Elon Musk ‘Terminating’ Twitter Deal, Twitter Resists

Big news concerning Elon Musk’s Twitter takeover broke on Friday night.

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On Friday, Musk’s team announced they were “terminating” the merger agreement.

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In an SEC filing, they claim that Twitter is actually in “breach” of the merger agreement.

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They claim that Twitter has not been up front about the number of bot or spam accounts.

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According to the initial SEC filing, Musk has to pay $1 billion to back out of the deal.

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However, in certain instances, Twitter would also have to pay Musk $1 billion if they broke the agreement.

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Shortly after the news broke, Twitter board chair Bret Taylor took to Twitter to say they were “committed” to closing the transaction.

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Taylor said Twitter “plans to pursue legal action to enforce the merger agreement.”

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He added, “We are confident we will prevail in the Delaware Court of Chancery.”

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