Elon Musk abandons deal to buy Twitter

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.

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Twitter immediately retorted, stating that it would sue Tesla CEO to enforce the deal.

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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.

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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.

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It appears to be ready to fight for the completion of the purchase. The company's board approved

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it and Parag Agrawal, the CEO, has stated that he wants to consummate the transaction.

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Twitter has either refused or failed to provide the information. Twitter has sometimes refused to provide the information requested by Mr. Musk.

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It has also rejected requests for reasons that seem unjustified. Sometimes, it claimed to comply but gave Mr. Musk insufficient or unusable information

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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.

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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.

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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.

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