Elon Musk terminates agreement to buy Twitter

Tesla Founder Elon Musk has revealed that he’s terminating his agreement to purchase Twitter, just hours after a report surfaced stating the deal was in “serious jeopardy.”

In a report from Reuters, it has been revealed that Elon Musk’s Twitter deal has officially been terminated.

Original story below…

In April 2022, Elon Musk landed a monumental deal to purchase Twitter outright for a whopping $44 billion.

The transaction caused an uproar on the social media platform, where “Leave Twitter” trended for an entire day after the announcement.

Although this was approved by Twitter’s board of directors, a new report speculates the deal will not go down as originally planned.

Elon Musk Twitter deal in “jeopardy”

On July 7, The Washington Post reported that the PayPal founder may not end up obtaining the social media giant after all.

The deal has had growing speculation around it since Elon Musk and his team requested data about spam accounts on the website. “Musk’s camp concluded that Twitter’s figures on spam accounts are not verifiable,” WaPo said.

“Musk’s team’s doubts about the spam figures signal they believe they do not have enough information to evaluate Twitter’s prospects as a business,” the report suggested.

Elon and his team’s increasing doubt about the spam accounts have led them to “stop engaging in certain discussions around funding for the $44 billion deal.”

Since the billionaire offered to acquire the company at $54.20 a share, the stock prices have dropped drastically – all the way down to below $37.

The newly released details suggest that this is another major reason Musk could try to pull back from the deal, a situation that would be a complicated legal matter if Musk attempts to pull the plug entirely.