Elon Musk terminating $44B Twitter buyout deal

Elon Musk announced that he would withdraw $44 billion deal to purchase Twitter.

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The deal is in the midst of falling apart.

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The Tesla CEO wrote a letter to Twitter's board on Friday stating the company is closing down.

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However, Twitter doesn't seem to be embracing Musk's statement.

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Twitter could have been pushing for the breakup fee of $1 billion.

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It appears ready to seal the deal.

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On Friday, the shares of Twitter dropped by 5 per cent to $36.81 which is well lower than the $54.20 that Musk had offered to pay.

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