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Elon Musk cancels agreement to buy Twitter

Elon Musk, the world’s richest man, has canceled the agreement to buy Twitter. Tesla’s executive officer (CEO) Musk, while closing the deal worth $ 44 billion (Rs 3.37 lakh crore), said that the company has failed to provide data related to fake Twitter accounts on its platform.

His deal to buy the microblogging site for $44 billion appears to be in jeopardy after Elon Musk told Twitter’s board that he was terminating its acquisition agreement. After this, on Saturday, Twitter Board Chairman Brett Tylow tweeted that we will go to court to implement the agreement. Meanwhile, its shares have fallen 6 per cent after Musk canceled the deal with Twitter.

If the deal is canceled under the purchase agreement between the social media site Twitter and the CEO of Tesla, then according to the conditions, Musk will have to pay a break-up fee of one billion dollars (Rs 7.9 thousand crore), but Elon Musk will only break the break-up. Can’t escape by paying up fees. There is a provision in this agreement, which can compel Musk to complete the deal. In such a situation, a long legal battle can be drawn between Musk and Twitter. After Musk’s announcement, Twitter’s shares fell 6 percent to $36.81, while Tesla’s shares rose 2.5 percent to $752.29.

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