Elon Musk is officially pulling out of his Twitter bid, arguing that the company failed to provide adequate data on the prevalence of bot and spam accounts. Musk’s lawyer sent the termination letter to Twitter’s Chief Legal Officer, Vijaya Gadde, on Friday evening. Color us shocked.
Unfortunately, this is only the beginning of what will be a messy, drawn-out public breakup; Twitter apparently isn’t letting Musk go without a fight. Shortly after the letter’s receipt, Twitter’s board chair, Bret Taylor, tweeted that the company will pursue legal action to force him into the merger as planned rather than settle for the previously agreed-upon $1 billion breakup fee. “The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk,” Taylor wrote. Anyone else exhausted already?
