Elon Musk has moved to terminate his $44 billion deal to buy Twitter — the latest twist in a whirlwind process in which the billionaire Tesla CEO became the company’s biggest shareholder, turned down a board seat, agreed to buy the social media platform and then started raising doubts about going through with the deal, reports CNN. The next chapter in the saga is almost certain to be a court battle, adds CNN.
Musk moves to terminate $44B Twitter deal
A lawyer representing Musk claimed in a letter to Twitter’s top lawyer that he is ending the deal because Twitter is “in material breach of multiple provisions” of the original agreement, which was signed in April, according to a regulatory filing.
Musk has for weeks expressed concerns, without any apparent evidence, that there are a greater number of bots and spam accounts on the platform than Twitter has said publicly. Analysts have speculated that the concerns may be an attempt to create a pretext to get out of a deal he may now see as overpriced, adds CNN.
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