The company plans to vote soon on whether to sell Twitter to Elon Musk.
Elon Musk, who is at the top of the world’s richest list, has recently entered into an agreement to buy Twitter.
The deal was to acquire Twitter outright at a valuation of Rs 3,42,000 crore (US$ 44 billion) as of last April’s share price. Before that, Elon Musk, who had bought 9 percent of shares in Twitter, was the largest shareholder of the company.
Following this, Elon Musk insisted on publishing the full statistics of fake accounts on the Twitter social network and the measures taken to prevent the creation of new fake accounts.
The company said that less than 5 percent of Twitter accounts are fake. Elon Musk put the deal on hold saying ‘this number is not acceptable, we need proper data’. ’20 percent or more of Twitter is likely to be fake accounts. Elon Musk urged Twitter’s chief executive officer (CEO) to make the evidence public if perhaps less than 5 percent of accounts are fake. Twitter did not accept it. The deal won’t move forward unless the CEO does it,’ Elon Musk said.
In this context, a letter was written to Twitter on June 6 on behalf of Elon Musk’s lawyers. In it, ‘Twitter’s refusal to provide details of fake accounts requested by Elon Musk is a violation of the right to access information under the acquisition agreement entered into last April. With this, it is clear that Twitter has violated the terms of the acquisition agreement. In that way, all the rights such as the right to cancel the contract for the purchase of Twitter and the right to cancel all transactions have come to Elon Musk’s disposal.
In this context, Elan Musk announced on July 10 that he was canceling the agreement to buy Twitter.
Also, following Elon Musk’s announcement that he was abandoning the decision to buy Twitter, Twitter had decided to file a lawsuit against him.
In this case, Twitter is planning to hold a vote with the company’s shareholders regarding the sale to Elon Musk.