Musk Withdraws Twitter Deal, Materially Violating Terms of Agreement

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Elon Musk, CEO of the U.S. electric vehicle (EV) giant Tesla, announced on August 8 that he is withdrawing his $44 billion takeover offer for Twitter. Tesla announced on August 8 that it was withdrawing its $44 billion takeover offer for Twitter. The company said there were material violations of several terms of the agreement.

 

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Twitter stock price was down 6% in after-hours trading after the close.

According to the documents, Musk’s side requested information about fake and spam accounts on Twitter’s platform multiple times, but Twitter did not respond.

 

Twitter could not be reached for comment.

 

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