BREAKING: World richest man, Elon Musk backs out of $44 billion deal to buy Twitter
The richest man in the world, Elon Musk, has backed out of a deal to buy social network giant Twitter.
Mr Musk’s lawyers informed the U.S. Securities Exchange Commission that the Tesla chief executive would no longer be paying $44 billion to seal the deal.
Mr Musk’s lawyers stated in the SEC filings that Twitter was “in material breach of multiple provisions” of the merger deal signed months ago.
The breakdown comes three months after Mr Musk announced his intention to buy Twitter. The company’s shareholders, after initial squabbles, subsequently agreed to sell the platform.
For weeks, Mr Musk had alleged false claims in the number of users reported by Twitter, saying the accounting system was flawed and opaque. Twitter strongly denied the claims, saying only a manageable percentage of its user base had been found to be bots.
A spokesperson for Twitter did not immediately react to the announcement on Friday night.
Newsflash Nigeria is an online newspaper that is developed and written exclusively for Nigerians. It’s packed with up-to-the-minute Local and National Economy News, Share & Capital Market, Health, Sports, Education, Technology, Business and Opinions.
To make further advert enquiries or place an order, please contact us at [email protected] and +2348053316946 and WhatsApp number 08033546732
FOLLOW US ON GOOGLE
