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Musk ends bid to buy Twitter [Updated]

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In this photo illustration, Elon Musk's official Twitter profile seen on a computer screen through a magnifying glass.

Enlarge (credit: Getty Images | SOPA Images )

Update: As suspected, Elon Musk has bailed on his bid to buy Twitter, claiming the company committed multiple breaches of the merger agreement. Musk's attorneys detailed their complaints in a regulatory filing with the SEC. "As further described below, Mr. Musk is terminating the Merger Agreement because Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement, and is likely to suffer a Company Material Adverse Effect," reads the filing.

As noted below, Musk could be on the hook for a $1 billion breakup fee or more than that if Twitter beats him in court. In a tweet posted shortly after Musk’s announcement, Twitter Chairman of the Board Bret Taylor said the company would sue to force the deal to close.

If there's a way out for the world's richest man, it may be an expensive one.

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Ars TechnicaContinue reading/original-link]

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