Elon Musk Formally Abandons the Twitter Contract

On Friday, the billionaire as well as the top influential figure promoting Dogecoin (Elon Musk), disclosed quitting the contract to obtain the social media giant platform “Twitter” as it remained unsuccessful in fulfilling the terms of the deal regarding the provision of the data related to span operations done on the venue, as informed by several sources.

Elon Musk Skips Twitter Ownership Deal

In a filing that was submitted on the behalf of the legal team of Elon Musk, it was noted that Twitter breached several provisions of the respective contract and it seems to have made distracting representations that were depended upon by the Tesla CEO while becoming a part of the Merger Agreement, as the Reuters’ report puts it. A significant thing is that the contract has been among the most predicted as well as keenly observed topics in 2022. In addition to this, some time has also been taken by Twitter to agree upon the deal.

Nonetheless, in May, Musk disclosed that the very contract was on hold from his side till the data related to the spam operation (carried out on its venue) is provided by Twitter. Musk was of the view that the data has been misrepresented by the firm as it claimed that only less than 5 percent of the platform’s consumers were spam bots. In his words, it seems that the understanding of Twitter regarding the spam accounts within the active consumers is dramatic.

Elon added that Twitter has just put a deaf year to the requests dealing with the provision of more information in this respect, as asserted by a reporter named Eleanor Terrett (a reporter from Fox Business) associating the statement to the Tesla CEO attempting to elaborate the reason behind declining to offer the required data.

Twitter Board Asserts to Take Legal Action

Another noteworthy thing is that the pending contract of Elon Musk with the social media firm had been assistive in the elevation of Twitter’s share price during a very hard time when the tech shares are categorized as risky assets. The Twitter Board’s chairman, Bret Taylor, stated in a tweet that it is the objective of the board to terminate the transfer on the terms and price settled between them and Elon Musk.

As per him, they have the strategy to pursue imposing the merger contract through some legal operations. He moved on to say that they are confident about their victory in the Delaware Court of Chancery. Apart from that, a considerable influence was put by this matter on Dogecoin’s prices, causing it to surge several times. Up till now, the meme coin is 5% lower than $0.07301 (its highs of yesterday) and trades at $0.06949 on the prominent exchanges.