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He made his intentions known through a letter sent to the Securities and Exchange Commission by his lawyers. According to the letter, Twitter violated multiple agreed-upon provisions by providing false and misleading information that Elon Musk used to enter into the Merger Agreement. The letter specifically stated that Twitter failed to provide him with data and information regarding fake and spam accounts on the platform. It stated:=
“For nearly two months, Mr. Musk has sought the data and information necessary to “make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform.
Twitter has 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.”
Twitter Board Vows to See the Deal Through
However, through its Chairman Bret Taylor, Twitter’s board has vowed to see the deal through, even if it
means going to court to enforce the merger agreement. Mr Taylor shared his insights into the situation:
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.
— Bret Taylor (@btaylor) July 8, 2022
Dogecoin’s Price Remains Stable Despite the News
Ever since his appearance on Saturday Night Live back in May 2021, Elon Musk has been called the DogeFather. He has even hinted at using Dogecoin on Twitter for subscription payments if his deal to acquire the social media platform was successful.
At the time of writing, news of Elon Musk withdrawing from his Twitter bid has not negatively affected the price of Dogecoin.
However, a look at the daily DOGE/USDT chart below reveals that the meme-coin is facing stiff resistance at the 50-day moving average (white). Additionally, the daily MFI suggests an overbought scenario, while the daily MACD hints at reduced buying. As a result, Dogecoin could face a dip into the new week, especially if Bitcoin falls below the $21,000 support level.
