Elon Musk Isn't Buying Twitter

Elon Musk is trying to end his $44bn (£36bn) deal to buy Twitter, alleging multiple breaches of the agreement. The announcement is the latest turn in a long-running story after the world's richest person decided to buy Twitter in April. Musk said he has backed out because Twitter failed to provide enough information on the number of spam and fake accounts. 

Twitter says it plans to pursue legal action and to sue Musk to complete the $44bn merger and to enforce the agreement. The original purchase agreement includes a $1bn (£830m) break-up fee. 

The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk, and plans to pursue legal action to enforce the merger agreement. “We are confident we will prevail in the Delaware Court of Chancery." Twitter chairman Bret Taylor wrote in a tweet setting up a potentially long and protracted legal battle between the two sides. 

In May, Musk said the deal was "temporarily on hold" as he was waiting for accurate data on the number of fake and spam accounts on Twitter. Musk had asked for evidence to back the company's assertion that spam and bot accounts make up less than 5% of its total users. 

In a letter to the US Securities and Exchange Commission (SEC) Musk's lawyer said Twitter had failed or refused to provide this information. “Mr. Musk and his financial advisors at Morgan Stanley have been requesting critical information from Twitter as far back as May 9, 2022, and repeatedly since then, on the relationship between Twitter’s disclosed user figures and the prevalence of false or spam accounts on the platform... If there were ever any doubt as to the nature of these information requests, the May 25 Letter made clear that Mr. Musk’s goal was to understand how many of Twitter’s claimed users were, in fact, fake or spam accounts".

That letter noted that “Items 1.03 to 1.13 of the diligence request list contain high-priority requests for enterprise data and other information intended to enable Mr. Musk and his advisors to make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform…”

The letter then provided Twitter with a detailed list of requests to this effect,” says the letter. "Sometimes Twitter has ignored Mr. Musk's requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information," the letter reads. 

Spam accounts are designed to spread information to large numbers of people and manipulate the way they interact with the platform. Twitter has said it removed around 1 million such accounts each day.  Elon Musk clearly believes that spam or bot accounts could account for as many as 20% of Twitter users. Shares in Twitter fell by 7% after the announcement.

SEC:    Twitter:    BBC:     Guardian:    Birmingham Mail:     STV

You Might Also Read: 

Twitter, Free Speech & Disinformation:

 

« Chainalysis Crypto Theft Hotline
Creating A Culture Of Cyber Security Throughout An Organisation »

Quartz Conference
CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

Cyber Security Supplier Directory

Cyber Security Supplier Directory

Our Supplier Directory lists 6,000+ specialist cyber security service providers in 128 countries worldwide. IS YOUR ORGANISATION LISTED?

Authentic8

Authentic8

Authentic8 transforms how organizations secure and control the use of the web with Silo, its patented cloud browser.

Resecurity, Inc.

Resecurity, Inc.

Resecurity is a cybersecurity company that delivers a unified platform for endpoint protection, risk management, and cyber threat intelligence.

Practice Labs

Practice Labs

Practice Labs is an IT competency hub, where live-lab environments give access to real equipment for hands-on practice of essential cybersecurity skills.

Jooble

Jooble

Jooble is a job search aggregator operating in 71 countries worldwide. We simplify the job search process by displaying active job ads from major job boards and career sites across the internet.

Securosis

Securosis

Securosis is an information security research and advisory firm dedicated to improving the practice of information security.

SHI International

SHI International

SHI provides IT services from software and hardware procurement to deployment planning, configuration, data center optimization and security.

evoila

evoila

evoila GmbH is one of the leading providers in consulting, analysis, implementation and management of cloud infrastructure.

OpenFlowSec.org

OpenFlowSec.org

OpenFlowSec is developing OpenFlow security solutions to address security challenges posed by the Software Defined Networking paradigm.

Akheros

Akheros

Akheros develops cybersecurity learning algorithms which anticipate, detect and prevent offensive and incongruous behaviors of M2M interactions.

California Cybersecurity Institute (CCI) - Cal poly

California Cybersecurity Institute (CCI) - Cal poly

The CCI provides a hands-on research and learning environment to explore new cyber technologies and train and test tactics alongside law enforcement and cyberforensics experts.

Mitre ATT&CK

Mitre ATT&CK

MITRE ATT&CK™ is a globally-accessible knowledge base of adversary tactics and techniques based on real-world observations.

Phosphorous Cybersecurity

Phosphorous Cybersecurity

Phosphorus has fully automated remediation of the two biggest IoT vulnerabilities, out of date firmware and default credentials.

National Center for Cyber Security Technology (NCCST) - Taiwan

National Center for Cyber Security Technology (NCCST) - Taiwan

NCCST provides cyber security protection and technical services at a national level in Taiwan.

Sevren

Sevren

Sevren is a Next Generation Application Security Management & Orchestration Platform.

Glocomms

Glocomms

Glocomms is a leading specialist recruitment agency for the tech sector, providing permanent, contract, and multi-hire recruitment from our global hubs in San Francisco, New York, London and Berlin.

Blaick Technologies

Blaick Technologies

Blaick is an Israeli cyber-security company which deploys proprietary Artificial Intelligence threats detection technology for early prevention of online cyber crime.

Technology Innovation & Startup Centre (TISC)

Technology Innovation & Startup Centre (TISC)

TISC is a startup incubator at the Indian Institute of Technology Jodhpur (IITJ) and we back deep-tech startups.

Dr Web

Dr Web

Since 1992 the Russian anti-virus Dr.Web has been helping companies to keep their digital assets protected and operate in a secure digital environment.

Stronghold Cyber Security

Stronghold Cyber Security

Stronghold Cyber Security is a consulting company that specializes in NIST 800, the Cybersecurity Framework and the Cybersecurity Maturity Model Certification.

GM Sectec

GM Sectec

GM Sectec is the world's largest independent Cyber Defense and Fraud Prevention firm laser focused on payment security.