A few minutes after receiving information that Elon Musk refused to buy. twitter posted your answer. The board of the company stated that it should “confident in the dealfor a US$44 billion acquisition. In addition, he said that he would file a lawsuit to complete the negotiations.

“We undertake to close the transaction at the price and on the terms agreed with Mr. Musk and we plan to sue to enforce the merger agreement“, the company said in a statement. “We are confident that we will win in the court of Delaware (USA)ended the company.

The chairman of the board of Twitter backed up the statement with the same statement. Verify:

In a document released Friday, Musk’s lawyers said Twitter failed or refused to respond to multiple requests for information about fake accounts or spam on the platform, which is critical to the company’s business performance.

“Twitter materially violates various provisions of this Agreement by apparently making false and misleading statements in which Mr. What did Musk rely on when concluding the merger agreement?“, the document says.

Shares of Twitter fell 6% to $34.58 in extended trading. That’s 36% less than the $54.20 a share Musk agreed to buy in April.

Long and controversial process

On April 14, Tesla and SpaceX owner Elon Musk offered $44 billion for the overall purchase of Twitter. Ten days earlier, he became the largest single shareholder, having bought a 9.2% stake in the social network.

A few weeks later, Twitter’s board decided to reconsider Musk’s proposal. The company itself said it intends to conduct a “thorough, comprehensive and deliberate review” of the proposal. However, the possibility of further talks surfaced when the company, according to The Journal, met with Musk’s party for a discussion. And at the end of April, the board accepted the offer, and Elon Musk had the opportunity to become the new owner of the social network.

Thus began the purchase evaluation process by Musk’s team. At first, there were rumors that he would turn himself in to save Tesla, as the company’s shares fell after the announcement of the purchase of the social network.

In mid-May, he announced that he was suspending his Twitter purchase to check for fake accounts. According to the buyer, the justification would be “anecdotal evidence supporting calculations that fake/spam accounts actually represent less than 5% of users.” In early June, he even threatened if Twitter didn’t release user data for evaluation.

Now the deal is closed without closing. This isn’t the first time Musk has canceled a deal. In 2018, he promised to start a biscuit company to compete with American philanthropist Warren Buffett’s already established See’s Candies, but backed out soon after.

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Source: Reuters.