Elon Musk terminates Twitter acquisition deal
Elon Musk has officially ended his $44 billion attempt to acquire Twitter.
Twitter released a letter it received from Elon Musk’s legal team expressing displeasure with the company’s provided information regarding the amount of “spam and phony accounts” on its service in a new SEC filing on Friday, July 8.
“Mr. Musk is terminating the Merger Agreement because Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement, and is likely to suffer a Company Material Adverse Effect,” Musk’s lawyers wrote in a letter to Twitter’s Chief Legal Officer Vijaya Gadde.
Musk cites his numerous assertions that Twitter is probably deceiving users and investors about the proportion of automated accounts on its network, which the firm has long estimated to be less than 5%.
Read the full letter from Musk’s lawyer to Twitter below.