Elon Musk Pulls Out Twitter
The latest news about Twitter is that musk pulls out of a 44billion deal to buy Twitter. During that period, Twitter's shares fell just 15%, boosted by Musk's deal. But Twitter was reluctant, as investors speculated that Musk might pull out of the deal, and Twitter's stock price began to fall within days, hitting its lowest level since March.
The eccentric billionaire is apparently no longer willing to buy social network Twitter after his lawyers claimed the company breached several contractual obligations that led him to back out of a controversial deal worth about $44 billion. More Info...
Twitter Chairman Brett Taylor said the board plans to take legal action to enforce the merger agreement. Musk's decision could lead to a protracted legal battle between the billionaire and the 16-year-old dot-com company.
Official News:
Elon Musk's lawyers officially announced late Friday that the founder and CEO of Tesla and SpaceX have filed to terminate the Twitter acquisition, according to corresponding reports from CNBC and multiple other outlets. Twitter allegedly failed to meet several contractual obligations, and in the process, Musk didn't get the kinds of information he requested. One of the issues may revolve around statistics on the number of spam and fake accounts, which are important from an economic standpoint, as they are speculated to account for around 5% of daily Twitter users.
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