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Elon Musk Has officially pulled out of the controversial $44 billion Twitter acquisition.
The announcement was originally issued by Reutersthe deal was put on hold just weeks after Musk struck a deal to buy the social media company, following a detailed two-month investigation by Musk’s team.
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superior April 4. Musk revealed that he bought just over 9% of the company’s stock for $2.64 billion, becoming its largest shareholder. Ten days later, he proposed to buy Twitter for $43 billion. On May 13, Musk announced that the deal was “on hold” after reports that 5% of Twitter’s daily active users were spam accounts sent Twitter shares down more than 10%. edge.
“Mr. Musk has been looking for the data and information necessary to “make an independent assessment of the prevalence of fake or spam accounts on the Twitter platform,” Musk’s team told reporters. “Twitter has failed or refused to provide this information.
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Tesla CEO said Friday He will terminate the deal because Twitter “gravely breached” the agreement and made “false and misleading” representations during negotiations.
related: Elon Musk suggests new feature to make Twitter more ‘appealing’
Neither Musk nor his team offered any further insights into what may or may not have been discovered during the investigation.
In light of past statements, the SpaceX founders have expressed concern about the number of spam bots on the site and want Twitter to prove that its total number of spam bots is less than 5% of its total users.
At this time, it is unclear whether the company is able or willing to provide that information.Musk also faces class action From Twitter Investor William Hresniakaccusing Musk of violating California’s corporate law by manipulating the market when he made misleading statements that caused Twitter’s stock price to fall.
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