Guwahati: Elon Musk, the chief executive officer (CEO) of Tesla and the richest man in the world said that he wanted to cancel his $44 billion bid to acquire Twitter, according to a letter sent by a lawyer on his behalf to the company’s chief legal officer on Friday, July 8.
Musk explained the collapse of the merger in the regulatory filing and charged Twitter with contract breach. The legal document claims that “despite Mr. Musk’s repeated, detailed clarifications intended to simplify Twitter’s identification, collection, and disclosure of the most relevant information sought in Mr. Musk’s original requests, Twitter has not provided information that Mr. Musk has requested for nearly two months.”
Bret Taylor, the chairman of Twitter, stated that the board will file a lawsuit to enforce the merger deal. Taylor tweeted, “The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Musk and plans to pursue legal action to enforce the merger agreement.”
According to reports, Musk’s decision is likely to lead to a drawn-out legal battle between the billionaire and the 16-year-old San Francisco-based business.