Elon Musk announced he will walk away from his tumultuous $44 billion offer to buy Twitter, leaving the deal on he verge of collapse. The Tesla CEO sent a letter to Twitter’s board Friday saying he is terminating the acquisition.
But Twitter isn’t accepting Musk’s declaration. The chair of Twitter’s board, Bret Taylor, tweeted in response that the 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 in the Delaware Court of Chancery.”
Twitter could have pushed for a $1 billion breakup fee that Musk agreed to pay under these circumstances. Instead, it looks ready to fight to complete the deal, which the company’s board has approved and CEO Parag Agrawal has insisted he wants to consummate.
The possible unraveling of the deal is just the latest twist in a saga between the world’s richest man and one of the most influential social media platforms. Much of the drama has played out on Twitter, with Musk — who has more than 100 million followers — lamenting that the company was failing to live up to its potential as a platform for free speech.