Dogecoin proponent Elon Musk has reportedly decided to terminate his agreement to purchase the social media giant according to a new filing with the Securities and Exchange Commission [SEC].
The tech billionaire was apparently frustrated over Twitter’s refusal to disclose complete data on spam bots and fake accounts, as negotiations dragged on.
Back in April, Musk initially offered to buy Twitter, prompting the company’s board of directors to adopt a “poison pill” plan in a last-minute attempt to block the deal. The move generated quite an uproar.
Following the backlash, the social media platform made a completed u-turn by agreeing to the $44 billion buyouts, which Musk called his “best and final” offer.
But midway through, the tech mogul became increasingly dissatisfied with Twitter’s lack of response and even announced that the deal can not go ahead unless the platform fully disclosed the requested data.
Twitter on its part went ahead by unanimously recommending that shareholders vote in favor of the deal and began laying off employees in the preparation for the merger.
Things hit rock bottom when Musk accused Twitter of breaching the contract and expressed displeasure over the latter’s unwillingness to divulge the actual number of fake accounts on the platform.
As news of Musk’s official withdrawal broke out, Twitter responded that it would take legal course to enforce the deal at the agreed price and terms. Confirming the same, chairman Bret Taylor wrote,
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.
As of now, Elon Musk has not responded to the deal termination.
Dogecoin Saw No Major Price Uptick
The latest announcement did not have any significant impact on the coin’s price action except for a marginal dip of 3%. At press time, Dogecoin was trading at $0.06, a 1% rise in the last 24 hours.
Recently, Elon Musk’s The Boring Company [TBC] transportation system in Las Vegas accepted Dogecoin for its rides, TronWeekly reported. Musk replied to the tweet saying, “Supporting Doge wherever feasible.”
Prior to that, DOGE along with its rival Shiba Inu was enabled by BitPay’s payment module where users can pay for their food deliveries from Uber Eats and DoorDash.