BREAKING UPDATE: Twitter to force a deal with Elon Musk after he pulled the plug

BREAKING UPDATE: Twitter to force a deal with Elon Musk after he pulled the plug

Twitter chairman Bret Taylor has insisted that Elon Musk will be forced into completing the takeover deal.

 

UPDATE: Saturday, July 9 at 00:23pm

Following Elon Musk’s announcement late on Friday that he is terminating his deal to purchase Twitter, a statement has since appeared on the platform, posted @btaylor by board Chairman Bret Taylor.

It read: “The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery’.

Friday, July 8 at 11:55pm

Elon Musk has sensationally announced this evening, Friday, July 8, that his proposed $44 billion take over of Twitter has been shelved. The billionaire had cooled on the deal while waiting for his legal team to investigate with regard to the number of fake accounts that existed on the platform, according to dailymail.co.uk.

Skadden Arps, the lawyers representing the richest man in the world presented the Securities and Exchange Commission with a letter. In it, Mike Ringler accused the media giant of being in material breach of multiple provisions of the proposed agreement. They claimed that requests to inspect data had been ignored and rejected.

‘Twitter has not complied with its contractual obligations. For nearly two months, Mr Musk has sought the data and information necessary to make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform’, one section of his legal team’s letter said.

Shares in Twitter had dropped by around six per cent this Friday. Musk has not yet personally tweeted anything about his decision to terminate the offer that had been agreed unanimously by the Twitter board back in June. It is believed that the board now has to decide whether or not to accept a $1 billion breakup fee that was included in the contract.

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Written by

Chris King

Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

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