Elon Musk has given up on buying Twitter.
This was reported by the SEC, the company that controls the US stock exchange.
According to a letter sent by a lawyer for the billionaire to the company's legal department, of which the SEC received a copy, "Twitter failed to comply with its contractual obligations" and did not provide the "required business information."
"Sometimes Twitter has ignored Musk's requests, sometimes rejected them for reasons that seem unjustified to us, and on other occasions it has provided incomplete or unusable information," it continues.
Twitter has announced it will initiate a lawsuit against Elon Musk after the billionaire announced he withdrew the $ 44 billion offer to buy the social media.
The American media reported it.
Shares of Twitter Inc. plunged 9% in post-close trading after Elon Musk announced he had withdrawn his $ 44 billion offering.
Bloomberg reports it.
Twitter in crisis
- Twitter fired 30% of the dedicated recruiting team, two months after hiring freezes across the company.
A spokesperson for the social network told Techcrunch, refusing to share the exact number of affected employees.
According to the Washington Post, the platform's situation is not the best.
For months, Twitter has suspended most of its hiring and re-entry, aside from the most critical roles.
This is just the umpteenth difficulty that affects the giants of the web, so much so that it is estimated that over 30,000 workers in the sector have been laid off in the last two months, with social networks not immune to the market crisis.
Competitors such as Meta-Facebook and Snap have taken precautionary measures to cope with the situation.
Just last week, Mark Zuckerberg, CEO of Meta,
told employees the need to prepare for more resource-intensive months, with more work and fewer staff on hand.
According to the Post, Musk and the rest of the consortium no longer seem willing to conclude the acquisition of the microblog having "interrupted the discussions relating to the financing".