Elon Musk says he no longer wants to buy Twitter


Billionaire is seeking to terminate his $44 billion agreement to buy Twitter Inc. He says the company hasn’t provided the necessary data and information he needs to assess the prevalence of fake or spam accounts, as a contractual obligation they had. His lawyer sent a letter to Twitter in this matter. This could set up a massive legal fight between Musk and Twitter. Twitter will sue to enforce the deal.It could result in a Delaware judge forcing Musk to buy the company. “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,” tweeted Twitter’s chairman, Bret Taylor.


When Musk and Twitter first signed the deal, both sides agreed to pay a $1 billion termination fee in the event that either backed out for specific reasons but Mr Musk is trying to get out without paying anything. Twitter has repeatedly said it has cooperatively shared information with Musk in order to close the deal at the originally agreed upon terms. The news about Musk’s last hour decision sent Twitter stock tumbling 5% in after-hours trading. On Friday, it closed at $36.81 share. Even as any litigation continues, however, the two sides will likely keep talking,