Elon Musk Backs Out Of The $44 Billion Twitter Deal

Elon Musk has officially ended his $44 billion proposal to purchase Twitter.

The social media platform released a letter it received from Elon Musk’s legal team expressing displeasure with Twitter’s provided information regarding the amount of “spam and fake accounts” on its platform in a new SEC filing on Friday, July 8.

Vijaya Gadde, the Chief Legal Officer of Twitter, received a letter from Musk’s lawyers that partly reads, “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 highlighted his continuous claims that Twitter is possibly deceiving users and investors about the number of bot accounts on its platform, which the firm has long claimed to be less than 5%.

See the full letter submitted to Twitter below.