Elon Musk announced his decision to terminate the agreement to acquire the social network Twitter for $44 billion after the company violated the terms of the deal. It writes Reuters.
Musk accuses the company of hiding data about fake accounts and overestimation of the audience platforms.
Bret Taylor, chairman of the board of directors of Twitter, has already responded to this. He said that the company is ready to go to court to “close the deal at the price and terms agreed with Musk.”
The Twitter Board is committed to closing the transaction on the price and agreed terms 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
Following the news, Twitter shares have fallen 28% since advertisements for the purchase of the social network by Musk in the end of April. The deal was expected to close by the end of 2022.
Musk planned to “an inclusive arena for free speech”.
The decision was supported by Twitter founder Jack Dorsey, head of Coinbase Brian Armstrong and co-founder of Ethereum Vitalik Buterin.