Elon Musk announced the termination of the purchase of Twitter

Elon Musk announced the termination of the Twitter social network for $ 44 billion due to the violation of the company’s terms. This is reported by Reuters.

Twitter Chairman of the Board of Directors Bret Taylor announced his readiness to apply to the court for the “closing of the transaction at the price and conditions agreed with the mask”.

The Twitter Board is Committed to Closing the Transaction on the Price and Terms Agreed Upon with Mr. Musk and Plans to Pursue Legal Action to Enforce the Merger Agreement. We are confident We Will Prevail https://gagarin.news/news/bsc-hack-what-is-known-so-far/ in the Delaware Court of Chancery.

– Bret Taylor (@btaylor) July 8, 2022

Twitter shares fell by 28% from the moment of announcement of the purchase of social networks at the end of April. The deal was planned to be closed before the end of 2022.

Mask planned to create an “inclusive arena for freedom of speech”. The decision was supported by Twitter founder Jack Dorsie, Coinbase, Brian Armstrong and Ethereum co -founder Vitalik Buterin.

Recall that at the end of May, Twitter shareholders sued the mask and the social network itself due to the “chaotic process” of the company’s absorption. The head of Tesla was accused of manipulating the market.

In June, the Twitter Board of Directors unanimously recommended shareholders to approve the purchase of social networks with a magic for $ 44 billion, although back in April he was sharply against it and even introduced a plan to protect against absorption.

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