Elon Musk is trying to cancel his $44 billion deal to buy Twitter, according to a letter sent to the social media company on Musk's behalf on Friday.
Shares of Twitter dropped by around six percent after hours when news of Musk's intentions broke.
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Twitter board chair Bret Taylor said the company will pursue legal action to prevent Musk from backing out. A trio of corporate law professors told Reuters that Twitter has a strong case. If Musk does get out of the deal, he'll owe Twitter $1 billion under the terms of the agreement.
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