Elon Musk, the chief executive officer of Tesla and the world's richest person, said on Friday he was terminating his $44 billion deal to buy Twitter because the social media company had breached multiple provisions of the merger agreement.
Tesla CEO Elon Musk on Friday, July 8, 2022, says he was terminating the deal to buy Twitter for $44 billion. Patrick Pleul/Pool via REUTERS/File Photo
"The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk...," he wrote. Musk also said he was walking away because Twitter fired high-ranking executives and one-third of the talent acquisition team, breaching Twitter's obligation to "preserve substantially intact the material components of its current business organization."
But after he agreed on April 25 to buy Twitter, the stock within a matter of days began to fall as investors speculated Musk might walk away from the deal. With its tumble after the bell on Friday, Twitter was trading at its lowest since March.
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