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Saturday, September 30, 2023

Musk threatens to cancel Twitter takeover deal

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Elon Musk, chairman of American automaker Tesla, warned that it could withdraw from the deal to take over the internet company Twitter, to which he offered $44 billion (roughly 1 trillion CZK). His lawyer said Twitter denied requests for information about fake and spam accounts on its social network of the same name. He added that such a procedure is a violation of the terms of the agreement and Musk reserves the right to cancel it.

Twitter shares responded to this information with a drop of more than five percent. Musk said last month that the deal to take over Twitter was temporarily suspended and awaits data on the sharing of fake and spam accounts.

According to the CNBC host, Monday’s letter signed by Musk’s lawyer Mike Ringler states that Twitter denied Musk the right to learn about fake and spam accounts, in violation of the terms of the takeover agreement.

Musk agreed to take over Twitter in April. He promised to improve the company, increase the number of users and provide more freedom of speech. It has set the elimination of automatic spam as one of its priorities.

Musk is the richest man in the world. According to the Billionaire Index compiled by Bloomberg, the current value of its assets is about $211 billion (almost five trillion CZK).

Source: Seznam Zpravy

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