Elon Musk declared Friday that he would not accept his controversial $44 billion offer for Twitter to be bought.
The company had failed to disclose enough information about fake accounts and he decided to abandon the deal.
Twitter immediately retorted, stating that it would sue Tesla CEO to enforce the deal.
The acquisition's likely unravelling was the latest twist in an ongoing story between the richest man in the world and the largest social media platform.
It may signal a major legal battle.Twitter could have asked for a $1B breakup fee, which Musk would agree to pay in these circumstances.
It appears to be ready to fight for the completion of the purchase. The company's board approved
it and Parag Agrawal, the CEO, has stated that he wants to consummate the transaction.
Twitter has either refused or failed to provide the information. Twitter has sometimes refused to provide the information requested by Mr. Musk.
It has also rejected requests for reasons that seem unjustified. Sometimes, it claimed to comply but gave Mr. Musk insufficient or unusable information
said the letter. Musk stated that the information was essential to Twitter's financial and business performance and that it is necessary to complete the merger.
Bret Taylor, chair of Twitter's Board, responded by tweeting that the board was "committed" to closing the deal on Musk's terms and price.
He also stated that they plan to take legal action to enforce their merger agreement. We are confident that we will prevail at the Delaware Court of Chancery.