![Musk ditches Twitter deal, triggering defiant response](https://www.berlinertageblatt.de/media/shared/articles/60/74/83/Musk-ditches-Twitter-deal--triggeri-375536.jpg)
-
'Super proud' Sabalenka downs Pegula to win US Open thriller
-
In Papua New Guinea, Pope holds mass 'at the edge of the world'
-
Hewett stays positive for wheelchair tennis despite agonising defeat
-
Three things on US Open champion Aryna Sabalenka
-
Sabalenka downs Pegula to win US Open thriller
-
USA men land Paralympic basketball three-peat, Jiang takes 7th swim gold
-
USA slump to first home defeat against Canada in 67 years
-
Argentina hand Australia record 67-27 loss in Rugby Championship
-
England impress on Carsley bow, Germany, Dutch hit five
-
AFP photographer wins top prize for Gaza coverage
-
No Love for Packers for three weeks after ligament sprain: reports
-
Pedro Almodovar: chronicler of modern Spain crowned in Venice
-
Almodovar wins top Venice prize for end-of-life film
-
Trump sounds dark tone at rally, Harris 'ready' for debate
-
Wirtz and Musiala dazzle to kick-start new Germany era
-
Chinese teenager takes 7th gold of Paris Paralympics
-
England interim boss Carsley 'respects' divided opinions over anthem
-
Neuville moves to the front in the Acropolis Rally
-
Garfield, Pugh charm Toronto in new romance 'We Live in Time'
-
21 boys confirmed dead in Kenya school inferno
-
Over 100,000 protest in France against new prime minister
-
Golden 30 minutes takes China to swimming Paralympics swimming domination
-
Green leads Australia to T20 series sweep of Scotland
-
Nigeria, Cameroon win afer chaotic AFCON build-ups
-
Nicole Kidman: A-lister, cinematic chameleon, wins in Venice
-
'I had to prove myself', says Kolisi after win against All Blacks
-
Almodovar wins top prize at Venice film festival
-
Grealish savours England redemption after 'worst summer'
-
Carsley makes flying start as England interim boss in win over Ireland
-
Springboks close on Rugby Championship with storming win over All Blacks
-
Sri Lanka's De Silva and Kamindu Mendis defy England in third Test
-
Farrell's Racing lose on opening day of Top 14
-
Ireland and UK to 'reset' relations as Starmer visits Dublin
-
Dunbar takes second Vuelta stage as Roglic closes in on victory
-
Fritz eyes US Open glory to end 21 years of American hurt
-
Thousands protest in France against new prime minister
-
Death toll from Kenya school blaze rises to 21
-
Brazil's right rallies for 'freedom' after X suspended
-
Trump to hold rally in swing state, Harris preps for debate
-
Stone at the double as Sri Lanka collapse against England in third Test
-
French tennis player takes legal action over online abuse
-
Italy backs Kyiv's 'legitimate defence' as Zelensky presses allies
-
The Body Shop rescued from administration after deal
-
Martin roars to victory in San Marino sprint, extends MotoGP lead
-
Smoke and screams: The horror of Kenya's school dorm inferno
-
MotoGP leader Martin roars to victory in San Marino sprint
-
Ireland and UK to 'reset' relations as Starmer begins Dublin visit
-
Ma Lin turns brutal encounter with bear into glorious Paralympic career
-
Flintoff appointed England Lions head coach
-
Sri Lanka hit back as Pope falls during England collapse in second Test
![Musk ditches Twitter deal, triggering defiant response](https://www.berlinertageblatt.de/media/shared/articles/60/74/83/Musk-ditches-Twitter-deal--triggeri-375536.jpg)
Musk ditches Twitter deal, triggering defiant response
Elon Musk on Friday pulled the plug on his $44 billion deal to buy Twitter, accusing the social media giant of "misleading" statements about the number of fake accounts, a regulatory filing showed.
Musk's effort to terminate the deal that he inked in April sets the stage for an epic court battle over a billion-dollar breakup fee and more.
"Mr. Musk hereby exercises (the) right to terminate the Merger Agreement and abandon the transaction," his lawyers said in a letter to Twitter, a copy of which was filed with the Securities and Exchange Commission.
Musk's change of heart appeared to suggest some "buyer's remorse" for offering a price of $54.20 per share that now appears "laughable," CFRA Research senior equity analyst Angelo Zino said in a note to investors before the deal was officially nixed.
Twitter has held firm that no more than five percent of accounts are run by software instead of people, while Musk has said he believes the number to be much higher.
Immediately after the news broke, Twitter board chair Bret Taylor vowed to sue Musk to hold him to the terms of the buyout deal, saying "we are confident we will prevail."
The clock was ticking for Musk to make a decision, with Twitter's board recommending shareholders approve the buyout at a special vote expected to be held in August.
Musk -- the world's richest man -- used a chunk of his fortune in Tesla shares to back loans to buy Twitter, but the tumult and market factors have pushed down the electric car maker's stock price.
"The Twitter deal has clearly caused chaos at Twitter and has resulted in an overhang on Tesla's stock since April given the Musk financing angle, coupled by a brutal market backdrop for risk," Wedbush analyst Dan Ives said in a note to investors.
"This soap opera has seen many twists and turns... this was always a head scratcher to go after Twitter at a $44 billion price tag for Musk and never made much sense to (Wall) Street, now it ends in a Twilight Zone."
- 'Erratic behavior' -
Concerns about Tesla included worries that its chief executive was being distracted by the Twitter saga, and that the tech platform would certainly demand his attention if he owned it.
"I am sure Musk thought he could come out of the gate strong, generate a wave of buzz and then ride it to get investors who want a piece of something that looks like it is going to be big," said Angelo Carusone, president of nonprofit group Media Matters for America.
"His erratic behavior obviously affected the price of Tesla shares, which undermined the financing everything was set on."
Musk, 51, proclaimed in May that he would generally let anyone say anything allowed by law on Twitter, becoming a hero to ultra-conservatives offended by efforts to curb bullying, lies and other abuses on the platform.
His comments came during a key annual event at which Twitter and other social media companies typically lock in bulk ad contracts worth hundreds of millions of dollars.
But a Twitter free-for-all would scrap precautions that brands want in place to make sure their ads aren't associated with abusive or troubling posts, Carusone said.
"Musk got real close to grabbing the brass ring, but couldn't control himself long enough," Carusone said. "He opened his mouth and pushed the first domino that has cascaded into blowing up the deal."
Meanwhile, Musk faces a lawsuit accusing him of pushing down Twitter's stock price in order to either give himself an escape hatch from his buyout bid.
I.Meyer--BTB