Elon Musk doubles down on threat to cancel Twitter deal if bot numbers cannot be proven
, and threatened to walk away from his deal to buy the company if the social network doesn’t do more to prove its users are real people.
“The unfortunate thing for Musk is that termination provisions under merger agreements don’t allow for buyer’s remorse.” The company said it believes the deal is in the best interest of all shareholders and intends to “close the transaction and enforce the merger agreement at the agreed price and terms.”
Agrawal has said the company has human reviewers look at “thousands of accounts” to determine the prevalence of bots, but added that he couldn’t share more specifics because of privacy concerns. Making such a filing wasn’t legally necessary, said Jill Fisch, an expert on business and law at the University of Pennsylvania Carey Law School. “This is him using the SEC filing to reach the capital markets with this statement.”
The proposed takeover includes a $1 billion breakup fee for each party, but Musk can’t just walk away by paying the charge.
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