Famous technology entrepreneur Elon Musk has been on the world agenda with his attempt to take Twitter in recent months. Announcing that he will buy with a budget of $ 44 billion, Elon Musk has now announced that he is withdrawing from the agreement. He initially decided to buy it after owning a 9% stake in the company.
Tesla CEO Elon Musk announced plans to buy social networking site Twitter in April for $44 billion, but later suspended the acquisition as he awaited more data on Twitter spam accounts. And later, Musk said that the deal was out of question and could be done at a lower price, and later announced that he terminated the deal.
In a statement to the U.S. Securities and Exchange Commission, Musk’s team cites “material violations of multiple provisions of the agreement” and Twitter’s false and misleading statements as reasons for terminating the agreement, as well as Twitter’s failure to comply with its contractual obligations to the agreement. is accused.
Musk is obligated to pay Twitter a $1 billion breakup as part of the contract if he can’t complete the purchase. Therefore, he announced that he would apply to the court to avoid paying the separation fee to the social network.
See also: Elon Musk Is Stopping Taking Twitter