(RepublicanWire.org) – SpaceX and Tesla CEO Elon Musk has declared his intention to back out of his proposed $44 billion deal to take over the far-left social network Twitter, following months of back-and-forth between Musk and the company’s board.
In a filing, lawyers representing Musk said the pullout was due to Twitter failing to respond to requests for information on the number of bot and spam accounts on the platform.
Musk initially announced his intention to buy the platform in April, motivated by what he said were disagreements with the company’s draconian content moderation practices, kicking off one of the most highly publicized corporate takeover attempts in recent memory.
Declaring himself a “free speech absolutist,” Musk said he intended to implement a more free speech friendly content moderation policy, including the restoration of Donald Trump’s account.
However, the deal quickly ran into difficulties, with a major dispute arising between Musk and the Twitter board over the number of bot accounts on the platform.
The deal was further complicated by the plummeting price of tech stocks, which occurred after Musk’s $44 billion offer. Had the billionaire made his offer after the broad decline in Silicon Valley’s fortunes, he likely could have pitched a significantly lower price.
The decline also hit the price of Tesla, which plummeted by nearly 30 percent in April, leading Tesla fans to urge Musk to walk away from the Twitter deal and focus on the electric vehicle company.
The apparent failure of the deal will come as a relief to leftists and other defenders of social media censorship, who went into tailspins of rage over the prospect of a “free speech absolutist.”
Despite Musk’s apparent intent to walk away from the deal, it may not be entirely over, as the Twitter board, which did accept the deal, could still sue Musk to complete the takeover.