Will Elon Musk be fined $1 billion?

S Venkateshwari
Will Elon Musk be fined $1 billion?

The world's richest man Elon Musk has announced to end the deal with Twitter. He offered twitter a deal for US $ 54.20 billion, but later the deal was settled between the two parties at $ 44 billion. Now Elon Musk has announced to withdraw from this deal. After the announcement of Elon Musk, preparations have been started from twitter to sue him. twitter said, "The twitter Board is committed to completing the transaction at the agreed price and terms with Musk and plans to take legal action to enforce the merger agreement."

Why Elon Musk backed out of the deal?

On Saturday, it was announced by Elon Musk to end the deal with Twitter. In a letter sent to twitter by Musk's team, it was informed of the termination of the $44 billion twitter purchase deal. Musk decided to abort the deal due to multiple breaches of the purchase agreement. According to the letter, the tesla CEO's team believes the proportion of spam and fake accounts is "extremely high" at 5 percent. On behalf of Elon Musk's team, it was also said that one of the reasons for the cancellation of the deal with twitter is the violation of several provisions of the agreement by Twitter.

What is the problem with Fake Accounts?

Fake social media accounts have been a problem for years. Advertisers on social media platforms spend money only after seeing the number of users. twitter believes that not all automated accounts are false bots.

Will Elon Musk be fined $1 billion?

According to US rules, if the deal is canceled by either of the two parties, then the person who cancels the deal has to pay $ 1 billion in penalty. But if Elon Musk's allegations prove to be true, then twitter may also have to bear the loss.




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Will Elon Musk be fined $1 billion?

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