Elon Musk Pulls Out of $44bn Deal to Buy Twitter
American billionaire businessman, Elon Musk has pulled out of the deal to buy Twitter as he seeks to officially end his $44bn (£36bn) bid to buy the social media brand on the heels of alleged multiple breaches of the agreement.
It would be recalled that Musk had explained that he backed out because Twitter failed to provide enough information on the number of spam and fake accounts.
Twitter, has, however, responded saying it plans to pursue legal action to enforce the agreement.
In a tweet, setting up a potentially long and protracted legal battle between the two sides, Twitter Chairman, Bret Taylor wrote, “The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk,”
The original merger agreement includes a $1bn (£830m) break-up fee.