide data on spam and fake accounts, the billionaire said in a letter to the company on Monday.

    The letter said Twitter was in a “clear material breach” of its obligations and that Musk reserves all rights to terminate the merger agreement.

    Earlier in March, Musk said he would put the deal “temporarily on hold”, while he waits for the social media company to provide data on the proportion of its fake accounts.

    “Musk believes Twitter is transparently refusing to comply with its obligations under the merger agreement, which is causing further suspicion that the company is withholding the requested data due to concern for what Musk’s own analysis of that data will uncover,” according to the letter.

    “Musk believes the company is actively resisting and thwarting his information rights,” the letter by Musk’s lawyers said.

    Twitter shares were down 5.5% at $37.95 in premarket trading.

    (Reporting by Nivedita Balu in Bengaluru; Editing by Anil D’Silva)

    (This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

    Dear Reader,

    Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
    We, however, have a request.

    As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

    Support quality journalism and subscribe to Business Standard.

    Digital Editor

    Related articles

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Stay Connected

    0FansLike
    0FollowersFollow
    3,366FollowersFollow
    0SubscribersSubscribe
    spot_img

    Latest posts