Elon Musk ends $44 billion deal to buy Twitter; Company to take legal action
- IndiaGlitz, [Saturday,July 09 2022]
In a shocking development, Tesla and SpaceX CEO Elon Musk has sought to terminate his $44 billion bid to buy Twitter, alleging multiple breaches of agreement. The social media company, meanwhile, has vowed to pursue legal action to enforce the agreement.
Elon Musk had earlier claimed that his deal with Twitter was temporarily on hold as he was still awaiting data on the number of fake and spam accounts on the social networking site. The billionaire explained that he has decided to back out of the deal owing to Twitter’s failure to provide him with the information.
In a letter filed with the US Securities and Exchange Commission, Elon Musk’s lawyer said, “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.”
Informing about the company’s plans to enforce the original agreement, Twitter’s chairman Bret Taylor said, “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.”
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