Musk-Twitter deal News

Dorsey, who resigned as Twitter's chief executive in November and left the board in May was asked for documents and communications about Musk's April agreement. Block was co-founded by Dorsey and changed its name last year from Square Inc. The subpoena sought documents and communications about Twitter's use of mDAU.

Twitter also sued Musk a few days ago when he opted to back out of the $44 billion takeover bid. Twitter accused the world's richest person of "knowingly" breaking the agreement." Elon Musk revealed in April that he owns 9.2 percent of Twitter.

This turns out to be major legal showdown between Twitter and Musk. Twitter sued Musk for violating the deal to buy the social media platform. The debt financing package committed by banks for Musk’s acquisition expires in April 2023.

Elon Musk warns of walking out from Twitter deal. He is asking the social media company to provide data of fake accounts.

Twitter stated last week that there were approximately 5% of spam accounts on the microblogging site in this quarter. This is thought to be Musk's strategy for acquiring Twitter for a lesser price than he initially offered. Musk recently stated that a lower-priced acquisition is not "out of the question."

Many of the biggest Wall Street banks, led by Morgan Stanley, Bank of America Corp and Barclays Plc, committed to providing $25.5 billion in debt. Musk himself committed another $21 billion in cash. Musk had said he did not care about the economics of the deal "at all" and was pursuing Twitter to advance free speech.