A company hand-over that had the potential to change social media and how the world receives and interacts with news has come to a grinding halt. In a letter release Friday, Elon Musk is backing out of his deal to buy Twitter after rescinding his offer. Musk and the social media company entered into a seemingly prospective agreement in April when the billionaire offered $44 billion to Twitter shareholders. Musk’s termination request comes after battling with Twitter over the topic of bot accounts on the social media site.
On Friday, Musk and his legal team officially signaled his attempt in a letter to stop the deal when they argued that Twitter had misinformed the public about the number of spam accounts on the social media platform.
On May 13, Musk announced that his deal with Twitter was “temporarily on hold.” Just four days later, on May 17, Musk tweeted that his Twitter purchase “cannot move forward.” On June 6, Musk wrote a letter to Twitter and threatened to abandon his deal with the company.
A month and two days later, on July 8, Musk took action in his attempt to back out of his acquisition of Twitter. Twitter responded swiftly and firmly on Friday.
Bret Taylor, chairman of the board, said in a Tweet, “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. ”
On Monday, Twitter followed up with a letter stating that Musk’s move to halt his acquisition of the social media site is “invalid and wrongful.” According to Bloomberg, Twitter is ready to sue the billionaire CEO of Tesla.
Musk received backlash from SpaceX employees for his uncensored use of Twitter. Fans wrongly attributed his silence on the Town Square as a result of that backlash.
Musk didn’t filter himself either when he responded to the backlash he publicly received from Twitter with a series of tweets on Monday.
The future of Twitter and Musk’s major agreement is uncertain. One thing that is for sure is that both parties won’t be going down without a fight.
