Elon Musk writes to Twitter to terminate takeover bid worth £37,000,000,000

Elon Musk has formally written to Twitter to terminate his proposed $44billion (£37.75bn) takeover bid.

Documents from the US Securities and Exchange Commission (SEC) have revealed that the Tesla CEO's legal team filed a Schedule 13D document on Monday (August 29), confirming that he had formally notified Twitter of his decision.

The filing read: "On August 29, 2022, the Reporting Person's [Musk's] advisors sent a letter (the 'August 29 Termination Letter') to Twitter (on the Reporting Person's behalf) formally notifying Twitter that the Reporting Person is terminating their merger agreement (the 'Merger Agreement')."

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An accompanying letter, sent from Musk's team to Twitter's Chief Legal Officer, said that: "Certain facts undisclosed to the Musk Parties (on July 8) have come to light that provide additional and distinct bases to terminate the Merger Agreement."

The merger has been rumbling on for months but first hit a wall in May when Musk said it was on "temporary hold" over concerns about bot accounts on Twitter.

The world's richest man first announced he was pulling out of the deal in July, again citing these concerns.

At one point he tweeted that 20% of the accounts were "fake/spam accounts", whereas Twitter themselves said it was around 5%.

On Monday he subpoenaed a former security chief at Twitter, whistleblower Peiter Zatko who made claims regarding spam accounts and said company executives knew about the site's supposed lax security.

He also claimed that executives provided the public with false statements.

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"If accurate measurements [of the number of spam accounts] ever became public, it would harm the image and valuation of the company," Zatko said previously.

Twitter has denied those claims, but Musk's team wants Zatko to appear at a deposition on September 9.

Musk will face off against Twitter executives in federal court in October.


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