Tesla CEO Elon Musk on Friday said he was quitting his $44bn bid to buy Twitter, citing material breach of multiple provisions of the agreement.
In a letter to Twitter on Friday, July 8, filed with the US Securities and Exchange Commission (SEC), Musk said that he is terminating his $44bn bid to buy Twitter because they allege, that Twitter made “false and misleading” statements about its user data.
Musk decided to buy Twitter on April 25 and then raised concerns over the material breach of multiple provisions of the agreement.
Twitter failed to provide sufficient information on the number of spam and fake accounts, Musk said.
He faces a $1bn break-up fee and a possible lawsuit by opting out, according to media outlets.
(With inputs from agencies)
A global media for the latest news, entertainment, music fashion, and more.
