Elon Musk cancels $44 billion deal: Tesla CEO and world’s richest man Elon Musk continues to surprise the whole world with his decisions. He again surprised everyone by canceling the Twitter deal on Friday (July 8). Musk said he is ending his $44 billion deal to buy Twitter. In this regard, Musk alleged that the company has failed to provide information about fake accounts on its platform.
However, Twitter board chairman Brett Taylor says that we will move the court to implement the agreement reached between Elon Musk and Twitter. Taylor said that the company wants to settle this merger in any case. Now we will take the legal route for this.
A letter was sent by the Tesla chief to Twitter on Friday. According to which, “Musk is canceling the merger agreement because Twitter is in violation of the merger agreements. It did not comply with many provisions.” “Twitter did not provide the information that Musk has been seeking for two months,” the letter said. At the same time, the company’s CEO Parag Agarwal has insisted that the company wants to complete the deal.
In response to the letter, Taylor tweeted, “The Twitter Board is committed to completing the deal at the price and terms agreed with Elon Musk. The company plans to take legal action to fulfill this agreement. We are confident that we will prevail in the Delaware Court of Chancery.”
Elon Musk cancels $44 billion deal
Let us tell you that in April, there was a deal of about $ 44 billion between Elon Musk and Twitter at $ 54.20 per share. However, after this, Musk banned this deal in May. He asked his team to know the truth about Twitter’s claim that ‘less than 5% of accounts on the platform are bots or spam’. Musk alleges that the number of spam accounts on Twitter is likely to be enormous. The probability of this is up to 90 percent.