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.”
States
Tinubu advised me never to negotiate with criminals, Gov Ododo says
“I don’t play with criminals, and I don’t negotiate with them. I can tell you that, as far as Kogi State is concerned, we don’t have a department for ransom payment,” he said.
Heading 1
U.S. has spent $37.5 billion on Iran war: Hegseth
“The estimate we have as of today is $37.5 billion,” Mr Hegseth said.
Lagos
Slain Lagos NURTW organising secretary buried amid tears
Mr Ajiboye died days after he was attacked by gunmen.
Africa
144 refugees, migrants dead, missing off Mauritania coast: UNHCR
“The refugees and migrants were reported dead or missing after attempting the perilous sea journey from West Africa towards Europe,” the agency said.
World
U.S. govt condemns Ortega’s ban on elections in Nicaragua
Mr Rubio urged the international community to rise against Mr Ortega’s dictatorship.
World
Zelensky sacks Ukraine’s top general after firing defence minister
Mr Syrskyi’s dismissal came days after Mr Zelensky fired Ukraine’s defence minister, Mykhailo Fedorov, a decision that sparked protests across the country.
