Elon Musk announced Friday that he will abandon his $44 billion offer to buy Twitter after the company failed to provide enough information about the number of fake accounts. Twitter immediately fired back, saying it would sue Musk to uphold the deal.
FILE - The Twitter application is seen on a digital device, April 25, 2022, in San Diego. Elon Musk’s tumultuous $44 billion bid to buy Twitter is on the verge of collapse, after the Tesla CEO sent a letter to Twitter’s board, Friday, July 8, 2022, saying he is terminating the acquisition.Musk also said the information is fundamental to Twitter’s business and financial performance, and is needed to finish the merger.
Much of the drama surrounding the deal has played out on Twitter, with Musk — who has more than 100 million followers — lamenting that the company was failing to live up to its potential as a platform for free speech. To calculate how many accounts are malicious spam, Twitter said it reviews “thousands of accounts” sampled at random, using both public and private data such as IP addresses, phone numbers, location and account behavior when active, to determine whether an account is real.
On the other hand, Bouzy said, the letter from Musk’s legal team makes some valid critiques of Twitter’s lack of transparency, including its apparent refusal to provide Musk with the same level of internal data it offers some of its big customers. Musk’s flirtation with buying Twitter appeared to begin in late March. That’s when Twitter said he contacted members of its board — including co-founder Jack Dorsey — and told them he was buying up shares of the company and was interested in either joining the board, taking Twitter private or starting a competitor.
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