Elon Musk officially tries to bail on buying Twitter - The Verge

Elon Musk has filed to back out of his deal to buy Twitter, accusing the company of making false and misleading statements during their negotiations.

Elon Musk is officially trying to pull out of his $44 billion agreement to purchase Twitter. In a filing Friday afternoon with the Securities and Exchange Commission, Musk’s team claims he is terminating the deal because Twitter was in “material breach” of their agreement and had made “false and misleading” statements during negotiations.

“For nearly two months, Mr. Musk has sought the data and information necessary to ‘make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform,’” Musk’s legal team writes. “Twitter has failed or refused to provide this information.”

Twitter still hopes to close the deal, despite Musk’s attempted termination. Twitter board chairman Bret Taylor wrote that the company will “pursue legal action to enforce the merger agreement” and feels “confident we will prevail” in court.

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.

https://www.theverge.com/2022/7/8/23200961/elon-musk-files-back-out-twitter-deal-breach-of-contract

---