New York July 9 2022: Elon Musk is backing out of a plan to buy Twitter. In a Friday filing to the Securities and Exchange Commission, his legal team said the social media company made “false and misleading” statements during negotiations and was in “material breach” of their agreement.
On Monday, Twitter said in a statement that it has been cooperatively sharing information with Musk “in accordance with the terms of the merger agreement” and noted that the deal is in “the best interest of all shareholders.”
This development comes less than three months after Musk made a $44 billion offer to buy Twitter, which the company accepted. Musk has spoken out against spam bots and fake accounts on the platform in recent months and accused the company of undercounting such accounts, including in May when he tweeted without providing evidence that at least 20% of Twitter was made up by fake or spam accounts.
