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Saturday, December 10, 2022

Elon Musk pulls out of $44 billion deal to buy Twitter: details

Elon Musk Pulls Out Of $44 Billion Deal To Buy Twitter After Initially Putting Plans On Hold

Elon Musk Action Press/Shutterstock

Although Elon MuskInitial plans to buy Twitter, the billionaire has changed his mind.

The attorney for the 51-year-old CEO of Tesla sent a letter to the social media platform on Friday, July 8, of his intentions, according to CNBC.

In addition to withdrawing their merger agreement, Musk’s legal team alleged that Twitter is in “material violation of multiple provisions” after making false and misleading claims about the state of its business, according to a letter released by the SEC.

Twitter, for its part, has yet to publicly address the South African native’s allegations, but remains committed to sealing the deal.

“Twitter’s Board is committed to closing the transaction at the price and terms agreed with Mr. Musk and plans to take legal action to enforce the merger agreement,” the board chairman said. bret taylor tweeted on Friday. “We are confident that we will prevail in the Delaware Court of Chancery.”

The Space X founder initially announced earlier this year that he planned to buy the media company for an impressive $44 billion.

“Freedom of expression is the foundation of a functioning democracy, and Twitter is the digital public square where issues vital to the future of humanity are debated,” Musk said in an April press release. “I also want Twitter to be better than ever by improving the product with new features, making the algorithms open source to increase trust, defeating spam bots, and authenticating all humans,” he explained. “Twitter has enormous potential; I look forward to working with the company and the user community to unlock it.”

Musk, who had previously bought 9 percent of Twitter shares, later revealed that his plans were on hold.

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts account for less than 5% of users,” the businessman said. tweeted In May. “Still committed to the acquisition. To find out, my team will take a random sample of 100 @twitter followers. I invite others to repeat the same process and see what they discover.”

Musk, who is one of Twitter’s largest shareholders, made headlines earlier this week after Well-informed person reported that she had welcomed a set of twins with the Neuralink executive Shiv Zilis in November 2021.

“Doing everything we can to help the depopulation crisis,” he tweeted on Thursday, July 7, seemingly confirming the news. “Birth rate collapse is by far the greatest danger facing civilization. … I hope you have great families and congratulations to those who already have them!”

The arrival of Musk’s 8-month-old twins makes him a father of 10. He is also a father to twins Vivian and Griffin, both 18, and triplets Kai, Saxon and Damian, all 16, with his ex-wife. justin wilson. Musk and Wilson, 49, also shared their late son Nevada before the newborn died of sudden infant death syndrome at 10 weeks. Musk then welcomed his son X AE A-XII, 2, and his daughter Exa Dark Sideræl, 7 months, with the musician. Grimes. (Exa was born via surrogacy in December 2021, a month after Zilis, 39, welcomed her children.)

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