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Twitter will not belong to Elon Musk, for now.
The billionaire reported this Friday that withdraw your purchase proposal from the social network for $44 billion, citing a material breach of several provisions of the agreement.
He faces a sanction for the rupture of the offer of US$1,000 million and a possible lawsuit for this decision.
Meanwhile, Twitter shares fell 7% following the announcement.
Twitter board chairman Bret Taylor tweeted Friday that the board is “committed to closing the transaction at the price and terms agreed upon with Mr. Musk and plans to take legal action to enforce the merger agreement.
Last April, Musk signed a pre-purchase agreement. The offer was suspended a month later until Twitter showed that the fake accounts of the social network represent less than 5% of its total users, as requested by Musk.
The businessman now considers that this has not been demonstrated.
When announcing his offer, Musk said he wanted to buy the social network as the right person to “unlock” its “extraordinary potential.”
He also suggested a number of changes, from relax your content restrictions until the fake accounts were eradicated, which is why he suspended the purchase.
Musk is the richest man in the world, according to the magazine Forbeswith an estimated net worth of $273.6 billion, thanks largely to his stake in electric vehicle maker Tesla, which he also runs, as well as aerospace company SpaceX.
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