Elon Musk, the CEO of Tesla, has reportedly terminated the whopping deal to acquire the popular microblogging social platform, Twitter, according to a new filing with the United States Securities and Exchange Commission (SEC).
After months of speculation, the Twitter board was formally notified on Friday that the $44 billion deal, which would have taken the social media private amid a host of other changes, was about to be terminated.
Over the past months, Musk had repeatedly complained about the refusal of Twitter to disclose all of its data on spam bots.
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Earlier this week, issues were reported about the Twitter buyout, but with the latest filing, hope is completely lost about the takeover.
The new development was confirmed a few hours ago by Bloomberg’s Ed Ludlow.
Ed Ludlow tweeted, “Breaking: Elon Musk has terminated his agreement to purchase Twitter. More from filing: On July 8, 2022, the Reporting Person’s advisors sent a letter to Twitter (on the Reporting Person’s behalf) formally notifying Twitter that the Reporting Person is terminating their merger agreement.”
More from filing: On July 8, 2022, the Reporting Person's advisors sent a letter to Twitter (on the Reporting Person's behalf) formally notifying Twitter that the Reporting Person is terminating their merger agreement. $TWTR @elonmusk
— Ed Ludlow (@EdLudlow) July 8, 2022
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In response to the termination of the deal, Twitter is suing Musk. In a tweet that followed the news, Twitter chairman Bret Taylor wrote:
“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.”
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 (@btaylor) July 8, 2022
Elon Musk first offered to purchase Twitter back in April 2022. Although there were attempts to block the deal, Twitter subsequently agreed to the $44 billion buyout, which was termed as best and final offer by Musk.
Back then, Musk said he would roll back moderation policies and unban controversial figures such as former President Donald Trump. He also promised to wage war against spam bots and fake accounts.
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