Elon Musk pulls out of $44 billion Twitter deal, social network plans
Elon Musk pulls out of $44 billion Twitter deal, social network plans to pursue legal action. Elon Musk, the CEO of Tesla, announced his intent to buy Twitter in April in a deal worth $44 billion. However, he postponed the acquisition based on tweet spam bot data.
Elon Musk pulls out of $44 billion Twitter deal, social network plans to pursue legal action
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
The billionaire had to pay a USD 1 billion breakup fee if he could not complete the merger. He will have to take strong measures and make solid arguments to avoid paying this fee. Twitter’s negotiations were a rollercoaster ride since the beginning, and we are still waiting for what will happen with legal action or if both parties reach a settlement.
