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Effort Elon Musk to buy Twitter again rumored to be aground. The Washington Post reports that Musk may not go ahead with a deal to buy Twitter for $44 billion.
In a report citing three anonymous sources, The Washington Post said Musk’s team had stopped engaging in some discussions regarding funding, indicating that Musk’s team would change its position.
As is well known, Musk is not alone in raising the funds needed to acquire Twitter. He brought in Oracle founder Larry Ellison, venture capitalist Andreessen Horowitz, Fidelity, crypto firm Binance, and Sequioa Capital.
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This cancellation also has the potential to happen because Musk and his team claimed they could not verify Twitter data about the number of fake accounts and bots on the platform.
In fact, moments before this report came out, Twitter revealed that it has blocked one million spam accounts every day. The company with the bird logo also firmly says that the number of bot accounts on its platform is less than 5% of the number of active users.
Last month Twitter also gave Musk’s team access to its internal data to substantiate their claims about the number of bot accounts. The access was granted after Musk announced the Twitter purchase process was suspended until Twitter substantiated the claim.
But Musk can’t just walk away from this deal. If Musk cancels this deal, the world’s richest man will have to pay a $1 billion penalty to Twitter.
Twitter he still believes this deal should be finalized and will enforce his agreement with Musk. Musk’s own acquisition of Twitter still has to be approved by shareholders at a special meeting.
“Twitter will continue to work closely with Mr. Musk to complete the transaction in accordance with the terms of the merger agreement. We believe this agreement is in the best interest of all shareholders,” a Twitter spokesperson said.
Watch Videos “Elon Musk Delays Buying Twitter Deal, Here’s Why“
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