Your data. Your choice.

If you select «Essential cookies only», we’ll use cookies and similar technologies to collect information about your device and how you use our website. We need this information to allow you to log in securely and use basic functions such as the shopping cart.

By accepting all cookies, you’re allowing us to use this data to show you personalised offers, improve our website, and display targeted adverts on our website and on other websites or apps. Some data may also be shared with third parties and advertising partners as part of this process.

Legal noticePrivacy notice
News + Trends
1513

Twitter deal collapses - Elon Musk officially stops takeover and is sued

Coya Vallejo Hägi
11.7.2022
Translation: machine translated

Elon Musk has officially withdrawn from his Twitter takeover. How many billions of US dollars will flow as a result of the breach of contract will be decided by a court in Delaware.

Elon Musk's joy at the Twitter takeover didn't last long. Shortly after the deal was announced in April, rumors surfaced that the billionaire did not want to take over the tech company after all, despite a binding signature. Last Friday, those rumors were confirmed.

Shortly before the weekend, Musk filed documents with the U.S. Securities and Exchange Commission (SEC) officially withdrawing from his Twitter acquisition. That because, according to him, the tech company had violated the terms of the acquisition agreement by making false and misleading statements about bot inventories on the platform. An accusation that Musk has repeatedly emphasized since May.

Billions will flow - but how many?

However, if the court rules against him, Musk will be forced to take over Twitter anyway - at the previously agreed price of $54.20 per share, or around $44 billion. A third possible option would be for both parties to agree on a compromise and for Musk to acquire Twitter at a lower price.

Response via meme

So far, Musk has kept comparatively quiet about developments following his regulatory filing. Only on Monday morning did the billionaire post a meme on his Twitter timeline in which he mocked Twitter's announcement that it would take him to court.

Update from July 13, 2022

Titelbild: Shutterstock

15 people like this article

User Avatar
User Avatar
Coya Vallejo Hägi
Editor
coya.vallejo@digitecgalaxus.ch

«I want it all! The terrifying lows, the dizzying highs, the creamy middles!» – these words spoken by an iconic American TV celebrity could have been mine. It's a take on life I also apply to my job. What does this mean in concrete terms? That every story has its charm; no matter how small, large, exciting or trivial. The more eclectic the mix, the better. 

News + Trends

From the latest iPhone to the return of 80s fashion. The editorial team will help you make sense of it all.

Show all