elon musk

Twitter lawyers contacted Elon Musk and accused him of violating the non-disclosure agreement – this was stated by the entrepreneur himself.

He wrote on his twitter account.

According to the businessman, the leadership of the social network was not happy when he told the public about his intention to check 100 random Twitter users for originality.

Recall that at the end of April, Elon Musk agreed to buy Twitter for $ 44 billion. He stated that he wants to unleash the untapped potential of the social network and restore freedom of speech to the platform, thereby regaining the trust of users.

In mid-May, Musk suspended the deal, deciding to wait for the results of social network checks for the number of fake accounts. The entrepreneur questioned the assessment of the service, since spam accounts and fake accounts account for less than 5% of the total number of users.

After Musk wrote about it in his microblog, the value of the social network’s front-market shares fell 20% and the value of Tesla securities rose 5.7%. In almost one day, the businessman’s fortune increased by $ 9.5 billion.

Columbia University law professor John Coffey explained to Forbes that the stock prices of the two companies are linked. Investors fear the social network will keep Musk from running Tesla, so news of the Twitter acquisition initially led to a crash in Tesla stock, and news of the deal’s suspension had the opposite effect.

If the deal isn’t closed by October 24, 2022, due to Elon Musk’s fault, Twitter will have to pay a one billion dollar penalty.