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Elon Musk wants out of his $44 billion agreement to purchase Twitter.
Musk initially filed to purchase the social media platform in late April, but said in a filing on Friday that Twitter was in breach of the original sale agreement. Musk says Twitter failed to comply with his request for information about the number of fake and spam accounts on the platform.
Musk also claims Twitter failed to conduct business as usual after firing two high-ranking employees and laying off a third of its talent acquisition team.
“Twitter has not provided information that Mr. Musk has requested for nearly two months notwithstanding his repeated, detailed clarifications intended to simplify Twitter’s identification, collection, and disclosure of the most relevant information sought in Mr. Musk’s original requests,” the filing on Musk’s behalf read.
Whether Musk can get out of the agreement, however, remains to be seen.
Twitter board chair Bret Taylor said in a statement on social media that the company will pursue legal action to close the purchase agreement.
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 (@btaylor) July 8, 2022
Get your popcorn ready, because we will have to wait and see how this all plays out.
