Musk agreed to buy Twitter this April. However, in July he announced that he had decided to end the deal because the company had not provided him with data on fake and spam accounts on his eponymous social network.
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Twitter subsequently sued Musk. He accused him of violating the terms of the agreement and asked the court to order that the transaction be completed at the agreed price.
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Musk filed a counter-suit, demanding that the court allow him to withdraw from the deal without paying an agreed fee of $ 1 billion due to the alleged violation of Twitter’s terms. The process is expected to begin in the fall.
Musk found another argument for not buying Twitter
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In August, Musk broadened his arguments in favor of canceling the deal to include claims from former Twitter security chief Peiter Zatko that the company prioritized user growth over limiting spam and misrepresented its cybersecurity.
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At today’s hearing before the US Senate Judicial Commission, Zatko said the Twitter social network has weak cyber protections, fails to control millions of fraudulent accounts, and does not provide privacy protections.
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Zatko headed the company’s security department until he was fired this year. In July he launched a campaign in which he informs about the company’s shortcomings. He described it as chaotic, unmanaged and negligent in his fight against spam.
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Twitter defines Musk’s reasons for canceling the deal as a mere apology; according to her, his progress is more related to the drop in the stock price on the stock exchange.
Musk hasn’t given up on buying Twitter. But he has one condition
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Under the deal, Musk would pay $ 54.20 for each share on Twitter. At the same time, the Twitter stock price closed Monday trading at $ 41.41.
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Musk is Tesla’s boss and the richest person in the world. According to the index of billionaires compiled by the Bloomberg agency, the current value of his assets reaches 265 billion dollars (about 6.5 trillion CZK).
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