Elon Musk has dramatically announced that he is pulling the plug on his $44 billion acquisition of Twitter.
The world’s wealthiest man had earlier stalled on the deal after claiming that he wanted his team to do ‘due-diligence’ over the amount of fake accounts on the social media giant.
In a letter dropping the bombshell, Musk’s legal team said that Twitter were in material breach of multiple provisions of the agreement.
One section of the letter reads: ‘Twitter has not complied with its contractual obligations. For nearly two months, Mr. Musk has sought the data and information necessary to ‘make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform.’
Musk’s legal team also accuses Twitter of ignoring and rejecting requests to data regarding fake accounts.
On the day of the announcement, Twitter’s shares were down nearly five percent.
In June, Twitter’s board voted unanimously to accept Musk’s offer.
The news comes days after Musk confirmed that he secretly fathered twins with Neuralink director of operations, Shivon Zilis.
