Elon Musk pulls out of $44 billion Twitter takeover deal
Elon Musk is pulling out of the deal.
Staff or Guest writer for The Dog of Wall Street.
2022-07-09 14:07

Elon Musk's proposed $44 billion takeover of the social media giant Twitter (NYSE: TWTR) appears to be a no-go. Elon Musk is terminating the contract because he believes that the social media site has violated the merger agreement in several ways, including the amount and impact of spam bots.Elon Musk pulls out of billion Twitter takeover deal
Musk claimed in a letter included in a regulatory filing that Twitter had not "complied with its contractual duties" to give information about how the bots are assessed on the social media service.

CEO Bret Taylor tweeted that the business is committed to the deal's terms and conditions and expects to take legal action "to enforce the merger agreement."

"This is a "code red" situation for Twitter and its Board, because the company will now have to fight Musk in court for a long time to get the deal back or at least the $1 billion breakup fee. We don't think any other bidders will come forward while the court case is going on "he told clients in a note.

Disclaimer: I have no positions in any of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I have no business relationship with any company whose stock is mentioned in this article. All information should be independently verified and should not be relied upon for purposes of transacting securities or other investments. See terms for more info.

Rate this article

5 months ago
He thought everyone loved him.. And he doesn't have the money
Published On
2022-07-09 14:07

About the Author
Staff or Guest writer for The Dog of Wall Street.

You've read 1 article in the last year
..thank you for supporting us and for visiting our site. Unlike many other sites, The Dog of Wall Street is available for everyone to read. Our focus is to provide great content for free. Do you like what we are doing? Buy us a cup coffee. It is the fuel that keeps us going..

AI-mazing returns: The top 3 AI stocks to invest in now!
Don't miss out on the opportunity to invest in these cutting-edge companies and be a part of the future of AI.
By Staff | 2 weeks ago

Goldman Sachs Trims the Fat with 3,200 Job Cuts
Goldman Sachs is cutting approximately 3,200 jobs from its core banking and trading units.
By Staff | 4 weeks ago

Tilray Q2 Earnings Leave Investors Wanting More
While Tilray has maintained its leading market share in the recreational cannabis market in Canada and the medical cannabis market in Europe, its Q2 earnings, which included a loss per share of -$0.11 and an adjusted loss per share of -$0.06, have left investors questioning the company's future growth prospects.
By Staff | 4 weeks ago

Qualcomm's partnership with Iridium takes connectivity to new heights
Qualcomm's partnership with Iridium brings satellite-based messaging technology to phones, laptops and other devices, providing new opportunities for connectivity in any location.
By Staff | 4 weeks ago

Hologic's Fiscal Q1 2023 Earnings: A Ray of Hope in a Stormy Year
Hologic has managed to achieve impressive financial results in Fiscal Q1 2023.
By Staff | 4 weeks ago

Why Small and Mid-Cap Stocks Deserve Your Attention
Why valuations make small and mid-cap stocks an attractive option in a potential recession.
By Staff | 4 weeks ago

Get Ready for a Bumpy Year
Despite strong job creation numbers, deeper issues lurk beneath the surface as the Federal Reserve's rate hikes and high inflation threaten to derail the economy.
By Staff | 4 weeks ago