Elon Musk withdraws USD 44 billion Twitter deal

Elon Musk has withdrawn his USD 44PHP 2,582INR 3,729EUR 42CNY 320 billion bid for Twitter.

The team of Elon Musk, in a filing with the Securities and Exchange Commission, cites material breach of multiple provisions of the agreement, and false and misleading representations by Twitter.

The social network was also accused of not complying with its contractual obligations towards the deal. The filing says that Musk asked data about spam bots on Twitter for him to “make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform”. The team of Elon Musk says that the company failed to provide this specific information.

Twitter, on the other hand, is still committed to closing the deal on the price and terms agreed upon by the two parties. Twitter will also pursue legal action to enforce the merger agreement. E

Elon Musk is obligated to pay USD 1PHP 59INR 85EUR 0.95CNY 7 billion if he does not complete the acquisition of the company. For more information regarding this article you may check out the filing right here.