Elon Musk current world’s richest man and CEO Tesla has formally called off his $44 billion bid to buy microblogging platform Twitter.
In a new SEC filing on Friday July 8, the microblogging platform shared a letter it received from the billionaires legal team indicating great dislike with the information the company offered with regards to the level of “spam and fake accounts” on its service.
In a letter to Twitter’s Chief Legal Officer Vijaya Gadde.
It was stated that Musk was terminating the Merger Agreement because Twitter in a material breach of multiple provisions of their Agreement, seem to have made fake and confusing representations upon which Elon Musk relied on before and when entering into the Merger Agreement.
Elon Musk points repeatedly to claims that Twitter is likely misleading investors and users about the estimated under 5 % accurate number of automated accounts on its microblogging platform.