Elon Musk Terminates Twitter Acquisition Deal – Lowyat.NET

Elon Musk has formally begun the process of terminating his acquisition of Twitter, according to a recent regulatory filing. In response, the social media company vows to make sure that the deal will go through and is already planning to take legal action against Elon who is the CEO of Tesla and SpaceX.Already a popular figure on the platform, Elon’s roller-coaster ride with the social media company began back in April when he became its largest shareholder. The 9.2% stake was estimated to be worth around USD2.89 billion (~RM12.79 billion) at that time.[Photo: NASA/Flickr]Twitter then appoints Elon to its board but he eventually decided not to be part of it. Less than two weeks later though, the company made a regulatory filing that revealed Elon’s offer to acquire the company through a deal that was approximately worth USD41 billion (~RM181.51 billion).He was so determined to buy over Twitter to the point that he would reconsider his stake in the company if his offer got rejected. In late April, Twitter’s board of directors accepted his offer with the finalized transaction being valued at USD44 billion (~RM194.79 billion).ADVERTISEMENT[Image: Maurizio Pesce / Flickr.]However, the acquisition process came to a screeching halt in mid-May…
Read More