Elon Musk terminates agreement to buy Twitter

Elon Musk terminated his agreement to buy Twitter on Friday, less than three months after reaching a deal to acquire it.

“Mr. Must 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 Marger Agreement, and is likely to suffer a company material adverse effect,” a lawyer wrote on his behalf in a letter to Twitter’s chief legal officer, according to a securities and exchange commission (SEC) filing. 

The letter alleged that the social media platform had rejected or ignored musk’s request for information he sought to “make and independent assessment of the prevalence of fake or spam accounts on twitter’s platform.”

The letter further claimed that data that was given to musk was “incomplete” and that it was not “sufficient to perform such an independent assessment.”

The chairman of Twitter’s board, Bret Taylor, said they would be pursing legal action. 

“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr.Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery,” Taylor tweeted.

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