the staff of the Ridgewood blog
Ridgewood NJ, Elon Musk has terminated his agreement to buy Twitter , less than three months after reaching a deal to acquire it.
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“…Mr. Musk is terminating the Merger Agreement because Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement, and is likely to suffer a Company Material Adverse Effect,” a lawyer wrote on his behalf in a letter to Twitter’s chief legal officer, according to a Securities and Exchange Commission (SEC) filing.
The letter alleged that the social media platform had rejected or ignored Musk’s requests for information he sought to “make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform.”
Twitter’s board chairman Bret Taylor said the company is still committed to closing the deal at the agreed-upon price and plans to pursue legal action to enforce the agreement.
I tend to think the deal fell apart due to the market crash that happened.