BETA
THIS IS A BETA EXPERIENCE. OPT-OUT&nbspHERE

Breaking

8 hours ago
Capital One-Discover Merger Cleared By DOJ: What To Know About The $35 Billion Mega Deal","scope":{"topStory":{"index":1,"title":"Capital One-Discover Merger Cleared By DOJ: What To Know About The $35 Billion Mega Deal","image":"https://specials-images.forbesimg.com/imageserve/67ef22986097b92490c08007/290x0.jpg?cropX1=0&cropX2=2608&cropY1=0&cropY2=1739","isHappeningNowArticle":true,"date":"8 hours ago","uri":"https://www.forbes.com/sites/antoniopequenoiv/2025/04/03/capital-one-discover-merger-cleared-by-doj-what-to-know-about-the-35-billion-mega-deal/"}},"id":"b2f7crd3f79o00"},{"textContent":"
9 hours ago
Trump’s Truth Social Stake Drops $40 Million—Still Beats Market Post-Tariff","scope":{"topStory":{"index":2,"title":"Trump’s Truth Social Stake Drops $40 Million—Still Beats Market Post-Tariff","image":"https://specials-images.forbesimg.com/imageserve/67ef06a128999729cd82f6bf/290x0.jpg?cropX1=130&cropX2=2516&cropY1=104&cropY2=1445","isHappeningNowArticle":true,"date":"9 hours ago","uri":"https://www.forbes.com/sites/zacheverson/2025/04/03/trump-tariffs-truth-social-media-stock-price/"}},"id":"f3p34eog5o5o00"},{"textContent":"
9 hours ago
Trump Says He Supports Parental Proxy Voting—Which Mike Johnson Calls ‘Unconstitutional’","scope":{"topStory":{"index":3,"title":"Trump Says He Supports Parental Proxy Voting—Which Mike Johnson Calls ‘Unconstitutional’","image":"https://specials-images.forbesimg.com/imageserve/67ef06ea9ab60663c50ec3d8/290x0.jpg?cropX1=0&cropX2=2779&cropY1=49&cropY2=1613","isHappeningNowArticle":true,"date":"9 hours ago","uri":"https://www.forbes.com/sites/mollybohannon/2025/04/03/trump-says-he-supports-parental-proxy-voting-which-mike-johnson-calls-unconstitutional/"}},"id":"ahcrq4ih9m9k00"},{"textContent":"
11 hours ago
Judge Boasberg Thinks There’s ‘Fair Likelihood’ Trump Administration Violated Court Order With El Salvador Flights","scope":{"topStory":{"index":4,"title":"Judge Boasberg Thinks There’s ‘Fair Likelihood’ Trump Administration Violated Court Order With El Salvador Flights","image":"https://specials-images.forbesimg.com/imageserve/67dc2493025ca06c73af5b08/290x0.jpg?cropX1=0&cropX2=1375&cropY1=0&cropY2=772","isHappeningNowArticle":true,"date":"11 hours ago","uri":"https://www.forbes.com/sites/alisondurkee/2025/04/03/judge-boasberg-thinks-theres-fair-likelihood-trump-administration-violated-court-order-with-el-salvador-flights/"}},"id":"5rkgif72foec00"},{"textContent":"
12 hours ago
Markets Shudder At Trump’s Tariffs: S&P 500 Has Worst Day In 5 Years As Apple Stock Dives 9%","scope":{"topStory":{"index":5,"title":"Markets Shudder At Trump’s Tariffs: S&P 500 Has Worst Day In 5 Years As Apple Stock Dives 9%","image":"https://specials-images.forbesimg.com/imageserve/67ee892114894d3a5c03002c/290x0.jpg?cropX1=0&cropX2=2173&cropY1=30&cropY2=1251","isHappeningNowArticle":true,"date":"12 hours ago","uri":"https://www.forbes.com/sites/dereksaul/2025/04/03/markets-shudder-heres-what-stocks-are-losing-the-most-in-tariff-selloff/"}},"id":"499ec7dkh11c00"},{"textContent":"
12 hours ago
Here’s What Will Cost More After Trump’s Tariffs: Coffee, Cars—And Possibly A $2,300 iPhone","scope":{"topStory":{"index":6,"title":"Here’s What Will Cost More After Trump’s Tariffs: Coffee, Cars—And Possibly A $2,300 iPhone","image":"https://specials-images.forbesimg.com/imageserve/67eea7421dd2304c228efcc7/290x0.jpg?cropX1=324&cropX2=2093&cropY1=172&cropY2=1166","isHappeningNowArticle":true,"date":"12 hours ago","uri":"https://www.forbes.com/sites/tylerroush/2025/04/03/heres-what-will-cost-more-after-trumps-tariffs-coffee-cars-and-possibly-a-2300-iphone/"}},"id":"3milh4re6bho00"},{"textContent":"
12 hours ago
Defense Department Inspector General Will Evaluate Pete Hegseth’s Role In Signal Chat","scope":{"topStory":{"index":7,"title":"Defense Department Inspector General Will Evaluate Pete Hegseth’s Role In Signal Chat","image":"https://specials-images.forbesimg.com/imageserve/67eee51e66008a65e83b3714/290x0.jpg?cropX1=0&cropX2=3382&cropY1=310&cropY2=2214","isHappeningNowArticle":true,"date":"12 hours ago","uri":"https://www.forbes.com/sites/mollybohannon/2025/04/03/defense-department-inspector-general-will-evaluate-pete-hegseths-role-in-signal-chat/"}},"id":"bdc8ommoebkg00"},{"textContent":"
13 hours ago
7 Dead As ‘Catastrophic’ Storm System Slowly Moves Through South, Midwest","scope":{"topStory":{"index":8,"title":"7 Dead As ‘Catastrophic’ Storm System Slowly Moves Through South, Midwest","image":"https://specials-images.forbesimg.com/imageserve/67eed690e36d056352fbedd7/290x0.jpg?cropX1=0&cropX2=1626&cropY1=0&cropY2=1084","isHappeningNowArticle":true,"date":"13 hours ago","uri":"https://www.forbes.com/sites/antoniopequenoiv/2025/04/03/6-dead-as-catastrophic-storm-system-slowly-moves-through-south-midwest/"}},"id":"edbb7mlrc91800"},{"textContent":"
13 hours ago
France’s Macron Says European Businesses Should Halt U.S. Investment—As Trump Tariffs Face Global Backlash","scope":{"topStory":{"index":9,"title":"France’s Macron Says European Businesses Should Halt U.S. Investment—As Trump Tariffs Face Global Backlash","image":"https://specials-images.forbesimg.com/imageserve/67ee46e0b10eab7a141e27f5/290x0.jpg?cropX1=0&cropX2=2458&cropY1=0&cropY2=1383","isHappeningNowArticle":true,"date":"13 hours ago","uri":"https://www.forbes.com/sites/siladityaray/2025/04/03/frances-macron-says-european-businesses-should-halt-us-investment-as-trump-tariffs-face-global-backlash/"}},"id":"5pqoi72qlfpc00"},{"textContent":"
13 hours ago
Hotel Stocks Hit By Tariff Turndown","scope":{"topStory":{"index":10,"title":"Hotel Stocks Hit By Tariff Turndown","image":"https://specials-images.forbesimg.com/imageserve/67eeccd3b2049df31921590d/290x0.jpg?cropX1=134&cropX2=4530&cropY1=0&cropY2=2472","isHappeningNowArticle":true,"date":"13 hours ago","uri":"https://www.forbes.com/sites/suzannerowankelleher/2025/04/03/hotel-stocks-hit-by-tariff-turndown/"}},"id":"4okh51jl0a4g00"},{"textContent":"
14 hours ago
Trump’s Tariffs Face Growing Republican Backlash: ‘Last Thing We Need’","scope":{"topStory":{"index":11,"title":"Trump’s Tariffs Face Growing Republican Backlash: ‘Last Thing We Need’","image":"https://specials-images.forbesimg.com/imageserve/67eeb97e20f03f28f9d7b94b/0x0.jpg","isHappeningNowArticle":true,"date":"14 hours ago","uri":"https://www.forbes.com/sites/saradorn/2025/04/03/trumps-tariffs-face-growing-republican-backlash-last-thing-we-need/"}},"id":"bmbnad6ed6k000"},{"textContent":"
14 hours ago
Trump Fires NSC Officials After Meeting With Far-Right Conspiracy Theorist Laura Loomer","scope":{"topStory":{"index":12,"title":"Trump Fires NSC Officials After Meeting With Far-Right Conspiracy Theorist Laura Loomer","image":"https://specials-images.forbesimg.com/imageserve/67eec571b7c67e19cd0a2f84/290x0.jpg?cropX1=286&cropX2=1492&cropY1=141&cropY2=819","isHappeningNowArticle":true,"date":"14 hours ago","uri":"https://www.forbes.com/sites/conormurray/2025/04/03/trump-fires-nsc-officials-after-meeting-with-far-right-conspiracy-theorist-laura-loomer/"}},"id":"69qqarp9l1lk00"},{"textContent":"
15 hours ago
White House Promises ‘No Pain’ From Tariffs—Tells Wall Street ‘Trust In President Trump’ As Stocks Tumble","scope":{"topStory":{"index":13,"title":"White House Promises ‘No Pain’ From Tariffs—Tells Wall Street ‘Trust In President Trump’ As Stocks Tumble","image":"https://specials-images.forbesimg.com/imageserve/67eebc2969b246c04f20ee81/290x0.jpg?cropX1=0&cropX2=3713&cropY1=0&cropY2=2086","isHappeningNowArticle":true,"date":"15 hours ago","uri":"https://www.forbes.com/sites/alisondurkee/2025/04/03/white-house-promises-no-pain-from-tariffs-tells-wall-street-trust-in-president-trump-as-stocks-tumble/"}},"id":"171eq930llra00"},{"textContent":"
16 hours ago
Trump’s Tariff Formula Slammed As ‘Fake’ And ‘Incredibly Stupid’ By Experts","scope":{"topStory":{"index":14,"title":"Trump’s Tariff Formula Slammed As ‘Fake’ And ‘Incredibly Stupid’ By Experts","image":"https://specials-images.forbesimg.com/imageserve/67eeac7409d1c1836b6654bf/0x0.jpg","isHappeningNowArticle":true,"date":"16 hours ago","uri":"https://www.forbes.com/sites/saradorn/2025/04/03/trumps-tariff-formula-slammed-as-fake-and-incredibly-stupid-by-experts/"}},"id":"f56gjqqhf8l400"},{"textContent":"
16 hours ago
Retail Stocks Sink Thursday On Fears Of Trade War","scope":{"topStory":{"index":15,"title":"Retail Stocks Sink Thursday On Fears Of Trade War","image":"https://specials-images.forbesimg.com/imageserve/67ee98508e6d7e7c01609774/290x0.jpg?cropX1=0&cropX2=3327&cropY1=171&cropY2=2043","isHappeningNowArticle":true,"date":"16 hours ago","uri":"https://www.forbes.com/sites/gennacontino/2025/04/03/retail-stocks-drop-thursday-morning-on-fears-of-trade-war/"}},"id":"crrh96if2c1400"},{"textContent":"
17 hours ago
U.S. Airline Stocks Nosedive In Aftermath Of Tariff Rollout","scope":{"topStory":{"index":16,"title":"U.S. Airline Stocks Nosedive In Aftermath Of Tariff Rollout","image":"https://specials-images.forbesimg.com/imageserve/67eea0d71eb3760221b4c322/290x0.jpg?cropX1=0&cropX2=4558&cropY1=235&cropY2=2797","isHappeningNowArticle":true,"date":"17 hours ago","uri":"https://www.forbes.com/sites/suzannerowankelleher/2025/04/03/us-airline-stocks-nosedive-in-aftermath-of-tariff-rollout/"}},"id":"525m1d43a45400"},{"textContent":"
17 hours ago
Nintendo Surprises With Switch 2 Price Hike—As Trump Imposes Tariffs On China And Vietnam","scope":{"topStory":{"index":17,"title":"Nintendo Surprises With Switch 2 Price Hike—As Trump Imposes Tariffs On China And Vietnam","image":"https://specials-images.forbesimg.com/imageserve/67ed8252011ac3addd834df3/290x0.jpg?cropX1=0&cropX2=3986&cropY1=365&cropY2=2607","isHappeningNowArticle":true,"date":"17 hours ago","uri":"https://www.forbes.com/sites/conormurray/2025/04/03/nintendo-surprises-with-switch-2-price-hike-as-trump-imposes-tariffs-on-china-and-vietnam/"}},"id":"ckqqlrjka0fc0"},{"textContent":"
18 hours ago
Trump Doubles Down On Tariffs Amid Economic Chaos: ‘The Patient Lived, And Is Healing’","scope":{"topStory":{"index":18,"title":"Trump Doubles Down On Tariffs Amid Economic Chaos: ‘The Patient Lived, And Is Healing’","image":"https://specials-images.forbesimg.com/imageserve/67ee9074f166feca6ec1be06/0x0.jpg","isHappeningNowArticle":true,"date":"18 hours ago","uri":"https://www.forbes.com/sites/alisondurkee/2025/04/03/trump-doubles-down-on-tariffs-amid-economic-chaos-the-patient-lived-and-is-healing/"}},"id":"7l6jn3dh7pfk00"},{"textContent":"
19 hours ago
Trump's Tariffs Tip Economy 'Perilously Close' To A Recession, Largest U.S. Bank Warns","scope":{"topStory":{"index":19,"title":"Trump's Tariffs Tip Economy 'Perilously Close' To A Recession, Largest U.S. Bank Warns","image":"https://specials-images.forbesimg.com/imageserve/67ee7dc7b9b7c0ae8af6c758/290x0.jpg?cropX1=0&cropX2=2686&cropY1=276&cropY2=1788","isHappeningNowArticle":true,"date":"19 hours ago","uri":"https://www.forbes.com/sites/dereksaul/2025/04/03/trumps-tariffs-tip-economy-perilously-close-to-a-recession-largest-us-bank-warns/"}},"id":"3jbn21495oqc00"},{"textContent":"
20 hours ago
New York Mayor Eric Adams Will Run For Reelection As Independent To Skip Democratic Primary","scope":{"topStory":{"index":20,"title":"New York Mayor Eric Adams Will Run For Reelection As Independent To Skip Democratic Primary","image":"https://specials-images.forbesimg.com/imageserve/67ee79b4ad9648c335a9f9f5/290x0.jpg?cropX1=0&cropX2=4095&cropY1=0&cropY2=2302","isHappeningNowArticle":true,"date":"20 hours ago","uri":"https://www.forbes.com/sites/siladityaray/2025/04/03/new-york-mayor-eric-adams-will-run-for-reelection-as-independent-to-skip-democratic-primary/"}},"id":"a3pa35b2rpg000"},{"textContent":"
20 hours ago
Job Cuts Soared 60% In March To Highest Since Spring 2020—Almost All Because Of DOGE","scope":{"topStory":{"index":21,"title":"Job Cuts Soared 60% In March To Highest Since Spring 2020—Almost All Because Of DOGE","image":"https://specials-images.forbesimg.com/imageserve/67ed846be87c89632e389e29/290x0.jpg?cropX1=0&cropX2=1908&cropY1=31&cropY2=1104","isHappeningNowArticle":true,"date":"20 hours ago","uri":"https://www.forbes.com/sites/mollybohannon/2025/04/03/job-cuts-soared-60-in-march-to-highest-since-spring-2020-almost-all-because-of-doge/"}},"id":"7a045qeb1p8800"}],"breakpoints":[{"breakpoint":"@media all and (max-width: 767px)","config":{"enabled":false}},{"breakpoint":"@media all and (max-width: 768px)","config":{"inView":2,"slidesToScroll":1}},{"breakpoint":"@media all and (min-width: 1681px)","config":{"inView":6}}]};
Edit Story

Elon Musk ‘Terminating’ Deal To Buy Twitter—Platform Plans Legal Action

Following
Updated Jul 8, 2022, 06:29pm EDT
This article is more than 2 years old.

Topline

Elon Musk informed Twitter Friday he is "terminating" his $44 billion deal to buy the platform, according to a Securities and Exchange Commission filing, but the head of Twitter’s board said the company plans to take up a legal challenge to force the agreement to go through.

Key Facts

Bret Taylor, the chairman of Twitter’s board, tweeted the company “is committed to closing” the deal and plans to “pursue legal action to enforce the merger agreement.”

Musk and Twitter both agreed in April that if a party chose to withdraw from the deal, that party would have to pay a fine of $1 billion.

Musk’s attorney, Mike Ringler, stated the deal is being called off because Musk does not believe Twitter has provided adequate information about how many fake and spam accounts populate the platform.

In a letter to Twitter, Ringler claimed the company is in “material breach of multiple provisions” of its agreement with Musk by allegedly not providing sufficient information.

Twitter’s stock price plunged more than 5% on Friday to close at $36.81 after reports surfaced the deal was in serious jeopardy, before dropping another 6% in after-hours trading to around $34.50 following the SEC filing.

Musk did not immediately respond to a request for comment from Forbes.

Crucial Quote

“Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information,” Ringer said in the letter.

Key Background

Twitter’s board accepted Musk’s unsolicited $44 billion offer to buy the company on April 25, but Musk said on May 13 he was putting the deal “on hold” over concerns about fake and spam accounts on the platform. Musk expressed skepticism with Twitter’s claim that such accounts make up less than 5% of profiles, and his team was unsatisfied with data Twitter presented to attempt to back up its assertion. The Washington Post reported Thursday that the billionaire was expected to take a major shift in his approach to the deal after his team determined Twitter’s claim on fake and spam accounts was unverifiable. Musk said he wanted to buy Twitter because he was fed up moderation policies he believed hurt public discourse. He vowed as owner he would allow all speech permissible by law on the platform and lift bans on prominent accounts like former President Donald Trump’s.

What To Watch For

Wedbush analysts Daniel Ives and John Katsingris called Friday’s news “a disaster scenario for Twitter,” predicting a long legal battle for Twitter to either force the deal through or get Musk to pay the $1 billion termination penalty. The stock could trade as low as $25 when markets open Monday, according to the analysts.

Big Number

$54.20. That’s how much the April 25 deal valued Twitter shares at, putting the company’s market cap at $44 billion. Concerns over the deal and a broader tech selloff has caused the stock to plunge over the past few months, though. Twitter’s market cap Friday afternoon was around $28 billion.

Further Reading

Musk’s Deal To Buy Twitter In Danger Of Falling Apart, Report Says (Forbes)

Musk’s Twitter Purchase Includes $1 Billion Fee If Deal Falls Through (Forbes)

Elon Musk Says Twitter Deal ‘On Hold’ (Forbes)

Musk Says He Would Lift ‘Foolish’ Twitter Ban On Trump (Forbes)

Follow me on TwitterSend me a secure tip