Elon Musk abandons $44 billion acquisition of Twitter

Elon Musk has abandoned his $44 billion acquisition of Twitter citing that the latter has breached various provisions of the all-cash deal that was announced earlier this year.

The American billionaire has been accusing Twitter of underreporting the number of bots and fake accounts on its social media platform.

Elon Musk alleged that Twitter seems to have made incorrect and deceptive representations upon which he relied when signing the merger deal.

Elon Musk abandons $44 billion acquisition of Twitter. Photo courtesy of Tumisu/Pixabay.

In a filing with the US Securities and Exchange Commission (SEC), a statement on behalf of Elon Musk, read: “In short, Twitter has not provided information that Mr. Musk has requested for nearly two months notwithstanding his repeated, detailed clarifications intended to simplify Twitter’s identification, collection, and disclosure of the most relevant information sought in Mr. Musk’s original requests.”

Twitter confirmed that it has been issued a notice of purported termination from the Tesla founder. The social media company stated that it is committed to wrapping up the deal on the $54.2 per share price and terms agreed upon with Elon Musk and plan to take legal action to enforce the merger deal.

In a statement, Twitter said: “We are confident we will prevail in the Delaware Court of Chancery.”