Elon Musk’s Twitter Takeover Is Canceled
Elon Musk Has Decided to Withdraw His Plan to Acquire Twitter.
Twitter's chairman, Bret Taylor, announced on the micro-blogging site that the board decided to seek legal action to enforce the merger deal.
Elon Musk's lawyers said Twitter didn't reply to requests for information on fraudulent or spam accounts.
Elon Musk said he was leaving because Twitter sacked executives and one-third of the talent acquisition team.
Elon Musk's choice might lead to a lengthy legal battle with the 16-year-old San Francisco firm.
Disputed mergers and acquisitions in Delaware courts usually result in renegotiated accords or the acquirer paying the target a settlement to walk away.
Twitter hopes judicial procedures to begin in a few weeks and end in a few months.
Elon Musk decides to end the agreement on his own, the break-up fee would not be charged.
Wedbush analyst Daniel Ives claimed that Elon Musk's filing was negative news for Twitter.