Elon Musk pulls out of $44bn Twitter takeover

Citing spam accounts

Elliot Gulliver-Needham
clock • 1 min read
Elon Musk pulls out of $44bn Twitter takeover

Elon Musk has pulled out of his planned deal to pay $44bn to buy Twitter, he announced on Friday (8 July).

The billionaire claimed that he was terminating the deal based on concerns over the number of the spam accounts on the platform, though analysts have questioned that excuse. Tesla's share price is down well over 30% from its peak in April, making it harder for Musk to finance the deal.  Meanwhile the CEO has also had problems defining how he would effectively moderate the platform. In response to the news, Twitter's chair Bret Taylor has announced that the firm intends to "pursue legal ...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now

 

Already a International Investment member?

Login