Elon Musk backs out of deal to buy Twitter over ‘material breach’
Elon Musk has backed out of 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.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Rights
Newspaper links abduction of journalist Kiprotich to Kenya’s president
“We say this plainly and without equivocation: the Standard Group holds the state responsible for Alex Kiprotich’s safety and his life,” the paper’s CEO stated.
Economy
With 10 years, ₦1.2 billion, over 40 tertiary institutions in 2026, OPay says it’s here to stay
For OPay, the decision to invest in Nigerian students is ultimately a decision to invest in Nigeria itself.
Health
Lagos hospital launches ₦250 million medical equipment fund
Alimosho General Hospital, Igando, Lagos, has launched a ₦250 million fundraising campaign to procure critical medical equipment and improve healthcare delivery.
Health
Police arrest man for stealing 1,500 sachets of RUTF in Katsina
The police command in Katsina has arrested a man for allegedly diverting 1,500 sachets of ready-to-use therapeutic food meant for malnourished children.
Health
Response must outpace spread of Ebola, says UN relief chief
The UN has warned that the global response to Ebola must urgently outpace the virus as deaths in the Democratic Republic of the Congo approach 3,000.
Health
Nigeria urged to increase research funding for traditional medicine
Andrew Uloko of the College of Health Sciences, Bayero University, has called for increased investment in research and development to transform Africa’s traditional medicine.
