Elon Musk, the chief executive officer of Tesla and the world’s richest person, said on Friday he was terminating his $44 billion deal to buy Twitter because the social media company had breached multiple provisions of the merger agreement.
Tesla Chief Executive Officer Elon Musk said that the social media company had failed to provide information about fake accounts on the platform.
Shares of Twitter fell 6% in extended trading after closing at $36.81 on Friday.
The stock zoomed to $51.70 when Musk made his $54.20 offer to buy the social media giant on April 25.
Expect their stock to crash on Monday.
In a filing, Musk’s lawyers said Twitter had failed or refused to respond to multiple requests for information on fake or spam accounts on the platform, which is fundamental to the company’s business performance.
In response, Twitter’s chairman Bret Taylor said the social-media giant is prepared to take Musk to court.
Twitter should have provided the information he wanted.
Who can blame Musk? Trying to purchase the platform has led to investigations by our fascist government. The Left is trying to cancel him. And his personal life has become a bullseye.
Twitter was getting a little freer as long as Musk was buying it. That will end.
As Jonathan Turley said, it’s a win for the anti-free speech crowd and a loss for shareholders. People need to go to Gettr or Truth Social or one of the other platforms. Twitter is run by leftist mobs.
Musk’s move to terminate the offer for Twitter would be a huge win for the anti-free speech community and a huge loss for shareholders. https://t.co/o1Syq4SKtb Twitter can then return to selling a censorship product to a public seeking free speech forums. https://t.co/gARBP7sJiW
— Jonathan Turley (@JonathanTurley) July 8, 2022