Billionaire entrepreneur Elon Musk ends $44 billion Twitter takeover deal

On April 25, the boss of Tesla and SpaceX announced the purchase of 100% of the shares of the social network for 44 billion dollars.

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Billionaire entrepreneur Elon Musk, the head of Tesla and SpaceX, has terminated the agreement to buy social network Twitter from the board of directors, according to a letter from his lawyer (link in English) sent to the company and published by the Securities Exchange Commission, the American stock market watchdog. The document refers to the end of this agreement due to information “false and misleading” on the business. Mike Ringler, the contractor’s lawyer, notes that “Twitter did not respect its contractual obligations”.

On April 25, the boss of Tesla and SpaceX, the richest man on the planet, announced the takeover of 100% of the shares of the social network for 44 billion dollars. Elon Musk had subsequently questioned on several occasions the data transmitted by Twitter on spam and fake accounts, and the means put in place to limit their proliferation.

In early June, the group’s board of directors agreed to give Elon Musk access to the mountains of data needed to answer his questions on this subject, after the businessman threatened, in an official document, to withdraw his offer. The world’s richest man and his team set out to analyze this raw data to determine if the percentage of fake accounts actually represented less than 5% of Twitter’s daily active users, as claimed by the network.

Both parties had pledged to pay severance pay of up to $1 billion in certain circumstances.

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