Elon Musk says he won’t buy Twitter. Can he just walk away?
Billionaire Elon Musk called off his deal to buy social media company Twitter, according to a filing on Friday with the Securities and Exchange Commission. Skadden Arps attorney Mike Ringler said in a letter to Twitter’s chief legal officer that “Twitter has not complied with its contractual obligations.”
For nearly two months, the company has failed to provide Musk with information about fake or spam accounts. According to the filing with the SEC on April 25, the deal calls for Musk to pay Twitter a $1 billion break-up fee if he terminates the deal. Twitter may be able to force Musk to complete the deal.
