Elon Musk terminates Twitter deal

Elon Musk formally terminated a $44 billion deal to purchase Twitter on Friday, in response to a submitting from the Securities and Exchange Commission.

A letter despatched by Skadden Arps legal professional Mike Ringler on the tech billionaire’s behalf alleged Twitter was in “material breach” of “multiple provisions” of the preliminary settlement. It additionally alleged the corporate made “false and misleading representations” in regards to the deal.

“Sometimes Twitter has ignored Mr. Musk’s request, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information,” the letter from Ringler stated.