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Elon Musk wants to terminate $44B Twitter buyout deal

Elon Musk
Posted at 2:55 PM, Jul 08, 2022
and last updated 2022-07-08 17:55:54-04

Elon Musk might not be acquiring Twitter after all.

In a letter filed with the Securities and Exchange Commission on Friday, the billionaire's lawyers said Musk wanted to pull out of the deal because the social media company was in “material breach” of their agreement.

He also cited they made “false and misleading” statements during negotiations.

Musk's lawyers said for nearly two months he has tried to obtain information about fake accounts on the platform, which he noted Twitter never provided.

"Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information," the filing said.

According to the New York Times, Twitter’s stock fell 4% in extended trading.

The $44 billion deal was first agreed to in April, the Washington Post reported.