Twitter has been notified by Elon Musk that he has terminated his deal to purchase the social media company for $44bn. He claimed it did not provide enough information about spam and fake accounts.
The billionaire Tesla chief executive said in a filing Friday that Twitter was “in material breach of multiple provisions” of the sale agreement, and “appear[ed] to have made false and misleading representations”.
The number of spam and fake accounts was “wildly higher” than the 5 per cent disclosed by Twitter, according to preliminary analysis by Musk’s advisers, the filing claimed.
Musk repeatedly said that he was considering resigning from the deal to acquire the social media platform. He agreed to it in April. Musk is required to pay $1bn in free break-up as part of the deal.
