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Billionaire Elon Musk will have to pay a $ 1 billion fine if the deal to buy the $ 44 billion social media company is canceled, Twitter said in a statement on Tuesday.
The disclosure stated that one of the conditions for the mask to be paid was that the contract failed due to failure to provide the required liquidity, debt or secured loans.
On Monday, Twitter announced that Musk had $ 25.5 billion in debt and equity funds and promised to repay $ 21 billion in debt to equity.
The revelation said that Twitter would have to pay the same penalty if it dropped the deal under certain circumstances.
It was also revealed that the contract could be canceled if the contract is not finalized by October 24. The date could be extended by another six months to meet certain conditions for closures, such as anti-monopoly permits and foreign investment.
Musk, the CEO of electric car maker Tesla, reached an agreement on Monday to buy Twitter into a deal that would put the world’s richest man in control of a social media platform that includes millions of users and global leaders.
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