Elon Musk has terminated his $44 billion deal to acquire social media giant Twitter.
PUBLISHED 5:40 PM ET Jul. 08, 2022Tesla CEO Elon Musk sent a letter to Twitter’s board saying he is terminating his $44 billion acquisition of the social media giant
But Twitter isn’t accepting Musk’s declaration. The chair of Twitter’s board, Bret Taylor, tweeted in response that the board is “committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.”
On Friday, shares of Twitter fell 5% to $36.81, well below the $54.20 that Musk had offered to pay. Shares of Tesla, meanwhile, climbed 2.5% to $752.29.
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