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Elon Musk is terminating his $44 billion deal to buy Twitter citing multiple breaches of the purchase agreement, according to a letter sent by the billionaire Tesla chief’s team to Twitter.
‘As further described below, Mr Musk is terminating the Merger Agreement because Twitter is in material breach of multiple provisions of that Agreement,’ the letter said on Friday as reported by ANI.
‘In short, Twitter has not provided information that Mr Musk has requested for nearly two months notwithstanding his repeated, detailed clarifications intended to simplify Twitter’s identification, collection, and disclosure of the most relevant information sought in Mr Musk’s original requests.’
Reacting to Musk’s letter, Twitter’s board chair Bret Taylor said on Saturday that they will file a lawsuit against the Tesla chief to ‘force him to buy the social media company on the agreed terms’.
‘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. We are confident we will prevail in the Delaware Court of Chancery,’ Taylor said in a tweet.
In April, Musk reached an acquisition agreement with Twitter at $54.20 per share in a transaction valued at approximately $44 billion.
