2 years ago
Elon Musk officially terminated a $44 billion deal to buy Twitter on Friday, according to a filing from the Securities and Exchange Commission.
A letter sent by Skadden Arps attorney Mike Ringler on the tech billionaire's behalf alleged Twitter was in “material breach” of “multiple provisions” of the initial agreement. It also alleged the company made “false and misleading representations” about the deal.
"Sometimes Twitter has ignored Mr. Musk's request, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information," the letter from Ringler said.
Twitter said it will sue Musk to complete the merger and is "confident" it will prevail, the Associated Press reported.
Questions over the status of the deal have been raised in recent weeks, spurred in part by Musk’s public comments questioning the social network’s claim that 5% of its daily active users were spam accounts. Musk alleges the number are a low estimate.
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