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Post by Admin on Jul 8, 2022 22:42:53 GMT
Elon Musk is officially trying to pull out of his $44 billion agreement to purchase Twitter. In a filing Friday afternoon with the Securities and Exchange Commission, Musk’s team claims he is terminating the deal because Twitter was in “material breach” of their agreement and had made “false and misleading” statements during negotiations. “For nearly two months, Mr. Musk has sought the data and information necessary to ‘make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform,’” Musk’s legal team writes. “Twitter has failed or refused to provide this information.” Twitter still hopes to close the deal, despite Musk’s attempted termination. Twitter board chairman Bret Taylor wrote that the company will “pursue legal action to enforce the merger agreement” and feels “confident we will prevail” in court. Musk has been setting the stage to abandon the deal since just weeks after he signed the agreement, claiming that Twitter released misleading stats about the prevalence of spam bots on its platform. It’s entirely unclear, however, that Musk can legally abandon his agreement simply because he isn’t happy about the presence of spam on Twitter — something he could have investigated prior to signing the deal. The Verge has reached out to Twitter for comment.
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Post by Admin on Jul 9, 2022 1:09:51 GMT
Breaking: Elon Musk Attempts To Back Out Of $44B Deal To Buy Twitter 116,000 views Jul 9, 2022 Elon Musk’s lawyer has sent a letter to Twitter’s chief legal officer rescinding his offer to buy the company for $44 billion. Musk’s team claims the reason the deal is off is due to unsatisfactory information regarding fake or spam accounts on the social media platform. NBC News’ Danny Cevallos reports.
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Post by Admin on Jul 11, 2022 14:57:43 GMT
Twitter to sue Elon Musk over $44bn takeover - BBC News 1,033 views Jul 11, 2022 Shares in Twitter fell on Monday after Elon Musk announced he was pulling out of a $44bn (£36bn) deal to buy the social media platform.
Mr Musk backed away after claiming Twitter failed to provide enough information on the number of spam and fake accounts on the site.
Twitter plans to take legal action to make the deal go ahead and has hired a top US law firm.
Mr Musk tweeted saying Twitter would need to "disclose bot info" in court.
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Post by Admin on Jul 17, 2022 1:26:43 GMT
Elon Musk’s lawyers allege Twitter is pushing for an unreasonably fast trial over allegations the Tesla and SpaceX CEO improperly ended his $44 billion bid to buy the social media platform, reports Bloomberg. “Twitter’s sudden request for warp speed after two months of foot-dragging and obfuscation is its latest tactic to shroud the truth about spam accounts long enough to railroad defendants into closing,” Musk’s legal team wrote in a complaint filed Friday in response to Twitter’s July 12th lawsuit. The two sides are pushing for the case to be considered on dramatically different timelines. Noting the deal has an October 24th “drop-dead date,” Twitter asked for a four-day trial that would conclude before the end of September. Meanwhile, Musk’s team says the case should go to trial no sooner than February 13th, 2023. “The core dispute over false and spam accounts is fundamental to Twitter’s value,” Musk’s lawyers wrote, reiterating the billionaire’s claim that Twitter falsely represented the volume of bots on its platform. “It is also extremely fact and expert intensive, requiring substantial time, requiring substantial time for discovery.” Thankfully, neither side will have to wait long to find out when proceedings start. On Friday, Delaware Chancery Court Judge Kathaleen McCormick scheduled a 90-minute hearing for July 19th. The session will see McCormick hear arguments for a September trial.
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Post by Admin on Nov 1, 2022 5:51:01 GMT
A day after Elon Musk seemed to confirm critics’ worst fears about his ownership of Twitter by tweeting out right-wing misinformation from his personal account, political leaders and operatives wrestled with a loaded question: Would the most important social-media platform in the political world survive his ownership?
And if it did, should they stay on it?
“This is exactly what many of us were worried about,” said Mark Jablonowski, the managing partner of Democratic digital advertising firm DSPolitical.
Rep. Jan Schakowsky (D-Ill.), who chairs the House Energy and Commerce panel on consumer protection, said she was worried about Twitter becoming “a platform that is a sewer of hateful and harmful content” and planned to leave if Musk allowed it to become more of a Wild West.
The immediate anxiety comes from a false story about the brutal attack on Paul Pelosi, husband of House Speaker Nancy Pelosi, that Musk personally tweeted over the weekend. Musk has now deleted the tweet, but the story continues to ricochet around the conservative political world.
In the larger sense, political players are worried that Musk’s promises to bring Twitter’s policies closer in line with his own ideas about politics and society, as well as his firing of its top accountability executives, will permanently change a platform they’ve come to rely on, and trust to police misinformation and hate speech.
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