FILE PHOTO: SpaceX owner and Tesla CEO Elon Musk gestures during a conversation with legendary game designer Todd Howard (not pictured) at the E3 gaming convention in Los Angeles, California, U.S., June 13, 2019.
Elon Musk has been “popping in” since announcing his plan to acquire Twitter, and recently finally announced that he was abandoning the acquisition plan, and Twitter also said it would sue for it.
Elon Musk initially emphasized that he wanted to acquire Twitter, but following a controversy finally persuaded its board to agree, he said that he questioned Twitter’s claim that 5% of users are fake accounts, and therefore will not continue the transaction until a satisfactory explanation is obtained. Although Twitter clarified and even handed some information to Elon Musk, it still failed to convince him.
The terms of the initial proposed acquisition stated that if the acquisition was abandoned, it would need to pay a $1 billion default fee, but Elon Musk believed that this was Twitter’s misrepresentation of the breach of the agreement first, so the abandonment of the acquisition was not bound by the terms.
At present, Elon Musk has formally proposed to the US Securities and Exchange Commission to terminate the Twitter acquisition plan. The reason is that Twitter’s statement is “false and misleading”, and Twitter’s board of directors has said that it still hopes to complete the transaction and will initiate a lawsuit to force the transaction to be completed. .
source:Archyde.com
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