Twitter Threatens To Sue Elon Musk After He Attempts To Axe Purchase Deal

BYHayley Hynes2.6K Views
Link Copied to Clipboard!
Theo Wargo/Getty Images
Elon Musk
Musk announced that his deal was "temporarily on hold" back in May.

Earlier this year, word of Elon Musk buying Twitter caused a buzz all over the world – drawing some people in with the promise of free speech on the platform, and pushing others away due to the billionaire's past antics. As plenty predicted, though, the potential deal seems to be falling apart after the Tesla CEO sent a letter to the board today (July 8) stating his intent to terminate the acquisition.

Musk and his legal team feel as though Twitter allegedly "didn't hand over business information that [he] has requested" though it remains unclear exactly what the father of nine was looking for.

Twitter Threatens To Sue Elon Musk After He Attempts To Axe Purchase Deal
Pool/Getty Images

In the past, the 51-year-old has shared posts about waiting on information about spam accounts before a deal could be reached. "Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," he wrote in May.

At the end of that same month, we reported about Musk attempting to lower the agreed-upon $44B price tag, which inevitably got him sued by the company's shareholders. In June, he accused the platform of breaching their acquisition deal over bot accounts, and now, a month later, it appears that things have finally reached their breaking point.


In response to the engineer's letter this morning, the chair of Twitter's board, Bret Taylor, tweeted on Friday, "[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."

He added, "We are confident we will prevail in the Delaware Court of Chancery."


According to CBC, Twitter could have pushed for a $1B U.S. breakup fee that Musk agreed to pay under the circumstances they've found themselves now, but instead, they appear ready to fight over the deal which both the board and CEO Parag Agrawal are insistent upon consummating. 

Are you surprised by the latest development in Elon Musk's Twitter acquisition? Sound off in the comments below, and tap back in with HNHH later for any updates on the situation.

[Via] [Via]


About The Author
Hayley Hynes is the former Weekend Managing Editor of HotNewHipHop, she stepped down after two years in 2024 to pursue other creative opportunities but remains on staff part-time to cover music, gossip, and pop culture news. Currently, she contributes similar content on Blavity and 21Ninety, as well as on her personal blog where she also offers tarot/astrology services. Hayley resides on the western side of Canada, previously spending a year in Vancouver to study Fashion Marketing at Blanche Macdonald Centre and Journalism at Mount Royal University in Calgary before that. She's passionate about helping others heal through storytelling, and shares much more about her life on Instagram @hayleyhynes.
...