Elon Musk Doesn't Want to Buy Twitter Anymore, and Neither Should You
Twitter's (NYSE: TWTR) stock tumbled to a four-month low on July 8 after Elon Musk formally terminated his $44 billion takeover bid for the company. In a Securities and Exchange Commission (SEC) filing, Musk's legal team said Twitter had breached the terms of the deal by making "false and misleading representations" regarding the social media platform's number of "fake or spam accounts."
The legal team also said Musk had "reason to believe that the true number of false or spam accounts on Twitter's platform is substantially higher than the amount of less than 5% represented by Twitter in its SEC filings," and that an inability to gauge its true monetizable daily active user (mDAU) count obfuscates the growth prospects of its core advertising business.
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Source Fool.com
