Musk Pulls Out of Twitter Deal
Musk Pulls Out of Twitter Deal

Musk Pulls Out of Twitter Deal

9 july, 20221 minute to read
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Elon Musk said on Friday he was terminating his $44 billion deal to buy Twitter due to the platform's multiple violations of the merger agreement.

Shortly after, Twitter's chairman, Bret Taylor, commented that the Twitter's board planned to pursue legal action to enforce the merger agreement.

The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk...

he wrote in a Tweet.

Musk's decision goes back to his doubts on the number of fake accounts on the platform. Musk's lawyers explained that Twitter had failed or refused to respond to multiple requests for information on fake or spam accounts on the platform, which is fundamental to the company's business performance.

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Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement,

runs the text of the note submitted by Musk's lawyers to the US Securities and Exchange Commission.

Musk also said he was walking away because Twitter fired high-ranking executives and one-third of the talent acquisition team, therefore breaching Twitter's obligation to "preserve substantially intact the material components of its current business organization."

9 july, 2022
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