Elon Musk is the most well-known billionaire in the world. So far, the personality has covered the top headlines in the newspaper with its deal on buying the most active social platform – Twitter, however, looks like, Elon Musk is no more interested in this contract.
Yes! you read it right. Elon Musk has pulled out his hands from the mega Twitter deal. According to the latest reports, the Tesla founder has terminated his $44 billion deal of buying Twitter because the online company had ruptured multiple regulations of the merger agreement.
Musk has notified about the cancellation of the deal formally to social media firm by submitting a letter. Consequently, the letter clearly states that Twitter has failed in revealing accurate data on the number of spam accounts on the handle.
The Formal letter!
As per Musk’s lawyer, Mike Ringler, the billionaire tried of reaching the information several times. Yet, he was unable to gain appropriate knowledge. As a result, Elon Musk was forged to take a legal step through the letter that carries the following words:
“Twitter is in material breach of multiple provisions of that agreement. Further, it appears to have made false and misleading representations upon which Mr. Musk relied when entering into the merger agreement. He has the right to terminate the Merger Agreement if uncured.”
Another reason that Musk kept for closing the deal is that he observed Twitter firing high-ranking executives as well as one-third of the talent acquisition team. There could be more talks, hiding under the hood for the moment. Nevertheless, the decision over the respective contract will eventually result in a huge tussle.
On the other hand, in response to Elon Musk, the 16-year-old Twitter kept its words on the official page by saying:
“We are committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plan to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.”
Let’s see what twists and turns will take place in the time ahead on this deal.
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