Categories: International

Tesla CEO Elon Musk terminates deal to buy Twitter for $44 billion

Twitter has hired top law firm to charge legal action against Tesla and SpaceX CEO Elon Musk on his decision to terminate the $44 billion takeover deal. Musk decided to suspend the deal due to multiple breaches of the purchase agreement. The two parties are likely set for a protracted court battle, according to lawyers. Musk could also be faced with paying a $1 billion breakup fee for walking away.

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Twitter shares sank in premarket trade after Elon Musk said he is trying to terminate his $44 billion takeovers of the company. Shares of the social media platform closed down 11%. Tesla, where Musk is CEO, fell about 6.5%. After the market closed and Musk’s letter was published, Twitter’s stock continued to decline while Tesla climbed higher.

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Twitter CEO: Parag Agrawal;
Twitter formed: 21 March 2006;
Headquarters of Twitter: San Francisco, California, United States.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.