According to a recent SEC filing, Elon Musk, the CEO of SpaceX and Tesla, might be forced to pay a $1 billion termination fee to Twitter if he fails to get enough loan finance to complete his $44 billion agreement to purchase the firm.
The following is taken from the filing (Parent refers to the private entity Musk formed to purchase Twitter):
According to the same document, if the acquisition falls through due to a rival bid or if shareholders reject the agreement, Twitter will owe Elon Musk a $1 billion break-up fee.
Musk offered $54.20 per share to purchase the firm and take it private. He believes Twitter should function as a digital public square that is open to diverse points of view.