Elon Musk terminates $44bn Twitter acquisition deal

Elon Musk terminates $44bn Twitter acquisition deal

HOUSTON: Elon Musk has said he is terminating a $44bn deal to buy Twitter, saying the social media company did not provide information about fake or spam accounts on the platform.

In a filing to the Security and Exchange Commission (SEC) on Friday, Musk’s lawyers said Twitter had failed or refused to respond to multiple requests for information on those accounts, which is fundamental to the company’s business performance.

“Twitter has failed or refused to provide this information,” filing read.

“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.”

Twitter did not immediately respond to requests for comment from The Associated Press and Reuters news agencies.

It is not entirely clear whether Twitter’s board will accept the $1bn breakup fee or if there will be a court battle over the deal.

The board unanimously agreed to sell the platform to Musk for $44bn in April, in a deal that stirred controversy and questions about free speech and misinformation on the popular social media site.

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