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
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Winklevoss-backed Cypherpunk buys $28 million of zcash, now owns 1.7% of supply
Cypherpunk Technologies boosted its zcash bet with a $28 million token purchase, lifting its holdings to 1.7% of ZEC’s circulating supply.
What to know:
- Cypherpunk bought 56,418 ZEC at an average price of $514.02, bringing total holdings to 290,062 ZEC worth about $151.9 million, or roughly 1.76% of circulating supply.
- With a cost basis of $334.41 per token, Cypherpunk is among the few digital asset treasury firms sitting on unrealized gains after the recent market slide.
- ZEC has risen by more than 1,200% since September amid renewed investor interest in privacy coins.
Top Stories
