Sepoy-logo
No Result
View All Result
Wednesday, May 31, 2023
  • Home
  • News
  • Business
  • Health
  • Tech
  • Lifestyle
  • Economy
  • Crypto
  • Travel
  • Home
  • News
  • Business
  • Health
  • Tech
  • Lifestyle
  • Economy
  • Crypto
  • Travel
No Result
View All Result
SEPOY.NET
No Result
View All Result
Home Business

Twitter to sue Elon Musk for trying to call off his $44 billion takeover deal

Nicholas by Nicholas
July 8, 2022
in Business
0

Elon Musk announced on Friday he was terminating his $44 billion (€43.2 billion) deal to buy Twitter, saying “multiple provisions” of the agreement had been breached. 

The world’s richest man wrote in a regulatory filing that the social media company had failed to provide information about fake or spam accounts on its platform.

The terms of the deal require Musk to pay a $1 billion (€981 million) break-up fee if he does not complete the transaction. But Twitter is already saying it will fight in court to enforce it.

The chair of Twitter’s board, Bret Taylor, tweeted in response that the 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”. 

“We are confident we will prevail in the Delaware Court of Chancery,” Taylor added.

The news is the latest twist in a weeks-long will-he-won’t-he saga that saw the billionaire CEO of Tesla and SpaceX publicly accuse Twitter of underestimating the numbers of fake or spam accounts, which are key to the company’s business performance.

In a letter to the Securities and Exchange Commission, Musk said Twitter had “not complied with its contractual obligations” surrounding the deal, namely giving him enough information to “make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform”.

Much of the takeover drama has played out on Twitter, with Musk – who has more than 95 million followers – also repeatedly lamenting that the company was failing to live up to its potential as a platform for free speech.

Shares of Twitter fell 5 per cent to $36.81 on the news, well below the $54.20 that Musk had offered to pay. Shares of Tesla, meanwhile, climbed 2.5 per cent to $752.29.

Musk had previously threatened to walk away from the deal if Twitter couldn’t show that less than 5 per cent of its daily active users are automated spam accounts.

He argued, without presenting evidence, that Twitter has significantly underestimated the number of these “spam bots” – automated accounts that typically promote scams and spread misinformation – on its service.

During a call with executives on Thursday, Twitter said it removes 1 million spam accounts each day, and that these account for well below 5 per cent of its active user base each quarter. 

To calculate how many accounts are malicious spam, Twitter said it reviews “thousands of accounts” sampled at random, using both public and private data such as IP addresses, phone numbers, geolocation and how the account behaves when it is active, to determine whether an account is real.

Fake social media accounts have been problematic for years. Advertisers rely on the number of users provided by social media platforms to determine where they will spend money.


READ ALSO

CSIO’s INNOTECH Advisory Committee and API Working Groups Continue to Make Headway by Publishing JSON API Standards for Three More Use Cases

Sonnet teams with digital bank to offer group insurance

Tags: Elon Musksocial mediaSpaceXtakeoverTeslaTwitter

Related Posts

CSIO’s INNOTECH Advisory Committee and API Working Groups Continue to Make Headway by Publishing JSON API Standards for Three More Use Cases
Business

CSIO’s INNOTECH Advisory Committee and API Working Groups Continue to Make Headway by Publishing JSON API Standards for Three More Use Cases

May 31, 2023
Sonnet teams with digital bank to offer group insurance
Business

Sonnet teams with digital bank to offer group insurance

May 30, 2023
After Alberta election, what’s next for auto insurance?
Business

After Alberta election, what’s next for auto insurance?

May 30, 2023
The state of the cannabis insurance market in 2023 
Business

The state of the cannabis insurance market in 2023 

May 30, 2023
Government announces aid for residents affected by spring flooding
Business

Government announces aid for residents affected by spring flooding

May 30, 2023
RAISE Underwriting appoints industry veteran in Atlantic Canada
Business

RAISE Underwriting appoints industry veteran in Atlantic Canada

May 30, 2023
Next Post

Elon Musk cancels agreement to buy Twitter - notification to the Securities and Exchange Commission

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

POPULAR NEWS

Roblox Is Unbreakable Trello Is this safe?

Roblox Is Unbreakable Trello Is this safe?

November 4, 2022
Discord Registered Games  Discord Registered Gaming You need to join the Club

Discord Registered Games Discord Registered Gaming You need to join the Club

November 4, 2022
How To Chose the Right Data Analytics Program

How To Chose the Right Data Analytics Program

November 4, 2022
Chandrashekhar Guruji Wiki, Age, Girlfriend, Wife, Family, Biography & More

Chandrashekhar Guruji Wiki, Age, Girlfriend, Wife, Family, Biography & More

November 4, 2022
Heavy explosion on market square in Halle – three injured

Heavy explosion on market square in Halle – three injured

November 4, 2022

EDITOR'S PICK

Swiss Re unit loses unfair dismissal case over sexist remarks

August 26, 2022

Instructions To Choose The Best Carpet Cleaning Aldinga Beach

July 3, 2022

Energy prices: Why tealight ovens or charcoal grills are not suitable for heating

October 28, 2022
“Long way to go” in cyber insurance

“Long way to go” in cyber insurance

November 7, 2022

About

Sepoy.net is a perfect place for people who want daily updates on news related to business, technology, entertainment, health, cryptocurrency etc.

Contact: [email protected]

Major Categories

News

Business

Tech

Economy

 

Recent Posts

  • Binance is reviewing its organization: the cryptocurrency exchange will lay off part of its workforce
  • Color-changing materials hold promise for diverse scenarios in medical cold supply chains
  • Lush data package for long-term surfers – Monthly terminable 70 GB tariff at a special price of 19.99 euros

Pages

  • About Us
  • Contact Us
  • Disclaimer
  • DMCA
  • Home
  • Privacy Policy

© 2023 Sepoy.net

No Result
View All Result
  • Home
  • Business
  • News
  • Health
  • Tech
  • Science
  • Lifestyle
  • Travel

© 2023 Sepoy.net