Bitcoin and altcoins

Twitter: Why Elon Musk ends his deal?

Musk had announced plans to remove all spam and fraudulent bot accounts from Twitter if his $44 billion offer is accepted.

Image Source : Theverge

Tesla CEO Elon Musk announced his intention to end his $44 billion Twitter deal in a letter to the social media giant’s board of directors. As we know, Elon Musk is known for his fascination with Dogecoin (DOGE). 

DOGE fan Elon Musk’s shocking Twitter decision

In short, the world’s richest man is not happy with Twitter’s lack of information about spam and fake accounts. According to the letter sent to Twitter’s general counsel, Vijaya Gadde, Musk is pulling the plug on the merger. Because Twitter “appears to have made false and misleading statements.”

Elon Musk initially agreed to buy the cryptocurrency-enabled social media platform for $54.20 per share, or about $44 billion in cash. Twitter’s board of directors was stunned by the decision. It voted unanimously in favor of a deal that would make it a private company again.

However, the letter sent to the U.S. Securities and Exchange Committee (SEC) argued that Twitter was not very clear on two valuable pieces of data. First, Twitter’s explanation of spam and fake accounts was unclear. Also, the process for identifying and suspending these accounts was unclear. The social media giant has reportedly been secretive about daily DAU metrics for the past two years.


A breach of contract?

The letter later alleges that Twitter violated two parts of its contract. The letter states that the social media company has been aware of the breach since June 6 and that “the random embellishment period granted to Twitter under the Merger Agreement is now over.” 

But Twitter’s board of directors isn’t necessarily happy that Elon Musk has rescinded the treaty and abandoned the process. Twitter leader Bret Taylor said in a tweet that the delegation wanted to close the process at the price previously agreed upon. He said he would take legal action if necessary. 

We are confident that we will prevail in court, Taylor wrote.

Too many scams and phishing attempts

It’s worth noting that in April 2022, Musk had announced plans to remove all spam and fraudulent bot accounts from Twitter if his $44 billion offer is accepted. His master plan to beautify the social media platform also included new features to display the edit history of Tweets. 

In recent years, Twitter account hacks and bots have contributed to numerous scams and phishing attempts. 

Most recently, the co-founder of Yuga Labs, known by the pseudonym Gordon Goner, argued that someone at Twitter was involved. Previously, Changpeng “CZ” Zhao’s crypto exchange, Binance, committed $500 million to jointly invest in Twitter with the world’s most powerful man.

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