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After a months-long public stalemate, Elon Musk is terminating his deal to take Twitter private, according to a securities filing posted today.
Twitter chairman Bret Taylor tweeted shortly after that the company’s board is committed to closing the $44 billion transaction and plans to pursue legal action to enforce the merger agreement.
“We are confident we will prevail in the Delaware Court of Chancery,” Taylor wrote.
Musk, via his lawyers, alleges the deal was made under false and misleading representation, largely because Twitter has not provided sufficient information about the prevalence of bot and spam accounts on its platform.
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