Elon Musk withdraws from $44 billion Twitter deal and board member Bret Taylor threatens to sue him.

Twitter chairman Bret Taylor revealed on the microblog platform that the board plans to sue Elon Musk for enforcing a merger agreement.

Elon Musk withdraws from $44 billion Twitter deal

Elon Musk has decided to withdraw its $44 billion takeover offer. Twitter is the latest move in an ongoing conflict between the wealthiest people. One of the most important social media networks in the world. This is the most recent story. On Friday, billionaire Elon Musk decided to drop his $44 billion offer to buy Twitter. The major social media giant now plans to sue the Tesla CEO to close the deal.

Why is Elon Musk withdrawing from $44 billion Twitter deal?

Elon Musk, the richest man in the world and founder of Tesla. On Friday, he announced he would abandon the $44 billion offer. Social media company buys Twitter because it has violated several merger agreement clauses. Twitter Chairman Bret Taylor revealed on the microblogging platform that the board plans to file a lawsuit to enforce the merger agreement. He said the Twitter board is committed to action. The deal is Mr. Subject to the conditions and circumstances specified in the contract with Musk.

That’s because Twitter doesn’t provide enough information about the number of fake accounts. Musk claimed to be using the network to close the largest buy in recent memory. In April, Twitter and Musk agreed that they would face a $1 billion fine if they decide to cancel their contract. Twitter may have asked for a dismantling fee after SpaceX’s CEO stepped down, but it is preparing a fight to close the deal instead.

Elon Musk’s decision to abandon the deal sparked conflict.

Musk’s decision to withdraw from the deal, and Twitter’s promise to fight relentlessly to end it, cast doubt on the company’s future and stock price at a time when concerns about interest rate hikes and a potential recession are rocking Wall Street. Competitors in online advertising such as Alphabet, Meta Platforms, Snap, and Pinterest have lost an average of 45% since 2022, while Twitter has only lost 15% due to its recent acquisition of Musk.

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