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09th Jul 2022

Elon Musk says he is “terminating” his Twitter takeover deal

Kieran Galpin

Twitter, however, has said it “plans to pursue legal action” to enforce the agreement.

Elon Musk is now seeking to end his $44 billion (€43 billion) bid to buy Twitter.

A letter filed with the Securities and Exchange Commission on Friday (8 July) outlines that the Tesla CEO is “terminating” the deal, claiming that the social network company was in “material breach of multiple provisions” of the agreement.

The filing also alleges that Twitter “appears to have made false and misleading representations” during the negotiation of the deal.

In particular, Musk says the social network company has not provided sufficient information regarding the number of fake and spam accounts on the platform.

“For nearly two months, Mr. Musk has sought the data and information necessary to ‘make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform’,” the letter states.

“Twitter has failed or refused to provide this information. Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information.”

However, in a post on Friday night, Twitter Chairman Bret Taylor said the social network company is still committed to closing the transaction “on the price and terms agreed upon” with Musk.

He also said that the company “plans to pursue legal action to enforce the merger agreement”.

“We are confident we will prevail in the Delaware Court of Chancery,” Taylor added.

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