Elon Musk cancels deal to buy Twitter: "Did not meet its obligations"

The richest man in the world has announced that he has withdrawn from the social network's purchase agreement for $ 44 billion.

He claims the company did not provide information about fake accounts on the platform.

Twitter chairman: "We are sure we will win in court"

Yinon Ben Shoshan

09/07/2022

Saturday, 09 July 2022, 06:14 Updated: 09:32

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Twitter (Photo: Reuters)

Tesla and SpaceX CEO and founder Elon Musk announced tonight (Saturday) that he is finalizing his deal to buy the social network Twitter for $ 44 billion. Musk said the cancellation of the deal comes as a result of Twitter refusing to provide information about fake accounts on the platform.

Musk Through his lawyers, he sent a letter to the social network informing them of the cancellation of the giant deal, stating that "Twitter has not met its contractual obligations.

This is fundamental to the company's business performance. "His lawyers added:" Twitter has refrained from providing reliable information.

Sometimes our requests were ignored or rejected for reasons that seemed unjustified. "Following the announcement of the deal's explosion, Twitter shares fell by about 7% in prolonged trading.

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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

Meanwhile, Twitter chairman Brett Taylor tweeted that the company’s board of directors is expected to take legal action: “The Twitter board is committed to closing the deal at the price and terms agreed with Mr. Musk and plans to take legal action to enforce the merger agreement.

We are sure we will win in court. "

As you may recall, last April, Elon Musk announced the acquisition of Twitter, which was to end its operations as a public company since its first IPO in 2013. The total transaction was to amount to a value estimated at $ 44 billion, and the amount The same thing Musk is required to pay per share is $ 54.20.

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