Elon Musk has quit his $63 billion Twitter acquisition, due to the company being “in breach of multiple provisions.”
After much confusing back-and-forth, Elon Musk has finally declared his decision to call it quits with Twitter. Reportedly, Musk has sent an official letter to Twitter’s board, explaining that he is terminating the acquisition.
In the letter addressed to Twitter’s primary lawyer, the Telsa and SpaceX CEO claims that he is canceling the buyout, because the social media giant is “in material breach of multiple provisions” of the initial agreement.
In reality, this is not a new concern. Elon Musk has been ranting about these supposed breaches for several weeks now. And with no concrete evidence, allegedly.
As stated by 9News, his original concerns surrounded the fact that “there are a greater number of bots and spam accounts on the platform than Twitter has said publicly.”
Many have speculated that these ‘concerns’ are an attempt to orchestrate a solid reason to jump ship from the deal, as Musk may believe it’s now overpriced, when analysed in comparison to the decline of Twitter shares.
In the letter issued to Twitter on Friday, Elon’s lawyer claims that Twitter has “not complied with its contractual obligations” and “appears to have made false and misleading representations upon which Mr. Musk relied” when saying yes to the deal.