Elon Musk walks away from his $44 billion deal to buy Twitter
Despite Elon MuskIn his initial plans to buy Twitter, the billionaire changed his mind.
The 51-year-old Tesla CEO’s lawyer sent a letter to the social media platform on Friday, July 8, stating his intentions, according to CNBC.
In addition to withdrawing its merger agreement, Musk’s legal team alleged that Twitter was in “material breach of multiple provisions” after it made false and misleading statements about the state of their business, according to a letter published by the SECOND.
Twitter, for its part, has yet to publicly respond to the South African native’s allegations, but remains committed to completing the deal.
“Twitter’s board of directors is committed to completing the transaction at the price and terms agreed to with Mr. Musk and expects to pursue legal action to enforce the merger agreement,” the chairman said. board of directors. Bret Taylor tweeted Friday. “We are confident that we will prevail in the Delaware Court of Chancery.”
The Space X founder originally announced earlier this year that he planned to buy the media company for a staggering $44 billion.
“Free speech is the foundation of a functioning democracy, and Twitter is the digital public square where issues vital to the future of humanity are debated,” Musk said in an April press release. . “I also want to make Twitter better than ever by enhancing the product with new features, making algorithms open source to increase trust, defeating spambots, and authenticating all humans,” he explained. “Twitter has enormous potential – I look forward to working with the company and the user community to unlock it.”
Musk, who previously bought 9% of Twitter shares, later revealed his plans were on hold.
“The Twitter agreement is temporarily suspended pending details supporting the calculation that spam/fake accounts actually represent less than 5% of users,” the businessman said. tweeted in May. “Always committed to acquisition. To find out, my team will randomly sample 100 @twitter followers. I invite others to repeat the same process and see what they discover.
Musk, who is one of Twitter’s biggest shareholders, made headlines earlier this week after Initiated reported that he welcomed a set of twins with the Neuralink executive Shivon Zilis in November 2021.
“Doing my best to help the underpopulation crisis,” he tweeted on Thursday, July 7, seemingly confirming the news. “Collapse in the birth rate is by far the greatest danger facing civilization. … I hope you have great families and congratulations to those who already have!
The arrival of Musk’s 8-month-old twins makes him a father of 10. He is also co-parent to twins Vivian and Griffin, both 18, and triplets Kai, Saxon and Damian, all 16, with an ex-wife. Justine Wilson. Musk and Wilson, 49, also shared their deceased son Nevada before the newborn died of sudden infant death syndrome at 10 weeks. Musk then welcomed son X AE A-XII, 2, and daughter Exa Dark Sideræl, 7 months, with a musician Grimes. (Exa was born via surrogate in December 2021, a month after Zilis, 39, welcomed her children.)