Not fake news: Tesla Chief Elon Musk says he is terminating his $44 billion deal for Twitter; Twitter says it will sue Elon Musk

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Elon Musk won’t be buying Twitter after all. As reported by Bloomberg’s Ed Ludlow, Musk is terminating his agreement to purchase the social media giant based on a new filing with the Securities and Exchange Commission [SEC].

Twitter was formally notified that the $44 billion deal, which would have taken the social media private amid a host of other changes, was being terminated on Friday. This follows months of speculation that Musk had gotten cold feet over the deal as he repeatedly complained about what he said was Twitter’s refusal to disclose all of its data on spam bots.

Earlier this week, Musk’s Twitter buyout was reported to be in “serious jeopardy” as negotiations dragged on. Now it has been canceled entirely.

In response to the deal’s cancellation, Twitter is suing Musk. In a tweet shortly after the news, Twitter chairman Bret Taylor wrote, “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.” Musk first offered to buy Twitter back on April, prompting the company’s board of directors to adopt a “poison pill” plan to try and block the deal. Twitter subsequently reversed course and agreed to the $44 billion buyout, which Musk called his “best and final” offer.

https://sea.ign.com/news/187619/elon-musk-just-terminated-his-deal-to-buy-twitter

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