Elon Musk Terminates Deal To Buy Twitter

The world’s richest man Elon Musk has taken a step back on his decision to buy social media giant Twitter for $44 million.

CNBC reports Musk’s lawyer sent a letter on his behalf claiming the social media company “has not complied with its contractual obligations.”

According to Elon, Twitter allegedly did not hand over business information that the Tesla CEO had requested, unclear specifically what he was looking for, but he’s spoken in the past about wanting to look into the company’s claims about spam accounts before a deal could be reached.

Musk’s decision to terminate the potential deal is not sitting well with Twitter execs.

Following Elon’s letter, Chairman of Twitter Bret Taylor, tweeted, “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.”


Featured image: Getty Images

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