Elon Musk To Withdraw Twitter Merger Agreement; Twitter Threatening To Sue If Deal Not Followed

Elon Musk announced on July 8 that he was pulling back his $44 billion bid to acquire Twitter claiming the social media company had violated many provisions of the acquisition agreement. Twitter swiftly replied by threatening to sue Tesla CEO Elon Musk if the agreement was broken. The Twitter Board responded by saying, "We are committed to closing the transaction on the price and terms agreed upon with Mr. Musk.