Elon Musk has pulled out of a deal to take over Twitter for $44 billion.
The Tesla CEO, who is the wealthiest person in the world, reached an agreement to acquire the social media platform back in April.
However, the 51-year-old has since pulled out of the deal, with his reps claiming Twitter breached terms of an agreement and “appears to have made false and misleading representations”.
They said Twitter had also failed to provide data and information requested by Elon to enable him to “make an independent assessment of the prevalence of fake or spam accounts” on the social media platform.
“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 statement continued.
They also claimed that Twitter fired “two key, high-ranking employees,” laid off a third of its talent acquisition team, instituted a general hiring freeze, and more without Elon’s consent.
The Twitter Board says it now plans to sue Elon to ensure the deal goes through.
They said in a statement: “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.”
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.
— Bret Taylor (@btaylor) July 8, 2022
