Musk pulls out of Twitter deal
July 11, 2022
Elon Musk is backing out of his proposed $44 billion (€43.5bn) acquistion of social media site Twitter, alleging multiple breaches of the agreement.
Musk made his movie back in April, sayng he wanted “to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. “
Musk, owned of SpaceX and Tesla, said he pulled out of the deal because Twitter failed to provide enough information on the number of spam and fake accounts.
Twitter, in reponse, says it 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,” Twitter chairman Bret Taylor said in a tweet, setting up a potentially long legal battle between the two sides.
The original merger agreement includes a $1 billion break-up fee.
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