Elon Musk Has Attempted to Terminate His Deal to Buy Twitter
After an intense back and forth between the board for Twitter and Elon Musk, the two parties had finally agreed on a solution that enabled Musk to purchase Twitter in April.
Just a few months later, Elon Musk has terminated his deal to buy Twitter and is no longer planning on purchasing the app.
At the beginning, Musk claimed he planned on buying Twitter, and the Twitter board fought against him, hoping to block the purchase. After Musk offered $44 billion to buy Twitter, the board reversed their efforts and accepted.
Elon Musk planned to remove some of the moderation policies in place on Twitter, which included unbanning some of the more controversial accounts like Donald Trump. This sparked disagreement from many Twitter users, but a lot of conservative accounts were in favor of the decision.
Elon Musk also promised to remove Twitter’s issues with spam bots and fake profiles. Musk’s goal was to eliminate any spamming issues and give complete access to freedom of speech, even if it may be controversial.
After the deal was accepted by Twitter’s board, Musk began to complain about the amount of bots on Twitter. Due to privacy reasons, Twitter could not give Musk all of the data covering Twitter’s spam bots and other accounts.
Elon Musk claimed that this was a breach of contract, since he could not receive exact numbers on the content that he was purchasing. After publicly blasting Twitter for this issue many times, people began to suspect he was getting cold feet over the purchase.
They were correct, as Elon Musk has officially terminated his contract as of Friday. There were negotiations taking place during the week before, but it was not enough to convince Musk to stick with his purchase.
The Twitter board is completely against Musk’s decision, and they are suing Musk. They plan to use legal action in order to force the merger agreement. As far as the board is concerned, Elon Musk will be purchasing Twitter no matter what.
Sources:
https://www.ign.com/articles/elon-musk-just-terminated-his-deal-to-buy-twitter
