NEW YORK (AP) – Shares of Twitter slid over six per cent before the opening bell yesterday after billionaire Elon Musk (AP, pic below) said he was abandoning his USD44-billion bid for the company and the social media platform vowed to challenge Musk in court to uphold the agreement.
Musk alleged on Friday that Twitter failed to provide enough information about the number of fake accounts it has. However, Twitter said last month it was making available to Musk a “firehose” of raw data on hundreds of millions of daily tweets when he raised the issue again after announcing that he would buy the social media platform.
Twitter has said for years in regulatory filings that it believes about five per cent of the accounts on the platform are fake but yesterday Musk continued to taunt the company, using Twitter, over what he has described as a lack of data.
Musk agreed to a USD1-billion break-up fee as part of the buyout agreement, though it appears Twitter CEO Parag Agrawal and the company are settling in for a legal fight to force the sale.
