Elon Musk terminates US$44b Twitter deal
Tesla chief executive officer Elon Musk said on Friday (Jul 8) he was terminating his US$44 billion deal for Twitter, saying that the social media company had failed to provide information about fake accounts on the platform.
Shares of Twitter were down 7 per cent in extended trading. Musk had offered US$54.20 per share in April.
In a filing, Musk’s lawyers said Twitter had failed or refused to respond to multiple requests for information on fake or spam accounts on the platform, which is fundamental 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.
https://www.businesstimes.com.sg/technology/elon-musk-terminates-us44b-twitter-deal
