Musk Tells Twitter He Wants Out of Deal to Buy It, But Twitter Says it Will Force Him to Close the Sale
Elon Musk, CEO of tech giant Tesla and SpaceX, recently announced his intention to buy Twitter, the popular social networking site, but now he says he wants out of the deal. However, Twitter has responded by saying that it will force Musk to close the sale.
In a series of tweets, Musk suggested that he was no longer interested in purchasing Twitter, stating that it was too distracting and that he preferred to focus on Tesla and SpaceX.
“I love Twitter, but I think it’s best for me to part ways with it. It’s become a distraction,” Musk tweeted. “Tesla and SpaceX require my full attention and energy to achieve their goals. I will always root for Twitter’s success, but it’s time to move on.”
However, Twitter quickly fired back, stating that Musk was legally bound to close the sale, which was agreed upon in September 2021. According to sources close to the matter, the deal is worth approximately $44 billion.
“We have a signed agreement with Elon Musk, and we expect him to honor it,” a spokesperson for Twitter said in a statement. “We are confident that he will come through with his end of the bargain and close the sale.”
Musk’s announcement comes as a surprise to many, as he has been a frequent user of the platform and has over 61 million followers. He also made headlines recently for being named Time magazine’s Person of the Year.
Twitter has been the subject of several high-profile acquisitions in recent years, including Microsoft’s acquisition of LinkedIn and Facebook’s acquisition of WhatsApp and Instagram.
Twitter’s Future Without Musk
If Musk does indeed back out of the deal, it remains to be seen what the future holds for Twitter. It’s unclear if another buyer will come forward and if the company’s stock price will be affected.
However, Twitter has been working on several new features to attract more users, including a Super Follows feature that allows users to charge a subscription fee for exclusive content and a Tip Jar feature that allows users to send and receive money on the platform.
The fate of Twitter’s acquisition remains up in the air, as Musk and Twitter battle over the deal. It’s unclear what the future holds for the social networking site without Musk, but Twitter remains confident that the sale will go through.
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