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Did Elon Musk terminated his $44 billion deal with Twitter? Know the Details!

Elon Musk said that he wants to terminate his Twitter deal, alleging that the company was in “breach of multiple provisions” of the original agreement

Elon Musk
Elon Musk, CEO of Tesla backed out of $44 billion deal to buy Twitter

Elon Musk is refusing now to buy Twitter which is a $44 billion deal. However, on Friday, the company promised to still complete the deal and set the stage for a legal battle.

Know More

Elon Musk terminates a $44 billion dollar Twitter deal on Friday. Similarly, the reason Elon gave for doing this even after the agreement too is that Twitter didn’t provide him with enough information. Additionally, he said, the information about the number of fake accounts and bots on the social media platform wasn’t given to him even after asking too.

 

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A post shared by Elon Musk 🌐 (@elonmusk.ab)

Moreover, they also didn’t provide Elon’s team with enough data to do their own analysis. Because of this reason, Musk changed his decision after months of doubt. However, Musk’s lawyers sent a letter to atwitter complaining about this but the response didn’t come.

That’s why Elon sent the letter in which it was clearly written that he is “terminating their merger agreement” filing Friday.

Further Details

Though, after knowing all this and Elon’s decision to cancel buying Twitter, the board of Twitter hit him back with a bang on Friday. Similarly, he tweeted,

“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 stated that Musk has to pay $1 billion for canceling the deal as per the legal statements and law. It is not easy to just walk away like it is nothing at all.

Elon Musk
The billionaire, Elon Musk cancels buying Twitter

Elon Musk’s lawyers also said they are not responsible for this. They also refuse to pay the money for canceling the deal. Further, they sent letters to the board committee in which it was written,

“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.” 

Also, Carl Tobias, a professor at the University of Richmond said,

“It discombobulated their whole operation. It’s going to be tough for Twitter to weather this.”

You may also check out Is Johnny Depp sending a message to ex-wife, Amber Heard in his new album with Jeff Beck?

More Explanation

Though, Musk has gained 100 million followers recently on Twitter after announcing that he is buying it. Similarly, legal experts said that Elon was ready to buy Twitter as it was. However, Elon is not agreeing with this.

He further claimed that the company’s finances as a potential reason to get out of the deal, as the company’s “declining business prospects and financial outlook.” And, Twitter’s stock price was trading at around $37 Friday after making the announcement.

What do you think?

Written by Keshaa Perry

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