Elon Musk pulls out of $44bn Twitter takeover

Citing spam accounts

Elliot Gulliver-Needham
clock • 1 min read

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 action to enforce the merger agreement". It has since been reported that Twitter had assembled a leg...

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