Elon Musk told Twitter on Friday, July 8th, that he is ending the agreement reached with the company’s board to buy it, due to «misleading» information from the company.
In a letter published by the US stock market authorities (SEC), Musk’s lawyers assure that Twitter did not respect its commitments assumed in the acquisition agreement for 44,000 million dollars, by not providing -always according to the letter- all the information requested about the number of fake accounts on the platform.
«Mr. Musk exercises (the) right to terminate the acquisition agreement and abandons the transaction«, his lawyers said in a letter to the social network, a copy of which was sent to the SEC.
BREAKING: Elon Musk is terminating his $44B Twitter deal‼️😳 pic.twitter.com/BQW2XRaF74
— RapTV (@Rap) July 8, 2022
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During the Qatar Economic Forum last month, the president of Tesla said that the purchase of Twitter remained on hold due to «very significant» questions about the number of fake users on the social network.
«We are still waiting for a resolution of this matter, which is really significant«, Musk said via video link, saying he, too, had questions about the company’s debt.
Twitter executives claim that less than 5% of accounts are fake, however the South African businessman is convinced that the number is much higher.