Twitter has said that they will be suing Tesla CEO Elon Musk for ending the $44 billion agreement to buy the company.
In a tweet late Friday, Twitter board chair Bret Taylor said that Twitter will go to court to enforce the deal. “The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement,” Taylor wrote. “We are confident we will prevail in the Delaware Court of Chancery.”
In a letter to Twitter on Friday, July 8, filed with the US Securities and Exchange Commission (SEC), Musk said that he is terminating his $44bn bid to buy Twitter because they allege, that Twitter made “false and misleading” statements about its user data.
Musk decided to buy Twitter on April 25 and then raised concerns about what percentage of Twitter’s monetizable daily active users (mDAU), a metric reported quarterly to the SEC, are non-human—whether bots, automated or spam accounts.
Twitter failed to provide sufficient information on the number of spam and fake accounts, Musk’s lawyers said.
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