ELON MUSK HAS WITHDRAWN FROM A $44 BILLION PLAN TO BUY TWITTER

  • 09/07/2022

Elon Musk is attempting to terminate his $44 billion (£36 billion) bid for Twitter, claiming repeated violations of the agreement.

The statement is the latest twist in a long-running affair that began in April when the world's richest person decided to purchase Twitter.

Mr Musk stated that he withdrew because Twitter failed to offer sufficient information on the quantity of spam and false accounts.

Twitter has stated that it intends to take legal action to enforce the agreement.

"The Twitter Board is dedicated to concluding the transaction on the price and terms agreed upon with Mr. Musk," Twitter chairman Bret Taylor declared in a tweet, setting up the two sides for a possibly lengthy and protracted court battle. 

The original merger agreement includes a $1bn (£830m) break-up fee.

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