Elon Musk Terminates R7.9 Billion Social Network Company Twitter Buyout Deal
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Elon Musk Terminates R7.9 Billion Social Network Company Twitter Buyout Deal

  • Elon Musk has pulled the plug on his deal to buy Twitter, accusing the company of 'misleading' statements on the number of fake accounts
  • Musk ended the deal he had inked in April to buy the social media giant setting a stage for an epic court battle over the multi-million dollar deal
  • The Tesla and SpaceX CEO had made his offer to buy the social media platform in April 2022

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Elon Musk has terminated his bid to buy out social networking company Twitter in a multi-billion deal.

Elon Musk, Twitter
Elon Musk has terminated his R7.9 billion buyout of social networking company Twitter. Photo: Getty Images, Twitter.
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Deal ended

According to the New York Post, the Tesla and SpaceX CEO said he was ending his deal with Twitter stating the social media company failed to provide requisite information about fake accounts.

Musk had made his offer to buy the giant social media platform on April 25.

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Twitter's future uncertain as it faces messy breakup with Musk

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The billionaire's lawyers stated Twitter had failed or refused to respond to requests for information on fake or spam accounts.

Musk said he told Twitter on June 6 that it breached the merger agreement by not providing enough info on the fake accounts, according to the filing.

Lawyers emphasised that such information was which is fundamental to the company’s business performance.

Twitter chairman Bret Taylor stated that the giant corporation is prepared to take Musk to court.

“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,” Taylor tweeted.

He added:

“We are confident we will prevail in the Delaware Court of Chancery.”

AKA pleads with Elon Musk to help with the electricity crisis in SA following Stage 6 blackouts announcement

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Relief, disappointment as Musk abandons Twitter deal

In other entertainment news, Briefly News also reported that the country is currently experiencing some power shortages. Eskom has been trending following the announcement that there will be load-shedding for up to six hours.

AKA felt South African-born businessman, who is also the richest man in the world, may be part of the solution to the power crisis.

According to The South African, the award-winning rapper headed to his Twitter page to plead with Musk to come and help his country. He even wondered why the government had not yet approached the tech giant for assistance.

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Source: TUKO.co.ke

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