Elon Musk initially intended to buy Twitter, but the billionaire has now shifted his intentions to cancel the purchase indefinitely. According to CNBC, the 51-year-old Tesla CEO’s lawyer informed the social media network of his plans in a letter on Friday, July 8.
According to a letter obtained by the SEC, Musk’s legal team withdrew his merger agreement and claimed that Twitter was in “material violation of various terms” for making false and misleading statements about the status of their business. Twitter, on the other hand, is still dedicated to closing the deal even if it has not yet responded publicly to the South African native’s claims.
“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.” Bret Taylor, the board’s chair, tweeted on Friday.
The creator of Space X first declared earlier this year that he intended to buy the media giant for a staggering $44 billion.
Musk then disclosed his intentions had been put on hold, despite the fact that he had already bought 9% of Twitter’s stock. The billionaire tweeted in May, “Twitter deal momentarily on hold pending data supporting computation that spam/fake accounts do actually comprise fewer than 5% of users,” “Remains dedicated to acquisition. My team will randomly select 100 of @twitter’s followers to find out. I encourage others to go through the same procedure and see what they find.
The news that Musk, one of Twitter’s top stockholders, had given birth to twins in November 2021 with Neuralink executive Shivon Zilis grabbed headlines earlier this week.
Musk now has ten children after the birth of his twins, who are eight months old. With his ex-wife Justine Wilson, he also shares parental responsibility for triplets Kai, Saxon, and Damian (all 16), as well as twins Vivian and Griffin (both 18). Prior to Nevada, who passed away at 10 weeks due to sudden infant death syndrome, Musk and Wilson, 49, also had a shared son. Later, together with singer Grimes, Musk received children X AE A-XII, 2, and Exa Dark Siderael, 7 months.
