Musk terminates agreement to buy Twitter

Elon Musk terminated his agreement to buy Twitter on Friday, less than three months after reaching a deal to acquire it.

Elon Musk’s tumultuous $44 billion bid to buy Twitter is on the verge of collapse – after the Tesla CEO sent a letter to Twitter’s board saying he is terminating the acquisition

“…Mr. Musk is terminating the Merger Agreement because Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement, and is likely to suffer a Company Material Adverse Effect,” a lawyer wrote on his behalf in a letter to Twitter’s chief legal officer, according to a Securities and Exchange Commission (SEC) filing.

The letter alleged that the social media platform had rejected or ignored Musk’s requests for information he sought to “make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform.”