BREAKING: Elon Musk has tried to cancel his $44 billion bid to buy Twitter, according to a letter filed by his lawyers Friday.
He’s claiming the company is in “material breach” for making “false and misleading” statements throughout the process. Musk’s lawyers wrote that Twitter has failed to produce critical data about spam and bot accounts over the course of two months.
“For nearly two months, Mr. Musk has sought the data and information necessary to ‘make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform,’” Musk’s lawyers wrote. “Twitter has failed or refused to provide this information.” It's not clear if he will be able to pull out solely due to the claims over spam buts. The deal reportedly included a provision that any breakdown of the agreement would require the breaking party to pay a termination fee of $1 billion.
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