Elon Musk Says He’s Terminating Agreement To Buy Twitter – Deadline

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Elon Musk informed Twitter on Friday that he is terminating his planned $44 billion acquisition of the company, accusing executives of failing to produce data on fake or spam accounts.

His attorneys filed a letter with the SEC accusing Twitter of being in material breach of the merger agreement.

His attorneys wrote that “to the extent that Twitter has underrepresented the number of false or spam accounts on its platform, that may constitute a Company Material Adverse Effect under Section 7.2(b)(i) of the Merger Agreement. Mr. Musk is also examining the company’s recent financial performance and revised outlook, and is considering whether the company’s declining business prospects and financial outlook constitute a Company Material Adverse Effect giving Mr. Musk a separate and distinct basis for terminating the Merger Agreement.”

More to come.

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