Musk said he plans to terminate his $44 billion deal to buy Twitter
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By Anders Hagstrom Fox Business
Elon Musk is 'scrapping' $44B Twitter deal
Kaltbaum Capital Management Gary Kaltbaum said 'the party is over' following Elon Musk's decision to terminate Twitter deal on 'Fox Business Tonight.'
Twitter shares tumbled Monday following news that billionaire Elon Musk planned to walk away from his deal to purchase the company for $44 billion.
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Musk's attorney informed Twitter last week that the Tesla CEO was terminating the deal to purchase the social media giant. Musk alleges that Twitter appears to have "made false and misleading representations" regarding the platform, particularly how it handles spam accounts.
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"For nearly two months, Mr. Musk has sought the data and information necessary to ‘make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform,'" Musk's lawyer wrote Friday.
Elon Musk’s Twitter account is displayed on the screen of an iPhone in front of the homepage of the Twitter website. (Chesnot/Getty Images / Getty Images)
ELON MUSK TWITTER SILENCE REACHES 9 DAYS
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"This information is fundamental to Twitter’s business and financial performance and is necessary to consummate the transactions contemplated by the Merger Agreement because it is needed to ensure Twitter’s satisfaction of the conditions to closing, to facilitate Mr. Musk’s financing and financial planning for the transaction, and to engage in transition planning for the business," he added.
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"Twitter has failed or refused to provide this information. Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information," the lawyer continued.
In a series of tweets on Monday, Musk suggested Twitter will be forced to hand over the relevant information during court proceedings.
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Musk appeared to compare his legal skills to those of Chuck Norris.
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Twitter shares closed at $36.81 per share on Friday, sharply lower than Musk's $54.20 per-share offer.
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Conversation(534)
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danrather50
7h ago
The shareholders will certainly file suit now. The loss of revenue caused by the acquisition failing because they refused to make good on their promised due diligence in disclosing the bot information will most likely result in Twitter's d...See more
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lola1972
6h ago
If I were a twitter shareholder, which I definitely am not; I would be most concerned about the fact that twitter is obviously being run by children…
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sensibletoday
7h ago
If Twitter's demise is the result, the world will be a much better place.
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Hogan240
6h ago
Twitter is going to be forced to expose its business dealings in public, either in the Elon Musk lawsuit or in its shareholders lawsuit. It will be fun to watch either way, but it looks like Twitter is going to be in some court in the near...See more
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faitaccompli42
6h ago
Great point, that would include internal emails to & from political figures.
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Gravitas
6h ago
Now the true value of the company will be revealed. No doubt the price was hyped up during the Trump years with all the controversy regarding his Tweets and the obvious corruption of the legacy media. Ellon may well end up with Twitter at ...See more
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ClosetConservative279
5h ago
This has nothing to do with Trump. When Facebook is making $10M/year from Apple as an advertiser to market to a 100M user platform..... Twitter wanted in on that kind of money. But they only had 40-50M users, so they created fake account...See more
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williambayer025
6h ago
"Twitter shares tumble after Elon Musk ends $44B deal" --- Gonna tumble a lot more when it turns out that Twitter falsified its SEC filings to artificially inflate the value of the company in order to swindle investors and advertisers.
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lola1972
6h ago
While I agree with your premise, I don’t know that an SEC overrun with leftest will do anything about it. These are the people who bail completely irresponsible and negligent companies out while everyone else goes under…
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cmac66
6h ago
It's over for Twitter. A lawsuit will trigger discovery, which will most likely result in shareholders suing Twitter, the SEC filing charges against Twitter and the entire board being forced out.
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repubthewh.sen.and.house
6h ago
Hopefully the entire board will go to jail!
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scott@foxnews
6h ago
We hope
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ProtectThisHouse
6h ago
if tweeter proceeds with a lawsuit, they will have to open books.- There is a reason they refuse to open books to Mask.
- Tweeter just became vulnerable to FCC investigation and stockholders lawsuit.
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Ufilthyliberal
6h ago
Exactly
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johndoeuscitizen
6h ago
Twitter should be afraid of its shareholders more than Musk. They will sue them into oblivion for not cooperating with the takeover.
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plaintruth17
6h ago
This is only the beginning. Twitter is a organized criminal operation. Only time will tell exactly how much of its “users” are fake. Keep in mind . They are selling stock, charging advertising fees and raising money based on what now appea...See more
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🍻fizzyliftingdrinks🍻
6h ago
The twitter bird is blue and cannot be resuscitated. Flatlined on the bargaining table.
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richfromct
6h ago
A "free" service paid for by advertisers.- Now the advertisers know half the accounts viewing their ads are fake.
- Don't Blame Musk
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