Elon Musk, one of the most iconic entrepreneurs and businessmen in the world, announced earlier in the year that he will be purchasing Twitter for $44 million. The announcement comes after weeks of speculation about his interest in the social media platform.

This deal was meant to mark a new era for Twitter. Musk has made it clear that he believes that Twitter can be a valuable tool in bringing people together to talk about what matters to them. In addition, he hopes to use the platform as a way to promote his companies and ideas.

"We've spent a lot of time thinking about this," said Musk. "And we think it is time for us to take over."

The acquisition was initially met with some resistance from shareholders and analysts who believe that Elon Musk is not the right person to lead Twitter into its next phase of development. Many worry that his involvement may tarnish the brand's image or damage its reputation among users. The stock market reacted poorly as well and shares fell sharply after news broke about the deal being finalized.

We reported this in one of our previous blog posts here at The Frog Initiative and can be found if you head over to our 'Blog Section’.

Just a few weeks after his public announcement with his intention to purchase the social media platform, Musk appeared to have developed buyer's remorse.

Musk's issue now is that Twitter feel that they have the legal rights and obligation to sell Twitter to Musk after and agreement was reached between all parties including the social media platform's shareholders.

Twitter board member Bret Taylor has said they will take the matter to court.

In a tweet from Taylor, he said '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.'

It raises the bizarre spectre that Elon Musk could, unwillingly, end up buying a $44 billion company - an extraordinary thing.

Musk's main reason for pulling out of the Twitter deal was because Twitter failed to provide enough information on the number of spam and fake accounts.

In May 2022, Musk said the deal was "temporarily on hold" as he was awaiting data on the number of fake and spam accounts on Twitter.

The billionaire businessman had asked for evidence to back the company's assertion that spam and bot accounts make up less than 5% of its total users.

Mr Musk's lawyer said in a letter that Twitter had failed or refused to provide this information.

"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. On Thursday, Twitter said it removed around 1 million such accounts each day.

Mr Musk believes that spam or bot accounts could account for 20% or more of Twitter users.

Shares in Twitter fell by 7% in extended trading after the announcement.

Here at the Frog Initiative, we're eagerly awaiting some more information as to which way this is going to go!

Time to have your say, leave a comment below and let us know your thoughts!

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