Elon Musk terminating $44 billion deal to buy Twitter
Elon Musk is cancelling his $44 billion bid to purchase Twitter, according to a recent Securities and Exchange Commission filing.
According to the petition, Mr. Musk requested the data and information required to "conduct an independent evaluation of the incidence of false or spam accounts on Twitter's platform"
The proliferation of bot and spam accounts has created a stumbling block in Musk's ambition to purchase the social media network, with the Tesla CEO previously threatening to terminate his deal.
In the document submitted on Friday, Musk's counsel said that Twitter appeared to have made "false and deceptive claims" prior to entering into the contract.
Friday, Twitter Chairman Bret Taylor answered that the board is committed to the agreement's conditions.
"The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement," he said on Twitter.