Elon Musk, the world's richest businessman, has announced the cancellation of his deal with Twitter. Elon Musk had on April 25 offered to buy Twitter, a social media platform, for 54.20 billion. The deal, meanwhile, was set at 44 billion.
Musk has announced to abandon his tumultuous $44 billion offer to buy Twitter after the company failed to provide enough information about the number of fake accounts. So the Twitter company is now preparing to take Elon Musk to court. The high voltage drama that has been going on for the last several weeks has now taken a different turn.
Elon Musk has accused Twitter of violating several provisions of the agreement. So Musk has announced that it is canceling its Twitter purchase agreement. Elon Musk's lawyers have provided information on this. "Musk has now terminated its agreement with Twitter. Musk has taken this decision because Twitter has violated several provisions of the agreement.
Twitter has also taken an extreme stance following the announcement by Musk that it was canceling the deal. "The Twitter 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," Twitter said.