Elon Musk says he’s terminating his $44 billion deal to buy Twitter

Elon Musk announced on Friday he was terminating his $44 billion  (€43.2 billon) deal to buy Twitter, saying “multiple provisions” of the agreement had been breached. 

The world’s richest man wrote in a regulatory filing that the social media company had failed to provide information about fake or spam accounts on its platform.

The news is the latest twist in a weeks-long saga that saw the billionaire CEO of Tesla and SpaceX publicly accuse Twitter of downplaying the numbers of these accounts, which are key to the company’s business performance.

In a letter to the Securities and Exchange Commission, Musk said Twitter has “not complied with its contractual obligations” surrounding the deal, namely giving Musk enough information to “make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform”.

Twitter did not immediately respond to a request for comment. It is not entirely clear whether Twitter’s board will accept the $1 billion (€981 million) breakup fee or if there will be a court battle over the deal.

Much of the drama has played out on Twitter, with Musk – who has more than 95 million followers – also repeatedly lamenting that the company was failing to live up to its potential as a platform for free speech.

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