Elon Musk looking to Exit deal with Twitter

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Social media platform Twitter and Elon Musk are recently battling over the multi-billion dollar deal, with Musk looking to exit the acquisition.

Elon Musk

Musk’s lawyers claim that Twitter had a slow response on disclosing how many fake accounts were on the platform, which apparently was fundamental to its proposed business performance.

It’s expected that Twitter will be firing back with a counter-suit of their own, with a conclusion to the legal battle or resolution to the deal nowhere in sight.

Elon Musk offered to buy Twitter for $44 billion, to which Twitter accepted in April. However, the deal has not come to fruition, and recently Twitter shares have fallen to 6 percent, or $34.60 per share.

A month after, Musk said that he wanted to stop the purchase as he wanted to find out how many were spam accounts. The billionaire also threatened to exit the deal if the fake accounts comprised more than 5 percent of the total user base.

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Samantha Wiley

Samantha is a senior news editor at iLounge. She has been covering the technology industry for over five years, writing about Apple, Google, and other major companies. Samantha has also worked as a reporter and editor for several other publications.