Elon Musk Terminating Twitter Deal


Elon Musk announced he would walk away from his tumultuous $44 billion offer to buy Twitter, leaving the deal on the verge of collapse.

The Tesla CEO sent a letter to Twitter's board Friday saying he is terminating the acquisition.

However, Twitter is not accepting Musk's declaration.

The chair of Twitter's board, Bret Taylor, tweeted that the 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."

Under these circumstances, Twitter could have pushed for a $1 billion breakup fee that Musk agreed to pay.

Instead, it looks ready to fight to complete the deal, which the company's board has approved, and CEO Parag Agrawal has insisted he wants to consummate.

The possible unravelling of the deal is just the latest twist in a saga between the world's richest man and one of the most influential social media platforms.

Much of the drama has played out on Twitter, with Musk,

Who has more than 100 million followers, lamenting that the company failed to live up to its potential as a free-speech platform.

On Friday, shares of Twitter fell 5% to $36.81, well below the $54.20 that Musk had offered to pay.

Shares of Tesla, meanwhile, climbed 2.5% to $752.29.

Musk lawyer Mike Ringler wrote in the letter to Twitter dated Friday that for nearly two months,

Musk has sought data to judge the prevalence of "fake or spam" accounts on social media platforms.

The letter said: "Twitter has failed or refused to provide this information. Sometimes Twitter has ignored Mr. Musk's requests."

"Sometimes it has rejected them for unjustified reasons, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information."

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