Share this article
Elon Musk Sends Second Letter Terminating Twitter Acquisition
The letter follows one sent July, in case the earlier one is deemed invalid, according to a filing.
Updated May 11, 2023, 6:48 p.m. Published Aug 30, 2022, 10:26 a.m.
Tesla (TSLA) CEO Elon Musk sent a second letter calling off his $44 billion acquisition of Twitter (TWTR), according to a filing with the U.S. Securities and Exchange Commission Tuesday.
The letter follows one sent in July claiming the information provided by the social media giant was false and misleading.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
While Musk offered to acquire Twitter in April, he put his plan on hold the following month, citing concerns about the number of spam or fake accounts on the platform. He scrapped the plan last month, claiming the information provided by the social media giant was false and misleading. Twitter's board, however, said it was confident the agreement would close, adding that it was prepared to take legal action to enforce it.
The new letter is "delivering this additional termination notice in the event that the July 8 Termination Notice is determined to be invalid for any reason," according to the filing.
The letter is not legally necessary to terminate the agreement and the bases it sets out should be be regarded in addition to and not instead those in the July 8 letter, it said.
"... Twitter has challenged the validity of the July 8 Termination Notice and contends that the Merger Agreement remains in force, a position that the Musk Parties are contesting," the letter read.
Twitter shares were down 1.07% at 39.61 as of publication time.
Read more: Does Crypto Still Care About Elon Musk?
UPDATE (Aug. 30, 2022 11:07 UTC): Adds details from the filing and letter, background information.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
