Announcing that he would buy Twitter at the beginning of last April, Elon Musk submitted a $44 billion offer for the company. But over the following weeks, tensions arose between Twitter and Elon Musk, and the number of bot accounts on the platform created a great controversy. With all these discussions, it has been talked about that Elon Musk may give up buying Twitter.

Suspending his Twitter purchase after the discussions, Musk continued to share about Twitter from time to time, while the new news of The Washington Post brought great repercussions. According to the news, which is based on three anonymous sources, Musk went even further towards giving up on buying Twitter.

Elon Musk ended financial talks:

According to the sources, Elon Musk completely stopped getting into “specific” discussions about financing the Twitter purchase. In other words, Elon Musk has so far ended talks with financial backers who will join names such as Binance and Saudi Prince Al-Walid bin Talal. This indicates that Elon Musk may have given up on buying Twitter.

If Elon Musk refuses to buy Twitter, Musk may be liable to pay a $1 billion penalty to Twitter, as per the agreement signed between the platform and himself. Because, in the agreement made, it states that the agreement should be canceled by one party and a penalty of 1 billion dollars should be paid to the other party.

Just as this news broke, layoffs took place on Twitter:

While the possibilities of Elon Musk giving up on buying Twitter continue to be discussed, it has been announced that Twitter has laid off dozens of employees. In this incident, which was also confirmed by the Twitter official, it was reported that one-third of the team responsible for recruitment in the company, whose number was below 100, was dismissed.

Elon Musk terminated the Twitter deal!

Elon Musk announced that he has terminated his Twitter purchase, citing the fact that Twitter has not been given accurate information about the amount of fake accounts on Twitter at the moment, and why Twitter has laid off many of its employees. Accordingly, Musk will not pay any penalties for abandoning the agreement.

Twitter is preparing to take legal action

In these days when the tension between Twitter management and Elon Musk was at its peak, things got out of hand when Musk terminated the agreement. Twitter is now preparing to take legal action after Musk’s move.

Twitter shares start to crash

After Musk’s announcement, Twitter shares began to fall suddenly. Shares are already down 5% after the announcement.