FILE – The Twitter application is seen on a digital device, April 25, 2022, in San Diego. Elon Musk’s tumultuous $44 billion bid to buy Twitter is on the verge of collapse, after the Tesla CEO sent a letter to Twitter’s board, Friday, July 8, 2022, saying he is terminating the acquisition. (AP Photo/Gregory Bull, File)
Photo : AP
“I know this is an uncertain time, and we appreciate your patience and ongoing commitment to the important work we have underway,” Edgett wrote.
As per the website, the notice cites the fact that the merger is an ongoing legal matter.
In a surprising move, Musk’s legal team said in a US Securities and Exchange (SEC) filing that he is terminating the deal because Twitter was in “material breach” of their agreement and had made “false and misleading” statements during negotiations.
Meanwhile, Twitter, in response, said that it was going to sue Musk for terminating the $44 billion takeover deal.
In the following tweet, Twitter Chairman Bret Taylor said that the “board is committed to closing the transaction on the price and terms agreed upon with Musk and plans to pursue legal action to enforce the merger agreement”.
“We are confident we will prevail in the Delaware Court of Chancery,” he added.
Musk had put the deal on hold over the actual number of spammy/ fake accounts and bots on the platform, and sought a reply from Twitter CEO Parag Agrawal.
On Thursday, Twitter claimed it is suspending more than 1 million spam accounts a day.
