Home Elon Musk tries to back out of Twitter deal

Elon Musk tries to back out of Twitter deal

Sep 15 – In a new court filing, billionaire Elon Musk accused Twitter of fraud, alleging that flaws in the company’s social media data security should entitle him to end his $44 billion Twitter purchasing deal.

Musk, who is world’s richest individual, revised his previously filed lawsuit by incorporating allegations by a Twitter whistleblower, who provided congressional testimony concerning foreign agents’ meddling with the Twitter platform.

Peiter “Mudge” Zatko, former Head of Security at Twitter, stated that some Twitter employees harbored concerns about how foreign governments might be able to collect data pertaining to the company’s user base, then manipulating it for their own gain.

Twitter’s security challenges

In 2020, Twitter handled another security snafu, when teenage hackers came to control dozens of high-profile accounts. Tuesday’s congressional testimony indicated that Twitter’s current security challenges could be far more serious than those of two years ago.

On Tuesday, the testimony before the Senate Judiciary Committee revealed that the FBI had previously informed the company that foreign government agents were working at the social media firm.

Nonetheless, Twitter shares rose nearly 1% despite a sharp market selloff. Reports indicate that the stock moves almost exclusively based on sentiment about whether Elon Musk will be pushed into completing the $44 billion purchasing agreement.

American legislation

Twitter’s troubles have prompted US senators to reiterate support for legislation that aims to reign in the market power of Big Tech. Several senators demanded immediate action.

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