On Friday, Elon Musk has declared that he can abandon his disruptive $44 billion offer to buy Twitter once the company was not able to provide enough information concerning the amount of fake accounts which are available. Twitter had right away laid-off, saying that it might sue the Tesla CEO for uphold the deal.

HIGHLIGHTS
Enough information about the fake account was not provided by Twitter
Twitter fell 5% to $36.81 meanwhile, the shares of Telsa climbed to 2.5% to $752.29
Making Twitter private in order to get rid  of its spam bot

Twitter might have forced for a $1 billion breakup fee that Elon Musk was agreed to pay under these circumstances. Instead, it was all set to fight in order to complete the purchase that the company’s board has already approved and CEO Parag Agrawal has insisted that he needs to consummate.

According to the letter for Twitter’s board, Musk lawyer Mike Ringler has complained that his client had for nearly around 2 months sought information in order to judge the prevalence of “fake or spam” accounts on the social media platform.

“Twitter has being unsuccessful or got refused to provide this information. At times, Twitter has been ignorant to Mr. Musk’s requests, typically it has rejected them for certain reasons that seem to be unjustifiable and has claimed to compile while giving Mr. Musk incomplete or unusable information,” as per the letter. Musk has also added that the information is fundamental to Twitter’s business and money performance, and is required to end the merger.

In response to this letter, the chair of Twitter’s board, Bret Taylor, tweeted that the board is “committed to closing the transaction on the value and terms which need to be agreed upon” with Musk and “plans to pursue certain important legal action to enforce the merger agreement. We tend to be confident to prevail within the Delaware Court of Chancery.” The court in Delaware often handles business disputes among the numerous firms, along with Twitter as well, which are incorporated there.

On Friday, shares of Twitter fell down to 5% to $36.81, well below the $54.20 which Musk has agreed to pay. Meanwhile, the shares of Telsa climbed to 2.5% to $752.29. Once the market is closed and Musk’s letter was published, Twitter’s stock has been continuously declining while Telsa has been climbing higher.

On weekday, Twitter tend to shed a lot of light on the way it counts spam accounts in a briefing with journalists and company executives. Twitter has therefore claimed that it removes one million spam accounts per day. The accounts represent itself well below 5% of its active user base every quarter. In order to calculate the number of accounts which are malicious spam, Twitter has claimed that it reviews around “thousands of accounts” sampled at random, by using both public and personal information like IP addresses, phone numbers, location and account behavior when they are active, to see whether or not an account is real.

Last month, Twitter offered Musk access to its “fire hose” of data on millions of daily tweets, as per multiple reports at the time, though neither the company nor Musk confirmed that.

One of the chief reasons Musk gave for his interest in taking Twitter private was his own belief he might add worth to the business by ultimately getting rid of its spam bot well the same problem that he might be citing is that it can be the reason to end the deal.

Also Read: Elon Musk Holds $ 44 Billion Agreement On Twitter Here's Why