Twitter Deal: Elon Musk Terminates $44Bn Social Network Company Buyout

• Elon Musk has pulled the plug on his deal to buy Twitter, accusing the company of 'misleading' statements on the number of fake accounts
• Musk ended the $44 billion deal he had inked in April to buy the social media giant, setting a stage for an epic court battle over the multi-million dollar deal
• The Tesla and SpaceX CEO had made his offer to buy the social media platform in April 2022

Elon Musk has terminated his bid to buy out social networking company Twitter in a multi-billion deal.

Deal ended

According to the New York Post, the Tesla and SpaceX CEO said he was ending his deal with Twitter stating the social media company failed to provide requisite information about fake accounts.

Musk offered to buy the giant social media platform on April 25.

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The billionaire's lawyers stated Twitter had failed or refused to respond to requests for information on fake or spam accounts.

Musk told Twitter on June 6 that it breached the merger agreement by not providing enough info on the fake accounts, according to the filing.

Lawyers emphasised that such information was fundamental to the company’s business performance.

Twitter chairman Bret Taylor stated that the giant corporation is prepared to take Musk to court.

“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,” Taylor tweeted.

He added:

“We are confident we will prevail in the Delaware Court of Chancery.”

Forced to deal

According to The New York Times, if the billionaire is forced to go ahead with the deal, his letter might give him a foothold for cutting the price.

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Elon Musk pulls out of Twitter purchase

On Tuesday, June 21, YEN.com.gh reported Musk saying his move to take over Twitter remained held up by "very significant" questions about the number of fake users on the social network.

Musk was reluctant to talk about the deal when asked at the Qatar Economic Forum, saying it was a "sensitive" matter.

"There are still a few unresolved matters," Musk said by video link.

Source: TUKO.co.ke