Elon Musk announces termination of deal to buy Twitter

Elon Musk announced the termination of the agreement to acquire the social network Twitter for $ 44 billion due to a violationterms of the deal by the company. It is reported by Reuters.

The reason for this decision was accusations of hiding data about fake accounts and overestimating the indicators of the platform's audience.

Twitter Chairman Bret Taylor said he was ready to go to court to "close the deal at the price and terms agreed with Musk."

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Twitter shares have fallen 28% since Musk announced his purchase of the social network in late April. The deal was expected to close by the end of 2022.

Data: Trading View.

Musk planned to create "an inclusive arena for free speech." The decision was supported by Twitter founder Jack Dorsey, Coinbase CEO Brian Armstrong and Ethereum co-founder Vitalik Buterin.

Recall that at the end of May, Twitter shareholders sued Musk and the social network itself because of the "chaotic process" of the company's takeover. The head of Tesla was accused of manipulating the market.

In June, Twitter's board of directors unanimously recommended that shareholders approve Musk's $44 billion purchase of the social network, although back in April it was strongly opposed and even implemented a takeover protection plan.

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