JUST IN: Elon Musk terminating $44 billion deal to buy Twitter

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Elon Musk, the chief executive officer of Tesla (TSLA.O) and the world’s richest person, said on Friday he was terminating his $44 billion deal to buy Twitter because the social media company had breached multiple provisions of the merger agreement.

In the filing on Friday, Musk’s attorney claimed that Twitter “is in material breach of multiple provisions of that agreement” and appears to have made “false and misleading representations” when entering into the agreement.

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Twitter’s chairman, Bret Taylor, said on the micro-blogging platform that the board planned to pursue legal action to enforce the merger agreement.

The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.

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Musk reached a deal to purchase the platform at $54.20 a share on April 25, after quickly becoming the largest shareholder of Twitter with a 9.2% stake.


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