Elon Musk terminating $44 billion deal to buy Twitter; says social media giant is ‘in material breach of multiple provisions’

Elon Musk is set to exit his $44 billion deal to buy Twitter — the latest in a whirlwind process in which he became the company’s largest shareholder, turned down a board seat, and agreed to buy the social media platform and then began to express doubts about the implementation of the deal.

Musk claimed in a regulatory filing Friday night that he was ending the deal because Twitter breached “a material breach of multiple provisions” of the original agreement, which was signed in April.

Musk has been raising concerns for weeks without any apparent evidence that there are a greater number of bots and spam accounts on the platform than Twitter has publicly said. Analysts have speculated the concerns could be an attempt to create an excuse to exit a deal he now sees as overpriced.

Twitter did not immediately respond to a request for comment.

This is an evolving story. This article will continue to be updated as more information becomes available.

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https://6abc.com/elon-musk-twitter-deal-stops-ending-why-is-buying/12033129/ Elon Musk terminating $44 billion deal to buy Twitter; says social media giant is ‘in material breach of multiple provisions’

Alley Einstein

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