Tesla CEO Elon Musk sent a second letter canceling his $44 billion Twitter purchase, according to a filing with the U.S. Securities and Exchange Commission on Tuesday.
Elon Musk Sends His Second Letter Announcement That He Wants To Cancel Twitter Deal
The letter followed a letter sent in July that claimed the information provided by the social media giant was false and misleading.
Although Musk offered to buy Twitter in April, he suspended his plan the following month, citing concerns about the number of spam or fake accounts on the platform. Last month, it shelved the plan, claiming that the information provided by the social media giant was false and misleading.
But Twitter’s board said it was confident the deal would come to an end and added that it was ready to take legal action to enforce it.
The new letter signed by Elon Musk included the following phrases:
“If the Notice of Termination dated July 8 is found to be invalid for any reason, it forwards this additional notice of termination.
Twitter contested the validity of the July 8 Notice of Termination, arguing that the Merger Agreement remains in effect, an argument contested by the Musk Parties.”
It is stated that the new letter is not legally required to terminate the agreement and the grounds it lays down should be considered in addition to those in the 8 July letter, not in place.
Twitter shares were down 1.07% at $39.61 at the time of this writing.
The process of buying Twitter of the famous businessman cryptocurrency The world is following closely.
*Not investment advice.
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