Elon Musk Seeks to Terminate Twitter Takeover Deal

Elon Musk Seeks to Terminate Twitter Takeover Deal

Twitter landed in the spotlight last April. It is after Elon Musk became Twitter’s biggest shareholder. The platform then agreed to sell it to the Space X and Tesla founder. As Musk announced his big plans for Twitter, he raised many questions. Today, Elon Musk seeks to terminate the Twitter takeover deal.

Under the US SEC Amendment No. 9 Scheduled 13D, Elon Musk officially seeks to terminate his takeover on Twitter. It is because the platform failed to provide accurate answers to his queries, most especially on the number of Twitter fake accounts. Musk and his legal advisors want to cancel the acquisition due to a material breach of multiple provisions. As quoted, they said that Twitter provided false and misleading information on the merger agreement.

Elon Musk seeks to terminate the Twitter takeover deal on 08 July 2022.

Implications to Marketers:

As Elon Musk seeks to terminate the Twitter takeover deal, it may somewhat be a disaster for the platform. Marketers should wait and see what happens next. In the meantime, it is best to continue creating a Twitter strategy.

Reference: https://www.sec.gov/Archives/edgar/data/0001418091/000110465922078413/tm2220599d1_sc13da.htm

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