(New York, NY) — Elon Musk is terminating his deal to buy Twitter. The Tesla CEO wrote a letter announcing the $44 billion purchase was off on Friday, citing material breaches of multiple provisions of the agreement.
Twitter says they will be pursuing legal action against Musk after the announcement. Twitter chairman Bret Taylor announced that the board is committed to making the deal happen and is prepared to sue Musk to enforce his promise to buy the remaining shares of the company.
Musk could be liable to pay $1 billion for pulling out of the deal.
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