Elon Musk Bails on $44 Billion Dollars Twitter Acquisition
On Friday, billionaire Elon musk announced plans to terminate his $44 billion dollar deal to acquire Twitter. News comes more than 3 months after Elon originally expressed interest in acquiring the social media giant.
Twitter says it plans to pursue legal action to enforce the agreement. “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,” Twitter chairman Bret Taylor wrote in a tweet.
In a letter filed with the US Securities and Exchange Commission, Elon’s lawyer said Twitter had 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,” the filing reads.
The original merger agreement included a $1 billion dollar break-up fee, so things may get ugly in court.