Significantly, Elon Musk has backed out of this deal. Recently, he had said in a letter sent to Twitter that the company has not been able to give enough 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.
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.
In June, Elon Musk also warned Twitter that he might back out of the deal if the company failed to report 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.