Elon Musk pulls out of Twitter deal, may have to pay heavy fine

Elon Musk pulled out of the deal to buy Twitter on Friday. Elon Musk accused the social media company Twitter that the company has failed to provide information about fake accounts. On the other hand, Twitter chairman Brett Tylo said that the board will take legal action against it so that the merger agreement can be implemented.

Sent to Twitter by Elon Musk Letter It has been said that the company has not been able to provide sufficient information to Elon Musk. At the same time, there is also a condition in the conditions that if Elon Musk refuses this deal, then he will have to pay an amount of $ 1 billion as compensation. Elon Musk is already facing a lawsuit in which he has been accused of dumping Twitter shares. In May, Elon Musk said he was putting the deal on hold until the company could prove that spam bots or fake accounts made up only 5 percent of its total users.

Only last month, Elon Musk also warned Twitter that he could withdraw from the deal if the company failed to provide information about its fake accounts. In response, Twitter offered Musk access to its firehose of raw data, which contains millions of tweets daily. Twitter had said that this private data prevents real accounts from being identified as spam.

Twitter has maintained that no more than 5 percent of its accounts are run by software, which are not run by humans. While Musk kept saying that he thinks the number of bot accounts is more than 5 percent. Because of these bot accounts, Musk has pulled out of this deal.

In April, Elon Musk did this deal with Twitter for about $ 44 billion at $ 54.20 per share. After that in May, Musk put the deal on hold. He asked his team to investigate Twitter’s claim that it has less than 5 percent bot accounts on the site.

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