Elon Musk Files to Terminate Twitter Deal
Summary from the AllSides News Team
Elon Musk is trying to back out of his deal to buy Twitter, according to a letter filed with the SEC on Friday.
Musk’s lawyers cited the billionaire’s unfulfilled requests for internal spam bot data as a major reason for the decision. “For the past month, Mr. Musk has been clear that he views Twitter’s non-responsiveness as a material breach of the Merger Agreement giving him the right to terminate the Merger Agreement if uncured,” the lawyers wrote. However, Twitter chairman Bret Taylor said the company would sue to enforce the merger agreement.
Twitter says roughly 5% of its monetizable daily active users (mDAUs) are spam bots. Musk, who largely waived his right to due diligence, cast doubt on Twitter's estimate and requested internal company data to make his own evaluation. However, Twitter CEO Parag Agrawal said the company could not give Musk the data because it included private information that could not be shared externally.
Coverage was widespread and prominently featured across the spectrum on Friday evening, often using words like “alleged” and “claimed” to describe Musk’s accusations against Twitter. Some left and center-rated outlets framed Musk’s claims of inaccurate bot estimates as “unsubstantiated” or lacking “any apparent evidence.”
Featured Coverage of this Story
From the Center
Twitter will sue Elon Musk for calling off his $44 billion takeoverElon Musk regrets his agreement to buy Twitter for $44 billion. And now, he’s officially trying to get out of the deal.
In a letter to Twitter (pdf) on July 8, filed with the US Securities and Exchange Commission (SEC), Musk’s lawyers said that Musk is terminating the takeover agreement with Twitter because, they allege, Twitter made “false and misleading” statements about its user data.
Musk, who agreed to buy Twitter on April 25, has since expressed concern with what percentage of Twitter’s monetizable daily active users (mDAU), a metric reported quarterly to the...
From the Left
Elon Musk files to back out of Twitter dealElon Musk is terminating his $44 billion deal to buy Twitter, according to a filing the billionaire made with the Securities and Exchange Commission Friday.
Musk’s lawyers sent a letter to Twitter saying he is “terminating their merger agreement,” according to the filing. In the letter, Musk argues he has a right to drop out of the deal because Twitter hasn’t given him enough information about the company’s business.
From the Right
Elon Musk tells Twitter he's terminating deal to buy social media giantElon Musk has informed Twitter that he's terminating a deal to buy the social media giant.
A law firm representing the Tesla CEO sent a letter to Twitter on Friday, alleging that they appear "to have made false and misleading representations" when Musk agreed to buy the company on April 25 and have "breached" multiple provisions of the initial agreement.
The announcement from Musk comes after a month's long feud over how many spam and fake accounts are on Twitter, and the Tesla CEO requested that Twitter provide details supporting its internal estimate that...
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