Elon Musk Has Reportedly Just Backed Out Of The 44$ Billion Twitter Deal
After months of speculations, Elon Musk has decided to abandon his plan to purchase Twitter.
After further consideration, Elon Musk has decided against purchasing Twitter. According to a recent filing that Musk has made with the Securities and Exchange Commission (SEC), Musk has decided to terminate his deal to acquire the massive social media platform. This information was published by Ed Ludlow of Bloomberg.
On Friday, a formal notification was sent to Twitter stating that the $44 billion transaction, which would have taken the social media platform private along with a host of other changes, was going to be cancelled.
This comes after months of speculation that Musk had changed his mind about the transaction after he frequently complained about what he believed was Twitter’s failure to provide all of its data on spam bots.
It was reported earlier this week that Musk’s takeover of Twitter was in “severe risk” as a result of the protracted nature of the discussions. It has been completely scrapped at this point.
Musk made his first proposal to purchase Twitter in April, which prompted the board of directors of the firm to implement a “poison pill” strategy in an effort to prevent the acquisition from going through. In the end, Twitter changed its mind and agreed to be acquired by Musk for $44 billion; he referred to this deal as his “best and last” offer.
This story is developing…
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