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Billionaire Elon Musk declared to terminate the Twitter agreement

NewsBillionaire Elon Musk declared to terminate the Twitter agreement

Elon Musk, the founder of Tesla and SpaceX, has declared that he will terminate the agreement with Twitter. Musk shared the information on his official Twitter account that he was ending the agreement with the board of directors to buy the social network due to “false and misleading” information about the company.

In a letter published by the American stock market watchdog, his lawyers assure that Twitter did not respect its commitments made in the agreement by not giving all the information requested on the number of fake accounts and spam.

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Twitter has been consecutively explaining that the number of fake accounts on its platform is less than 5%.

The multi-billionaire and his team have realised that Twitter’s social network is lying about, which they claim affects the viability of his business and the company’s value. For weeks, experts have debated whether Elon Musk was planning to withdraw his offer or renegotiate a lower price.

By voiding his commitment to buy Twitter, the businessman exposes himself to substantial legal proceedings.

Both sides have pledged to pay up to $1 billion in severance pay under certain circumstances. On April 25, it looked like he won his bet, despite Twitter’s attempts to drive him away.

He entered into a definitive agreement with the group’s board of directors to buy the social network for $54.20 per share, or $44 billion in total. Since then, Twitter’s title has lost more than a quarter of its value. Tesla’s stock also fell about 25% during that time.

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