3:01 PM PT — Apparently, Elon’s backing out on the sale isn’t sitting well with Twitter execs … the company’s chairman, Bret Taylor, just tweeted, “The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.”
Elon Musk isn’t going to be taking over Twitter after all, he just notified the company he wants to terminate the potential deal they had for the sale of the company.
CNBC reports Musk’s lawyer sent a letter on his behalf Friday, claiming the social media company “has not complied with its contractual obligations.”
According to Elon’s side … Twitter allegedly didn’t hand over business information that the Tesla CEO had requested, unclear specifically what he was looking for, but he’s spoken in the past about wanting to look into the company’s claims about spam accounts before a deal could be reached.
As we reported, Musk announced he was pumping the brakes on his $44 billion deal back in May … and the stock tanked in pre-market trading — down 25%.
While he said the pause had to do with the spam accounts, other theories began to circulate — one idea suggested he wanted to make execs at Twitter sweat and get a better deal, while another theory believed it to be the beginning of the end of his deal with the platform.