Musk’s deal with Twitter had included a provision that if it fell apart, the party breaking the agreement would pay a termination fee of US$1bil (RM4.43bil), under certain circumstances. — AFP
Elon Musk is trying to end an agreement to buy Twitter Inc for US$44bil (RM194.8bil) and take it private, alleging that the company misrepresented user data and setting the stage for an arduous court brawl.
The pullout marks a dramatic turn in a half-year saga that began with Musk building up an equity stake, lining up an elaborate financing plan and then striking a deal in April. Throughout, Musk has accused the company of misleading the public about the number of automated accounts known as spam bots on its platform, culminating with a termination letter sent Friday.
Already a subscriber? Log in
Subscribe now and get 30% off The Star Yearly Plan
Cancel anytime. Ad-free. Unlimited access with perks.
