Finally, as we expected, Elon Musk has officially withdrawn his offer to buy Twitter. According to the request submitted by his legal team, Twitter provided wrong and misleading information during the negotiations, and based on this, Elon Musk can cancel the purchase request.
Specifically, in the documents Presented by Elon Musk, the shortcoming of Twitter managers in providing information about spam and fake accounts is pointed out. Despite Mr. Musk's resignation request, Twitter's board of directors has announced that they will not accept failure so easily and will sue Mr. Musk. Much has been made about this contract. It is not yet clear whether Mr. Musk can so easily terminate the Twitter purchase agreement or not. In recent months, Twitter executives have taken a number of steps in response to Elon Musk's requests. Also, the company announced a few days ago that it blocks about 1 million spam and fake accounts every day.In order to withdraw from this agreement, Musk must prove that Twitter has violated the details of this agreement.
To withdraw from this agreement, Musk must prove that Twitter has violated the details of this agreement. For Twitter shareholders, this purchase is very important because currently the price of each Twitter share has reached 36.81 dollars, but according to the contract, Elon Musk must pay 54.20 dollars for each share. In addition, according to the text of the agreement, any party found guilty of this contract must pay 1 billion dollars for breaching the contract. Some experts believed from the beginning that buying Twitter for Elon Musk has been more like a game. According to published reports, Elon Musk's plans for Twitter are extremely ambitious, and apparently he has come to the conclusion that he cannot implement these plans in any way. For example, one of his plans was to quadruple the income and the number of Twitter users in the next 6 years, which is undoubtedly not easy to implement. Finally, we have to see if Elon Musk can convince the court judge about the reasonableness of withdrawing from this 44 billion dollar contract or not. /ul>
Source: The Verge