By Zuko Komisa
According to a letter sent by a lawyer on behalf of billionaire Elon Musk to the company’s top legal officer on Friday, Musk wants to cancel his $44 billion bid to purchase Twitter.
Musk has stated numerous times that he would eliminate almost all limitations on what users may post, accusing Twitter of stifling free speech while determining what material is too destructive for the service.
Twitter claims that it is still ongoing.
According to court records, Twitter on Tuesday sued Elon Musk for breaking the $44 billion contract he made to purchase the tech company, calling his exit strategy “a model of hypocrisy.”
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According to a statement from the business’s chair, Bret Taylor, the corporation committed to file a lawsuit and complete the merger for the agreed-upon cost.
Bret Taylor wrote “The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement,”
“We are confident we will prevail in the Delaware Court of Chancery.”
The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.
— Bret Taylor (@btaylor) July 8, 2022
According to New York Times, Musk stated that the Twitter agreement was being terminated due to a persistent disagreement over the volume of spam accounts on the network in a regulatory filing filed by his attorneys.
He asserted that Twitter appeared to make incorrect claims and that it had failed to disclose information needed to quantify the number of those accounts, which the firm has stated is less than 5%.
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Musk’s filing comes a day after Twitter told reporters at a conference that it was now eradicating more than one million spam accounts daily, which is twice as much as CEO Parag Agrawal claimed the business had done in May.



