suddenly!Musk announced: Termination

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Source: China News Network

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Musk will terminate the acquisition of Twitter

According to foreign media reports, on the afternoon of Friday (July 8th) local time, Musk proposed to terminate his acquisition of Twitter's transactions for $ 44 billion.

Data map: Musk.

According to a regulatory document submitted on Friday evening, a lawyer of Musk said in a letter to the chief lawyer of Twitter that he would terminate the transaction because Twitter (TWTR) "seriously violated the original agreement signed in April in April Multiple clauses ". Twitter Board Chairman Brett Taylor said in the tweet: "The Twitter Board is committed to completing the transaction in accordance with the price and terms agreed with Musk, and plans to take legal actions to implement a consolidated agreement."

As of July 8th, the US stocks closed, Twitter closed down 5.10%to $ 36.81.

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On April 25, Musk announced that he acquired a social platform for $ 44 billion, but on May 13, he suddenly announced that the acquisition plan was "temporarily put on hold" and asked for detailed information about the number of spam and false accounts for Twitter. Essence

It is reported that spam and false accounts are not the only reason why Musk tries to withdraw from the transaction. Twitter's stock price may fall sharply since April.

However, if Musk chooses to withdraw from the transaction, it may cause a legal war.

It is reported that there is a provision in the agreement reached by Musk and Twitter that in some cases, if the agreement is broken, the termination of the agreement will need to pay a $ 1 billion termination fee. However, he may not be able to go away with a payment fee just by paying a term. Twitter has stated that he will resort to legal means.

Twitter Board Chairman Brett Taylor said on the 8th that "Twitter Board is committed to completing the transaction in accordance with the prices and terms agreed with Mr. Musk, and plans to take legal actions to implement the acquisition agreement. The court won. "

One clause in the acquisition agreement allows Twitter to force Musk to execute the transaction. This may mean that once the book is in charge of the book, Twitter may be allowed to be approved by court, so that Musk must complete the transaction instead of only compensation.

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