Elon Musk’s tumultuous bid to buy Twitter is on the verge of collapse, with the Tesla CEO sending a letter to Twitter's board saying he is terminating the acquisition.
Elon Musk’s tumultuous $US44 billion bid to buy Twitter is on the verge of collapse, with the Tesla CEO sending a letter to Twitter's board saying he is terminating the acquisition.Mr Musk said Twitter had "not complied with its contractual obligations" surrounding the dealIn April, Mr Musk became the company's largest shareholder after acquiring a 9 per cent stake
Much of the drama has played out on Twitter, with Mr Musk — who has more than 95 million followers — lamenting that the company is failing to live up to its potential as a platform for free speech. Then, on April 4, he revealed in a regulatory filing that he had become the company's largest shareholder after acquiring a 9 per cent stake worth about $US3 billion.At first, Twitter offered Mr Musk a seat on its board. But six days later, Twitter CEO Parag Agrawal tweeted that Mr Musk would not join the board after all.Mr Musk had agreed to buy Twitter for $US54.20 per share, inserting a "420" marijuana reference into his offer price.
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