• Bitcoin
  • NFT
  • Binance
  • ETH
  • DeFi
  • Metaverse
  • IDO
  • Coinbase
  • Solana
  • ETF
  • FTX
  • GameFi
Newsletter
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
CoinLive
No Result
View All Result
Home Crypto News

Elon Musk cancels the acquisition of Twitter

199
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Billionaire Elon Musk announced he would cancel the Twitter obtain deal on the grounds that the social network was delivering false consumer data.

Elon Musk cancels the acquisition of Twitter

In a filing with the Securities and Exchange Commission (SEC) on July eight (US time), Tesla CEO Elon Musk explained he would not proceed to pursue a strategy to get the whole Twitter social network for worth. of 44 billion bucks.

Related articles

The Ordinals Inscription movement flourished on blockchains after a statement by Elon Musk

The Ordinals Inscription motion flourished on blockchains just after a statement by Elon Musk

November 24, 2023
CZ changed the name of his X (Twitter) account, changed to "former CEO of Binance"

CZ modified the identify of his X (Twitter) account, modified to “former CEO of Binance”

November 24, 2023

The cause provided by the billionaire is simply because Twitter violated the acquisition agreement by divulging false data about the user’s circumstance. In early May, Musk announced that he would suspend the Twitter deal to confirm the social network’s declare that “the number of spam / fake accounts is less than 5% of total users”.

Musk’s side explained in the SEC filing that they feel the quantity of virtual end users is essentially additional than five%. The representative of the billionaire wrote:

“Mr. Musk chose to end the acquisition because Twitter violated many of its policies, provided false information that impacted decision-making and was very likely to backfire on the company.”

“Mr. Musk’s consultant’s preliminary analysis from the information provided by Twitter shows that the actual number of fake and spam accounts is much more than 5%.”

“For nearly two months, Mr. Musk has been requesting the information and data necessary to perform independent calculations on the number of fake and spam accounts on the Twitter platform. Twitter has refused and refused to release this information.”

In response, the Twitter board explained it was “still confident” in the deal and would inquire Musk to fulfill his obligations.

“We are determined to execute the transaction at the purchase price and terms agreed with Mr. Musk and are prepared to take legal action to enforce the agreement.”

As reported by Coinlive, the billionaire Elon Musk in May 2022 had declared that he would have purchased a hundred% of the social network Twitter for about 44 billion bucks.

Musk’s purpose is to restore Twitter to becoming a personal business. According to him, by undertaking so alone, the Twitter group has adequate selection-producing authority to deal with platform-connected difficulties, from fake information to spam end users and bots. Mr. Musk explained he will nonetheless assistance freedom of expression on Twitter and return the social network to a public business immediately after repairing all the shortcomings.

It is reported that throughout the acquisition, Elon Musk will also sit in the chairmanship of Twitter CEO. The cryptocurrency neighborhood expects this adjust to also lead Twitter to be additional proactive in accepting cryptocurrencies as a substitute of just supporting BTC integration, ETH wallet addresses, and NFT avatar setting. Recently, it has been speculated that Elon Musk intends to accept payment for some social networking providers with the Dogecoin “dove” coin (DOGE).

To earn income to get back Twitter, the billionaire raised capital from a lot of unique organizations, together with $ 500 million from the world’s greatest cryptocurrency exchange Binance.

Twitter’s stock price tag closed Friday’s trading day at $ 36.81, down five% in 24 hrs. The present price tag of the TWTR stock is up to 32% beneath the $ 54.twenty price tag provided by Musk to get the whole social network.

The motion in Twitter’s TWTR stock price tag more than the previous month, in accordance to Google Finance

Synthetic currency 68

Maybe you are interested:

Maybe you are interested:

Tags: acquisitioncancelsElonMuskTwitter
Share80Tweet50

Related Posts

UK Gold Miner Bluebird Ventures Embraces Bitcoin Treasury Strategy

by shark
June 6, 2025
0

Bluebird Mining Ventures shifts from gold revenue to Bitcoin treasury, impacting market dynamics.

Trump Advisor Meets El Salvador President Over Bitcoin Strategy

by shark
June 6, 2025
0

Trump's advisor Bo Hines meets El Salvador's Nayib Bukele to discuss Bitcoin policy impacts.

Bitcoin’s Quiet 2025 Could Signal Major Crypto Shift

by shark
June 6, 2025
0

Bitcoin experiences calm trading in 2025, analysts foresee pivotal crypto changes ahead.

California Assembly Advances Bill on Dormant Crypto Assets

by shark
June 5, 2025
0

California's State Assembly approves AB-1052, designating long-inactive crypto assets as unclaimed property.

BlackRock ETF Leads Bitcoin Inflow with $284 Million

by shark
June 5, 2025
0

Spot Bitcoin ETFs see $87M net inflow, BlackRock's IBIT leads with $284M.

Load More

Tags

analysis announces Bank billion Binance Bitcoin Blockchain BTC CEO Coin Coinbase Crypto cryptocurrencies Cryptocurrency DeFi ETH Ethereum Exchange Finance FTX fund game General News Information Investment Latest Launch launches market Metaverse million Network News NFT platform Price project Protocol Review SEC Solana Token trading users wallet

Recent Posts

  • BlockDAG Hits $287M, AVAX Eyes $300 & BCH Climbs,
  • HYPE Holds Support, PEPE Sentiment Surges; Unstaked Eyes $1 Milestone!
  • BlockDAG, SHIB, Stellar, and TRON: June’s Top Bullish Crypto Picks
  • UK Gold Miner Bluebird Ventures Embraces Bitcoin Treasury Strategy
  • Trump Advisor Meets El Salvador President Over Bitcoin Strategy
  • Qubetics, Solana, Stellar: Massive Updates and $900M Moves Set Stage for Next Bull Run Crypto
  • Bitcoin’s Quiet 2025 Could Signal Major Crypto Shift
  • California Assembly Advances Bill on Dormant Crypto Assets
  • About
  • FAQ
  • Contact Us
  • IGO
  • Altcoin
  • Terra
  • Launchpad
  • P2E
  • META
  • AXS
Email us: [email protected]

© 2021 CoinLive - Crypto News 24/7

No Result
View All Result
  • Home
  • Crypto News
  • Market Analysis
  • Learn

© 2021 CoinLive - Crypto News 24/7