Andrew Kelly/Reuters
Elon Musk has decided he no longer wants to acquire Twitter, he told the company Friday.
Although he signed a binding merger agreement, Musk said Twitter is in “breach” for allegedly refusing his information requests and making employee changes.
The deal has been tumultuous almost since it was announced in April.
Twitter is vowing to sue Elon Musk in order to force a close of his deal to acquire the company.
“The Twitter 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,” the company said in a press release. “We are confident we will prevail in the Delaware Court of Chancery.”
Board chairman Bret Taylor, also the co-CEO of Salesforce, reiterated that statement on Twitter.
The company’s stance is in line with what it has reiterated over recent weeks, as Musk pushed it for more data and seemed to be creating a scenario to renegotiate the $44 billion price of the deal or back out entirely.
Executives explained to employees internally and in public statements that it would “enforce” the contract in place with Musk if it had to, meaning heading to court if he attempted to back out.
Developing…