Elon Musk, a millionaire in the technology industry, is terminating his agreement with Twitter, his advisors said in a letter sent to the social media platform on Friday afternoon.
The advisers of the Reporting Person officially informed Twitter in writing on July 8, 2022, that the Reporting Person is canceling their merger agreement. The whole language of the letter, a copy of which is attached here as Exhibit P and is incorporated herein by reference, is qualified in its entirety by the previous description of the Reporting Person’s letter.
In a new filing, Elon Musk's lawyer says he is "terminating the merger agreement." pic.twitter.com/AZRQvGWki4— David Gura (@davidgura) July 8, 2022
According to CNBC, Musk’s agreement has been in doubt for some time since Twitter was allegedly reluctant to disclose information on spam accounts. Conservatives hoped Musk would buy the website in order to change some of its practices, particularly with regard to how the app handles contentious viewpoints.
The withdrawal is a major turning point in a half-year story that started with Musk amassing an ownership position, setting up an intricate financing scheme, and then concluding a deal in April. With a termination letter delivered on Friday, Musk claimed that the firm had misled the public about the amount of artificial accounts known as spam bots using its platform.
According to Musk’s attorneys, Twitter misrepresented the quantity of spam bots using the social network and hasn’t adhered to its contractual commitments to offer details on how to gauge the prevalence of the bots.
Twitter threatened to defend itself in court just minutes after the letter became public.
“The Twitter Board is dedicated to completing the merger at the price and conditions negotiated with Mr. Musk, and it intends to take legal action to make sure the merger agreement is upheld,” according to Brett Taylor,” we are optimistic that we will win in the Delaware Court of Chancery.”