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Elon Musk pulls out of the Twitter acquisition; this is the big news

Recently, rumours spread that Elon Musk had walked away from the Twitter agreement. He had made a similar statement in a letter Musks' attorneys had submitted to the Securities and Exchange Commission.

The $44 billion Elon Musk deal with Twitter generated a lot of worldwide buzz. The announcement was widely reported, with some people applauding it and others denouncing the agreement. Everyone, including both employees and stakeholders, had an opinion on the deal. Some people wanted things to happen the same way, while others were hesitant.

Recently, rumours spread that Elon Musk had walked away from the Twitter agreement. He had made a similar statement in a letter that Musks' attorneys had submitted to the Securities and Exchange Commission on Friday. The social media business is accused by Musks' lawyers in the letter of breaching its duty to divulge the amount of phoney Twitter accounts.

Musk discussed everything at the ultra-exclusive Sun Valley conference this past weekend, but he made no mention of the specifics of his Twitter contract. Notably, the Tesla CEO refrained from talking about his $44 billion Twitter deal when Sam Altman, CEO of OpenAI, interviewed him.

Elon Musk declared that he wanted to leave the Twitter agreement, and the social media business told its staff to remain calm and not make a big deal out of it. The Tesla CEO would face legal action from the business. Twitter's general counsel, Sean Edgett, gave his staff specific instructions in a memo on Friday to avoid from tweeting about the acquisition agreement. He promised to share any additional information with the staff, but until then, he has requested them to refrain from making any comments.

It has just come to light that Twitter will finally file a lawsuit against the billionaire for breaking the merger agreement. To sue Elon Musk, the business has retained Wachtell, Lipton, Rosen & Katz LLP. The business intends to sue Musk at the beginning of this week. On the other hand, Quinn Emanuel Urquhart & Sullivan LLP will represent Musk in the legal proceeding.

It was previously mentioned that Musk had made the decision to back out of the transaction due to concerns over the quantity of fraudulent accounts, which, in accordance with his investigation, is greater than 5%. However, according to the company's legal team, Musk's reported figures conflict with those listed in Twitter's financial reports.

Elon Musk is currently engaged in a court dispute with the business and may be subject to a $1 billion breakup fee for trying to back out of the agreement.

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