August 8, 2022

Wire Service Canada

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Elon Musk stops buying Twitter – Economy

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 the billionaire’s lawyer to the company’s legal department, a copy of which was received by the SEC, “Twitter failed to comply with its contractual obligations” and did not provide the “requested commercial information.” And she continues: “Twitter has sometimes ignored Musk’s requests, sometimes denied them for reasons that seem unjustified to us, and on other occasions provided incomplete or unusable information.”

Twitter has announced that it will sue Elon Musk after the billionaire announced it was withdrawing a $44 billion bid to buy social media. The American media reported this.

Twitter is in crisis Twitter has fired 30% of its dedicated hiring team, after two months of a hiring freeze across the company. A spokesperson for the social network told Techcrunch, refusing to share the exact number of employees affected. According to the Washington Post, the podium situation is not the best. For several months, Twitter halted most hiring and re-entry, regardless of the most important roles. Such is the myriad difficulty affecting the web giants, that it is estimated that more than 30,000 workers in this sector have been laid off in the past two months, with social networks impervious to the market crisis. Competitors such as Meta-Facebook and Snap have taken precautionary measures to deal with the situation. Just last week, Meta CEO Mark Zuckerberg told employees they need to prepare for more resource-intensive months with more work and fewer employees. According to the newspaper, it appears that Musk and the rest of the consortium are no longer ready to complete the acquisition of the microblog after they “boycotted discussions regarding financing.”

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