Tesla Chief Executive Officer (CEO) Elon Musk has canceled his agreement to buy social media platform Twitter based on information in a 'whistle blower' complaint filed by Twitter's former security chief. Paper documents have to be submitted again to finish. Musk said in a notice to the SEC on Tuesday that his legal team added some additional grounds to the original notice to cancel the deal in July, PTI reported.
'Whistle blower' report cited
According to the news, in a letter to Twitter, Musk's advisers have cited the 'whistle blower' report of former executive Peter Jatko. Jatko served as Twitter's chief of security until earlier this year. In its complaint to US officials, Jatco alleged that the company misled regulators about its poor cyber security measures and its negligence in attempting to root out fake accounts that spread misinformation.
$44 billion deal
Elon Musk had a deal to buy the microblogging site for $ 44 billion (more than Rs 3 lakh crore). Twitter decided to go to court against Elon Musk after ending the deal. It was told by Elon Musk that Elon Musk and his team were constantly in contact with Twitter for the last 2 months about the number of fake and spam accounts on Twitter, how to catch these accounts and take action. Was asking for more information, but every time Twitter was either shying away from giving information and or was giving half-incomplete information.
Musk said in May that at least four times more fake or spam accounts are active on the platform, according to what has been revealed in a Twitter filing. He said that you cannot pay the same price for something that is worse than what he claims.