Elon Musk Wants to Terminate $44 Billion Twitter Acquisition [Updated]

Elon Musk no longer plans to purchase Twitter for $44 billion, according to Reuters. Musk told Twitter this evening that he is calling off the deal because of "material breach of multiple provisions of the agreement."

twitter elon musk
Back in April, Musk offered to buy Twitter for $54.20 per share, and Twitter agreed to accept the offer in late April. Since then, the deal has been up in the air because of an issue over spam or fake accounts.

Musk in May put his Twitter takeover "temporarily on hold" because he did not believe Twitter's claim that fake or spam accounts represent less than five percent of users. Musk at the time said that he was "still committed to the acquisition," but he also said that he wanted to look into Twitter's spam account data.

In a notice to Twitter, Musk said that Twitter did not comply with its contractual obligations and that he was not provided with the relevant business information that he requested.

Update: Twitter chairman Bret Taylor says that Twitter's board is "committed to closing the transaction" and plans to pursue legal action to enforce the agreement.

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Top Rated Comments

GizmoDVD Avatar
25 months ago
Hahah.

He'll be sued for billions. There stock dropped because of him. People quit because of him. They laid off people because of him.

Musk is the worst
Score: 112 Votes (Like | Disagree)
btrach144 Avatar
25 months ago
Elon is a looney and an example of too much money making someone lose their mind.
Score: 76 Votes (Like | Disagree)
GMShadow Avatar
25 months ago

Hahah.

He'll be sued for billions. There stock dropped because of him. People quit because of him. They laid off people because of him.

Musk is the worst
His accusations - sent to the SEC, not the internet - are strong enough to potentially bring about a shareholder revolt and investigation.

Counting banned spam accounts as MAUs is definitely done with intent to deceive.
Score: 71 Votes (Like | Disagree)
Motionblurrr Avatar
25 months ago
Embarrassing just like Tesla’s cars.
Score: 64 Votes (Like | Disagree)
0092762 Avatar
25 months ago
They should let him terminate the deal with the stipulation of banning him from twitter. That would hurt him a lot. He can join his buddy Trump at truthsocial.
Score: 64 Votes (Like | Disagree)
IsaacM Avatar
25 months ago
This man child is the epitome of an attention whore.

He did successfully get the attention away from the sexual abuse allegations made against him.
Score: 57 Votes (Like | Disagree)