weather_iconDublin | 9.67 °C | AQI 38
Thursday, 26 December, 2024

---Advertisement---

Business

Elon Musk cites $7 mn whistleblower deal another reason to drop Twitter buyout

New Delhi: Elon Musk told Twitter Inc. that he had yet another reason to back out of his $44 billion acquisition of the social media platform because to a $7 million severance payment made to a whistle-blower who expressed concerns about issues at the business. Musk claims Twitter misled him and investors about the quantity […]

New Delhi: Elon Musk told Twitter Inc. that he had yet another reason to back out of his $44 billion acquisition of the social media platform because to a $7 million severance payment made to a whistle-blower who expressed concerns about issues at the business.

Musk claims Twitter misled him and investors about the quantity of spam and bot accounts among its more than 230 million users, and is now attempting to cancel his acquisition of the social media network. Twitter responds that Musk’s bot worries are a ruse to back out of a contract after the richest man in the world supposedly experienced buyer’s remorse.

---Advertisement---

Also Read :-Indian Railways invites private companies to build plant to deliver 80,000 wheels every year

 

---Advertisement---

In a filing on Friday, Musk’s attorneys claimed that as required by the terms of the acquisition, Twitter had to inform the billionaire before spending $7.75 million on a parting agreement with Peiter Zatko, the firm’s former security chief, on June 28. When Twitter filed documentation in court on September 3, Musk’s attorneys claimed they were informed of Zatko’s agreement. Next week, Zatko will give testimony to a US Senate committee on his worries about the platform’s low security, privacy concerns, and the sheer quantity of bots. He has also been summoned to give testimony in the Twitter litigation.

The trial of Twitter’s case to compel Musk to complete the acquisition is set for October, and both parties are preparing. Judge Kathaleen St. Jude McCormick of the Delaware Chancery Court granted Musk’s request on Wednesday to include Zatko’s accusations in his counterclaims. But she rejected his request to postpone the trial.

An email requesting comment from Twitter was not immediately answered.

Also Read :-Forex reserves of India decrease by $8 bn in a week, lowest since October 2020

 

This is the third time Musk has informed Twitter executives that he is pulling back his $54.20 per share offer for the social media network due to infringements on the buyout agreement governing the transactions.

“This severance payment violated” the requirement that Twitter executives run the company “in the ordinary course of business” while the legal dispute over Musk’s efforts to torpedo the deal are hashed out.

The case is Twitter v. Musk, 22-0613, Delaware Chancery Court (Wilmington).

Read More :- Latest Business News

Click Here – Download The News 24 App

HISTORY

Written By

Vikas Kumar

Updated By

Manish Shukla

Updated By

Manish Shukla


Get Breaking News First and Latest Updates from India and around the world on News24. Follow News24 on Facebook, Twitter.

Related Story

Live News

---Advertisement---


live

Latest LIVE News Trending Today, Real Time Updates: Lok Sabha Elections 2024 Sets World Record With 64.64 Crore Voters

Dec 26, 2024
Latest LIVE News Trending Today, Real Time Updates
  • 13:53 (IST) 26 Dec 2024

    IFS Manika Jain Appointed Ambassador Of India To Republic of Moldova

N24 Shorts Logo

SHORTS

Sports

Heinrich Klaasen’s Net Worth: IPL’s Highest Retained Star – Salary, Stats & Personal Life Revealed!

Heinrich Klaasen is a skillful cricketer known for his adeptness as a wicket-keeper and a swashbuckling batter. Let's see Klaasen's Net Worth, Salary, Stats, and More.

View All Shorts

---Advertisement---

Trending