Reuters reports:
Chief Executive Officer Elon Musk said on Friday he was terminating his $44 billion deal for Twitter Inc (TWTR.N), citing material breach of multiple provisions of the agreement. Shares of Twitter fell 6% in extended trading.
The announcement brings to an end a will-he-won’t-he saga after the world’s richest person clinched a deal for Twitter in April but then put the buyout on hold until the social media company proved that spam bots accounted for less than 5% of its total users.
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BREAKING: Elon Musk says his advisers sent a letter to Twitter formally notifying the company that he is terminating the merger agreement https://t.co/Pc3fyaJkW7 pic.twitter.com/9lE04hkzir
— Bloomberg (@business) July 8, 2022
Next: Twitter suspends @elonmusk ? https://t.co/2XYrIO5kgJ
— Dr. Eli David (@DrEliDavid) July 8, 2022
Elon Musk walks away from Twitter deal https://t.co/KF6d5uSVJ9
— Dan Primack (@danprimack) July 8, 2022
Elon Musk notifies Twitter he is terminating deal https://t.co/lagwkvuJ55
— CNBC Now (@CNBCnow) July 8, 2022