- According to Reuters, Elon Musk no longer intends to buy Twitter for $44 billion.
- Musk declared tonight on Twitter that he is terminating the deal owing to a “material breach of numerous clauses of the understanding.”
- Musk suggested buying Twitter for $54.20 a share in April, and Twitter agreed to accept the offer in late April.
Elon Musk no longer intends to buy Twitter for $44 billion, as per Reuters. Musk announced on Twitter tonight that he was cancelling the agreement due to a “material breach of numerous provisions of the understanding.”
Back in April, Musk proposed purchasing Twitter for $54.20 per share, and Twitter agreed to acknowledge the proposal in late April. From that point forward, the arrangement has been up in the air in light of an issue over spam or phoney records.
Musk in May put his Twitter takeover “briefly on hold” since he didn’t really accept Twitter’s case that phoney or spam accounts address less than five percent of clients. Musk stated at the time that he was “still committed to obtaining,” but he also stated that he needed to investigate Twitter’s spam account information.
In a notification to Twitter, Musk said that Twitter didn’t follow its legally binding commitments and that he was not given the important business data that he mentioned. Twitter executive Bret Taylor says that Twitter’s board is “focused on shutting down the exchange” and plans to seek lawful activity to implement the arrangement.
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