🚨 BREAKING: Elon Musk says he's terminating his $44 billion takeover of Twitter
What's awkward is that the terms of the deal mean that Musk waived certain due diligence rights, and it's very possible that he could be on the hook for a $1 billion fee because of the termination.
While he had proposed a takeover at $54.20 a share, Twitter's currently trading at $34.65 — with stock plunging 5.67% in after-hours trading after Musk's shock exit emerged. He doubled down on claims that Twitter has not complied with a contractual obligation to provide all data and information "for any reasonable purpose related to the consummation of the transaction" — despite two months of attempts."Twitter has failed or refused to provide this information. 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.
It's also alleged that a number of letters were filed to request further information — but the tech giant is accused of being "non-responsive," with his lawyers claiming this gives him the right to terminate their agreement.
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