Elon Musk may walk away from his $44 billion deal to acquire Twitter if it fails to provide data on spam and fake accounts.
In a letter to Twitter, the billionaire reiterated his request for details on bot accounts and said he reserved all rights to terminate the merger as the company was in a “clear material breach” of its obligations by not providing him with the information.
Since then, the takeover saga has seen several twists and turns, raising questions about Musk’s intentions to complete the deal at the set price. “You can see the sell-off in social media stocks and he has realized that he overpaid … all these are tactics just to get a reduction in price.”Article content
As part of the deal, Musk is contractually obligated to pay a $1 billion break-up fee – a sliver of his fortune of $219 billion estimated by Forbes – if he does not complete the deal. Twitter can sue for “specific performance” to force Musk to complete the deal and obtain a settlement from him as a result.
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