• Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
    • ADVERTISE WITH US
DAILY GIST
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
    • ADVERTISE WITH US
No Result
View All Result
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
    • ADVERTISE WITH US
No Result
View All Result
DAILY GIST
No Result
View All Result

BREAKING: Elon Musk Terminates $44bn Twitter Deal, Gives Reason

Adam PR by Adam PR
July 8, 2022
in BUSINESS
0
BREAKING: Elon Musk Terminates $44bn Twitter Deal, Gives Reason

Elon Musk, chief executive officer (CEO) of Tesla Inc said he is terminating his $44 billion Twitter deal

He stated that the social media company had failed to provide information about fake accounts on the platform.

Musk disclosed this on Friday,

Shares of Twitter fell 6 percent in extended trading.

In a filing, Musk’s lawyers said Twitter had failed or refused to respond to multiple requests for information on fake or spam accounts on the platform, which is fundamental to the company’s business performance.

In the letter, disclosed in a Securities and Exchange Commission filing, Skadden Arps attorney Mike Ringler charged that “Twitter has not complied with its contractual obligations.”

ALSOREAD

Twitter, Instagram Defy Order By Nigerian Govt To Delete Posts Within 24 Hours

Elon Musk Announces His Starlink Network Is Coming To Nigeria; Lists Benefits

Elon Musk: Commercial, Govt Users To Pay For Twitter

BREAKING: Twitter Announces Registration In Nigeria

Real Reason We Sold Twitter To Elon Musk – Board

Ringler claimed that Twitter did not provide Musk with relevant business information he requested, as Ringler said the contract would require. Musk has previously said he wanted to assess Twitter’s claims that about 5% of its monetizable daily active users (mDAUs) are spam accounts.

“Twitter has failed or refused to provide this information,” Ringler claimed. “Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information.”

Ringler also charged in the letter that Twitter breached the merger agreement because it allegedly contains “materially inaccurate representations.” This accusation is based on Musk’s own preliminary review of spam accounts on Twitter’s platform. Twitter has said it’s not possible to calculate spam accounts from solely public information and that a team of experts conducts a review to reach the 5% figure.

“While this analysis remains ongoing, all indications suggest that several of Twitter’s public disclosures regarding its mDAUs are either false or materially misleading,” Ringer alleged.

“Despite public speculation on this point, Mr. Musk did not waive his right to review Twitter’s data and information simply because he chose not to seek this data and information before entering into the Merger Agreement,” Ringer added. “In fact, he negotiated access and information rights within the Merger Agreement precisely so that he could review data and information that is important to Twitter’s business before financing and completing the transaction.”

He also claimed Twitter breached its obligations under the agreement to get Musk’s consent before changing its ordinary course of business, pointing to recent layoffs at the company.

While Musk is now officially seeking to walk away from the deal, this saga is likely far from over.

Under the terms of the agreement, Musk agreed to pay $1 billion if he backs out. But as Twitter’s board chairman indicated they would do, the company can seek to hold Musk to his original deal by suing him for walking away if they dispute that his reasoning should let him out of the contract.

Twitter has reason to seek to hold Musk to his original terms. The stock has fallen considerably since the board announced it had accepted his offer to buy the company at $54.20 per share. On the day of that announcement, the stock ended the trading day at $51.70 per share. Twitter shares sat at $36.81 as of Friday’s market close.

Musk is apparently paying attention to the stock price, too, according to the letter, “and is considering whether the company’s declining business prospects and financial outlook constitute a Company Material Adverse Effect giving Mr. Musk a separate and distinct basis for terminating the Merger Agreement.”

Tags: Elon MuskTwitter
Previous Post

BREAKING: 2023: Tinubu Picks Muslim As Running Mate

Next Post

BREAKING: Ex-Oyo Governor Is Dead

Adam PR

Adam PR

AdamPR is a young Blogger, Publisher, Web Designer. For Adverts and Publications, He can be reached on WhatsApp - 07069173969

Related Posts

BREAKING: Naira Scarcity Worsens As Major Banks Exhaust Cash
BUSINESS

BREAKING: Naira Scarcity Worsens As Major Banks Exhaust Cash

March 11, 2023
BREAKING: CBN Approves Circulation Of Old Notes
BUSINESS

BREAKING: CBN Approves Circulation Of Old Notes

March 7, 2023
JUST IN: First Bank Gives Condition To Accept Old N500, N1,000 Notes From Customers
BUSINESS

BREAKING: Banks Resume Old Notes Circulation

March 6, 2023
BREAKING: Online Store, Jumia Sacks Over 900 Workers
BUSINESS

BREAKING: Online Store, Jumia Sacks Over 900 Workers

February 17, 2023
JUST IN: First Bank Gives Condition To Accept Old N500, N1,000 Notes From Customers
BUSINESS

JUST IN: First Bank Gives Condition To Accept Old N500, N1,000 Notes From Customers

February 17, 2023
BREAKING: Arrest Warrant: Reps Grill CBN Governor, Emefiele
BUSINESS

Why We Can’t Print Enough New Notes – CBN Governor, Emefiele Speaks

February 11, 2023
Next Post
BREAKING: Ex-Oyo Governor Is Dead

BREAKING: Ex-Oyo Governor Is Dead

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

TRENDING NEWS

  • JUST IN: PDP Suspends National Chairman, Ayu

    JUST IN: PDP Suspends National Chairman, Ayu

    0 shares
    Share 0 Tweet 0
  • Why Buhari Don’t Want To Hand Over To Tinubu – Presidency

    0 shares
    Share 0 Tweet 0
  • BREAKING: PDP Replaces Ayu As National Chairman

    0 shares
    Share 0 Tweet 0
  • BREAKING: DSS Confirms Plot To Stop Tinubu’s Inauguration As President

    0 shares
    Share 0 Tweet 0
  • BREAKING: Former Nigeria’s Vice President Is Dead

    0 shares
    Share 0 Tweet 0
  • FULL LIST: Top 10 Richest Yahoo Boys In Nigeria

    0 shares
    Share 0 Tweet 0
  • FULL LIST: Top 10 Best Polytechnic To Attend In Nigeria

    0 shares
    Share 0 Tweet 0
  • JUST IN: Vehicle Conveying Prisoners Crashes In Osun

    0 shares
    Share 0 Tweet 0
  • BREAKING: INEC Fixes Date For Inconclusive Governorship Elections

    0 shares
    Share 0 Tweet 0
  • BREAKING: CBN Approves Circulation Of Old Notes

    0 shares
    Share 0 Tweet 0

DAILY GIST reports Latest News in Nigeria and aims to keep Nigerians updated and informed with Reports and Informations in the aspect of Education, Politics, Health, Business, Technology, Jobs, Entertainment. etc

  • Home
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
  • DESIGNED BY ADAMPR

DAILY GIST © 2020 | All Rights Reserved

No Result
View All Result
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
    • ADVERTISE WITH US

DAILY GIST © 2020 | All Rights Reserved