Breaking news. - Elon Musk says he’s terminating $44B Twitter buyout deal - KPRC2 Twitter
NEW YORK, NEW YORK - MAY 02: Elon Musk attends The 2022 Met Gala Celebrating"In America: An Anthology of Fashion" at The Metropolitan Museum of Art on May 02, 2022 in New York City.
Twitter did not immediately respond to a message for comment. It is not entirely clear whether Twitter’s board will accept the $1 billion breakup fee or if there will be a court battle over the deal. On Friday, shares of Twitter fell 5% to $36.81, well below the $54.20 that Musk had offered to pay. Shares of Tesla, meanwhile, climbed 2.5% to $752.29.
At first, Twitter offered Musk a seat on its board. But six days later, Twitter CEO Parag Agrawal tweeted that Musk will not be joining the board after all. His bid to buy the company came together quickly after that.
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