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Elon Musk cancels the $44bn bid to buy Twitter
By: Charlie Wang
Multi-billionaire Elon Musk is planning to back out on his initial claim of buying Twitter due to alleged branches of agreements.
Originally, an announcement was made by Elon Musk in April where he claimed to be buying the popular social media platform. But Elon soon backed out of the agreement because Twitter failed to provide necessary scam and bot notifications to Musk. Now Twitter is taking legal actions so Musk can accept the agreement.
Musk’s agreement with Twitter is on hold for the duration of time, while Musk is waiting for Twitter to support their claim that 5% or less of Twitter’s total users are scammers or bots. Musk said, "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.”
Spam accounts are affecting lots of people by spreading information that changes a person’s interaction with the site. On Thursday, Twitter said they removed 1 million users from the site. Musk claims that Twitter might have 20% or more of spam or bot users.
Musk for weeks has been trying to ask Twitter how many users there are, but he has gotten no answer. Twitter refused to provide Musk with the information that he needs. Musk has already put pen and paper to the deal, but he must give more reasons on why he is exterminating the deal.
There are other reasons why he didn’t buy Twitter. For example, the stock market has been falling steeply for higher ranked companies. Was Musk a part of causing the stock market to decrease? Musk also has other companies to deal with other than Twitter, like his own company Tesla and SpaceX. Tesla’s share price has also fallen exponentially because of Twitter in the past. After deliberation about the issues with Twitter, Musk decided to back out of the deal.