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The world's richest man, entrepreneur Elon Musk, says now that he is no longer interested in buying the social media giant Twitter.
Musk's lawyer claimed that Twitter is "in material breach of multiple provisions" of the original agreement, which was signed in April, according to a regulatory filing Friday evening.
"The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement," Twitter board chair Bret Taylor said in a tweet Friday, echoing earlier statements by the company that it planned to follow through with the deal. "We are confident we will prevail in the Delaware Court of Chancery."
Twitter shares fell 6% on the news.
Musk had initially offered $44 billion in cash to buy the social media platform back in the early spring.
Shares of Twitter rose over 6% shortly after that news broke but Musk continued to sow doubt that the deal would occur by claiming that the social media platform refuses to explain 'very suspicious' bot calculations.
"They still refuse to explain how they calculate that 5% of daily users are fake/spam! Very suspicious," he tweeted on May 21.
BetOnline began offering a wide selection of odds on Musk and Twitter shortly after news of the purchase offer was announced.
Musk/Twitter Betting at BetOnline as of June 3, 2022
Twitter Share Price on June 30th
Under 39.5 $
Over 39.5 $
-120
-120
Musk Twitter Takeover Share Price (Must Occur Before January 1, 2023 for Bet to be Valid)
Under 41.5 $
Over 41.5 $
-120
-120
Elon Musk Twitter Takeover Before January 1, 2023
No
-275
Yes
+185
By July 9, BetOnline only had odds on the closing price at the time of the acquisition (contigent on the purhase occurring before January 1, 2023.
The total purchase amount was up slightly while the odds prices for the both the Over and Under remained unchanged at -120.
- Jordan Bach, Gambling911.com
