Elon Musk Terminates Twitter Merger Agreement

Claiming that Twitter is in “material breach of multiple provisions of the Merger Agreement”, Elon Musk has stepped back from the proposed takeover of Twitter. Twitter’s Board of Directors have indicated that they intend to close the deal at the agreed $54.20 a share, so the matter will now be settled in the Delaware Court of Chancery. The legal action will probably take several years to conclude. The dispute is centred on Twitter’s estimates about how many of its daily users are fake or spam accounts.

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