Elon Musk Terminating $44 Billion Deal With Twitter

Sunday, July 10, 2022 | Tag Cloud Tags: ,

By Stefan J. Bos, Chief International Correspondent Worthy News

WASHINGTON (Worthy News) – vowed to take legal action after the world’s richest man said he was terminating his $44 billion deal to buy the social media service.

The company said it intends to sue Tesla car producer CEO Elon Musk to uphold the deal. Musk walked away from the agreement citing concerns about a large number of fake accounts.

In May, Musk said the deal was “temporarily on hold” as he was awaiting data on the number of fake and spam accounts on Twitter.

The billionaire businessman had asked for evidence to back the company’s assertion that spam and bot accounts make up less than 5 percent of its total users.

Yet his decision came as a significant setback for freedom-of-speech advocates who had hoped his takeover would bring back banned conservative and Christian voices as well as leaders such as former U.S. President Donald J. Trump.

Musk — who has more than 100 million followers — lamented that the company failed to live up to its potential as a platform for free speech.

His decision not to purchase Twitter sent the stock tumbling 5 percent in after-hours trading.

Twitter has fallen sharply since its board accepted Musk’s offer to buy the company in April for $54.20 a share.

On the announcement day, Twitter closed at $51.70 a share. On Friday, it closed at $36.81.

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