SpaceX founder and Tesla CEO, Elon Musk has pulled out of his $44 billion deal to buy Twitter, a microblogging platform.
The billionaire investor accused the company of “misleading” statements about the number of fake accounts on the social media platform.
In a fresh SEC filing on Friday July 8, Twitter shared a letter it received from Elon Musk’s legal team frowning at the level of “spam and fake accounts” on its service.
The letter from Musk’s lawyers to Twitter’s Chief Legal Officer Vijaya Gadde 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.”
Read The Full Letter Below: