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."
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.
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
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Top Rated Comments
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
Counting banned spam accounts as MAUs is definitely done with intent to deceive.
He did successfully get the attention away from the sexual abuse allegations made against him.