Musk Suspends Deal to Buy Twitter
The Twitter deal is temporarily on hold pending details supporting calculations that fake accounts do represent less than 5% of users, Musk wrote on his page.
On April 25, the company's management officially announced that Musk was buying Twitter. The deal amounted to $44 billion. The US Securities and Exchange Commission (SEC) said in this regard that if he decides to terminate the agreement, he will pay a fine of $1 billion. If Twitter is the initiator of the termination of the agreement, Musk will receive compensation . The deal is scheduled to close on October 24, 2022.
Earlier it became known that the Securities and Exchange Commission is investigating the case of Musk's acquisition of shares in the social network Twitter. Under US law, an investor must notify the SEC within ten days of purchasing at least 5% of the company's shares.