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- Musk texted Twitter CEO before calling off the deal.
- Musk terminated the deal because of the several breaches of the contract.
- Musk demanded accurate data on bots from Twitter.
The Twitter/ Elon Musk dispute keeps getting intense with each passing day. The latest reports reveal that before terminating the deal, Musk texted Twitter CEO Parag Agrawal on June 28. In the text, Musk wrote that the company’s lawyers want to make trouble. The lawyers sought information on the financial details that Musk was planning to complete the acquisition of Twitter.
As per the reports, Musk texted Parag saying, “Your lawyers are using these conversations to cause trouble. That needs to stop.” Musk sent this text after Twitter inquired him regarding the Twitter deal. They asked him about Twitter. Just a couple of days ago Twitter has filed a lawsuit against Musk since he terminated the USD 44 billion takeover deal.
Due to multiple infringement of the agreement Musk took the decision to call off the deal. Musk and Twitter agreed upon an acquisition deal. As per which, Musk would buy USD 54.20 per share in a transaction valued at approximately USD 44 billion. But the deal was put on hold by the billionaire since he wanted to know the accurate percentage of bots on the platform. Twitter claimed that the platform just has 5% bots. However, Musk refuses to believe so. According to him, there are at least 20% bots on the platform. However, as per a report almost half of Musk’s followers are bots.
Musk publicly alleged the social media suite of breaching the merger agreement in June. Musk also threatened the company. If the company doesn’t provide the accurate data requested by Musk on fake accounts and spam. Musk accused Twitter of repeatedly, “resisting and thwarting his information rights.”
Musk asked Twitter the information about its testing methodologies supporting its claims that bots and fake accounts constitute less than 5 percent of the platform’s active user base.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
