Donald Trump Gloats as Elon Musk Kills Twitter Deal: 'Long Live the Truth'

Former President Donald Trump appeared pleased by the fact billionaire Elon Musk is attempting to kill his deal to buy Twitter, using the incident to promote his own alternative social media site.

"THE TWITTER DEAL IS DEAD, LONG LIVE THE 'TRUTH,'" Trump posted on Truth Social Friday, the social media company owned by Trump Media and Technology Group (TMTG).

The former president has been promoting his site as an alternative to Twitter for his supporters and his Twitter account remains permanently suspended following the events of January 6, 2021.

Musk said in May that he would end Trump's suspension if he became the social media company's new owner, but it is now unclear if Musk will be compelled to purchase Twitter for the agreed price of $44 billion.

The world's richest man announced he was backing out of the deal because Twitter failed to provide enough information about fake or spam accounts but Twitter intends to pursue the matter in court.

"Twitter has failed or refused to provide this information," Musk's attorney Mike Ringler said in a letter about ending the deal and fake accounts.

"Sometimes Twitter has ignored Mr. Musk's requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information," the letter said.

Bret Taylor, chair of Twitter's board, tweeted that the company is "committed to closing the transaction on the price and terms agreed upon" with Musk and that they plan to "pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery."

Twitter is incorporated in Delaware and the state's Court of Chancery often handles disputes of this kind. The agreement between Musk and Twitter also includes a $1 billion fee that must be paid by the party that breaches the deal.

Musk told The Financial Times Future of the Car summit in May that he would reverse Trump's Twitter ban, calling it "morally wrong and flat-out stupid."

"I would reverse the permanent ban but I don't own Twitter yet so this is not a thing that will definitely happen," Musk said.

Trump has previously said he would not return to Twitter even if his ban were lifted.

Separately, Trump Media and Technology Group was issued with subpoenas in late June by the Securities and Exchange Commission (SEC) and a federal grand jury in Manhattan.

The subpoenas appear to relate to a proposed merger between Trump Media and Technology and Digital World Acquisitions Corp. Media reports on Friday claimed that Trump had left the board of TMTG weeks before the subpoenas were issued but Truth Social strenuously denied this was the case.

Donald Trump Appears at CPAC Florida
Former U.S. President Donald Trump gestures during the Conservative Political Action Conference (CPAC) at The Rosen Shingle Creek on February 26, 2022 in Orlando, Florida. Trump appeared to welcome Elon Musk's decision to end his deal to buy Twitter. Joe Raedle/Getty Images