Elon Musk cancels tumultuous $44 billion Twitter deal

On July 8, Elon Musk said that he would terminate the $44 billion deal with Twitter on the grounds that the platform had seriously violated many of the terms of the agreement.

As per the info, Tesla CEO said that Twitter had not “complied with its contractual obligations,” while Twitter Chairman Brett Taylor said the board is committed to closing the deal on the price and terms it agreed with Musk.

Moreover, the Twitter board is planning to take legal action to advance the merger agreement. It’s worth mentioning that Elon Musk purchased Twitter’s stock every single day between January 31 to April 1st.

Following this, the US Securities and Exchange Commission disclosed in April that Musk held 73.49 million common shares of the U.S. social media platform Twitter, accounting for 9.2% of Twitter’s common shares.

In late April, the world’s richest man and Twitter reached an acquisition agreement to acquire Twitter for $44 billion, which is planned to be completed before the end of this year.

Well, if Musk won’t acquire Twitter, he needs to pay Twitter a “breakup fee” of $1 billion, on the contrary, if Twitter fails to complete the acquisition, it needs to Pay Musk $1 billion.

| Source – Time |