A $1 billion breakup fee was included in the proposed takeover for each party, which Musk would have to pay if he terminated the transaction or failed to provide the acquisition funding. Musk, on the other hand, may be exempt from the requirement if he can show a significant change in the company’s condition or the information it has provided.
The board’s move comes as Musk appears to be renegotiating the $44 billion deal.
Musk suggested on Monday that he could seek a lower price for Twitter Inc, saying that there could be at least four times more fake accounts than what the company has said.
When asked at a conference whether the Twitter deal is viable at a different price, Musk responded, “I mean, it’s not out of the question.”
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