Many were excited about the prospect of Elon Musk owning Twitter, but now the Tesla CEO plans to end his $44 billion deal to buy the social media giant, per Reuters.
Musk cites Twitter has breached numerous conditions of the merger agreement. However, Twitter’s chairman, Bret Taylor, stated on the platform that the board intended to seek legal action to enforce the merger agreement.
“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,” Taylor tweeted.
As part of the filing, Musk’s attorneys expressed Twitter had failed or declined to reply to multiple demands for information on fake or spam accounts on the outlet, which is essential to the company’s business performance.
“Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement,” the filing said.
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
